Ron Brierley renews interest in Allied Farmers, buying 2.87% stake

Ron Brierley

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

Ron Brierley has acquired 2.87 percent of Allied Farmers, which is recovering from its disastrous takeover of the Hanover and United Finance loan books, making him the fifth largest investor in the Hawera-based company.

Brierley holds about 3 million shares in Allied, according to a Companies Office filing. That's worth about $133,000 based on Allied's most recent stock price of 4.4 cents. The shares have climbed 159 percent since late August, when they were around 1.7 cents.

Brierley last showed interest in Allied in 2009, when at the helm of Guinness Peat Group and had mulled making a rival bid for Hanover's loan book, the National Business Review's print edition reported. Instead, GPG sold its holding before Allied took control of Hanover.

He bought back into the company by buying shares from MSL Capital Markets, a brokerage that is 37 percent owned by interests associated with Infratil director Duncan Saville, NBR said.

Allied Farmers last month narrowed it first-half loss to $468,000 from $2.47 million a year earlier, helped by earnings of $315,000 from its livestock unit, the company's main revenue generator.

Allied Farmers avoided liquidation last year, raising $600,000 in a bond issue, almost half of which was bought by interests associated with chairman Garry Bluett. In December the company reached a conditional deal with Spiers Group, now its largest shareholder, to settle a $2 million liability for shares and a deferred payment worth $1.2 million.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.6736 0.0109 1.64%
AUD 0.9160 0.0058 0.64%
EUR 0.6089 0.0114 1.91%
GBP 0.4315 0.0057 1.34%
HKD 5.2223 0.0866 1.69%
JPY 83.2680 1.5870 1.94%

Commods

Commodity Price Change Time
Gold Index 1096.4 -2.550 2015-07-27T00:
Oil Brent 53.5 -1.150 2015-07-27T00:
Oil Nymex 47.4 -0.720 2015-07-27T00:
Silver Index 14.6 0.110 2015-07-27T00:

Indices

Symbol Open High Last %
NZX 50 5872.1 5872.1 5872.1 -0.40%
NASDAQ 5063.4 5097.7 5039.8 0.98%
DAX 11129.9 11242.4 11056.4 1.06%
DJI 17449.8 17650.1 17440.6 1.09%
FTSE 6505.1 6569.4 6505.1 0.77%
HKSE 24269.9 24947.3 24352.0 0.62%
NI225 20188.6 20423.6 20350.1 -0.10%