NZX seeks Sec Com inquiry into Allied Farmers share trading

The Securities Commission has the power to ensure that all the Hanover investors and creditors are treated fairly.
She has the power to put Hanover into statutory management, which is a better outcome for the Hanover affected parties as statutory management provides for all parties to be treated equally and fairly.
Section 39 of the Corporations Act 1989 states that the Securities Commission shall not make a recommendation …unless it is satisfied on reasonable grounds – (b) That, in the case of a corporation that is, or may be, operating fraudulently or recklessly, it is desirable that the corporation be declared to be subject to statutory management for the purpose of - (i) Limiting or preventing the risk of further deterioration of the financial affairs of the corporation.
The receivership option tends to favour only one security holder and this is usually at the expense of all other parties.
This option provides the Security Commission with absolute power to resolve a situation where a corporation, the investors and the creditors are at risk, yet they are reluctant to use it.

Why does the NZX continue to allow ALF shares to trade.
They should be suspended until the company responds and the trader is named.

How can Hanover debt holders really have any idea what their Allied shares will be worth post-deal? The share price now is irrelevant as no-one has any idea what the shares will be worth once 1.8 billion of them are issued and the market decides what the Hanover assets are worth. What a mess!

This drop in share price when a measy 300,000 shares came onto the market should be like BIG BEN chiming in their ears.

If the deal does go through I would suggest that some very smart investors are going to be able to pick up the shares that the Handover Investors rush to sell (all running to the exit at once) for somehwere around $0.05 on the Dollar.

Some in Allied, in the know, will make a killing, but the deal will go down in history as a leason to the uninformed.

Is the reason that nothing is being done to safeguard investors money is because someone high up in the Securities Commission i (or Government) is in the back pocket of Hanover and getting kick backs ????

At this stage everyone has the same information. We will have the same information 30 seconds after the Hanover shareholders have voted. I think 2 parties have taken a punt. One might have sold to buy back cheaper as ex-HAnover investors rush to the door hoping for cash - if it works for him good luck and well done for taking a punt. The buyer - not quite sure what he is thinking. If Hanover investors vote for the Aliied deal i would pick the share to drop so is he punting on a no deal and the shares bouncing? I think the rest of us just don't want to put our money on the table.

WELL TODAY IS THE VOTE BY HANOVER INVESTORS ,AND I BET THE SHEEP ALL VOTE TO TAKE THE SHARES THAT BE WORTH LITTLE IF U CAN SELL THENM ,GIVING THE DIRECTORS OF HANOVER AN EASY WAY OUT ,I HAVE VOTED NO ,I REGARD THE MONEY AS LOST AND ALL I WANT IS TO SEE THE TWO CROOKS AT TOP BANKRUPTED ,SO THEY CANT PREY ON OTHERS

Yes, and as a good many of us asked Simon Power to appoint a Statutory Manager and got no reply from him I suggest he has not carried out his duties. These requests should have been sent across to the Securities Commission if they are the ones who have the power to make this appointment.
Perhaps you have to be a Maori in this country before you can get this Govt. to act.

Are you saying that the crooks ruining over 12000 peoples lives could personally give back that money to investors who have had thier life savings stolen from them by these two same people?

If thats true and the government have not acted to sieze there assets, then NZ is even more corrupt than I ever imagined.