Allied Farmers' shares have plunged in value after coming off a trading halt this morning.

By 12.20pm the shares [ALF:NZX] were down 4c (21%) at 15c with buyers queuing up at 12.5c.

The price slide comes after Hanover investors voted in favour of Allied's $396 million deal debt-for-equity swap.

Under the deal, Hanover investors will be issued a total of 1.8 billion shares valued at just over 20 cents in return for Hanover's assets.

Freightways shares have slumped 7.6% this afternoon to $3.14 after the company revealed its annual result this morning.

This comes after a steady climb in share price from $2.75 a month ago.

While the result was robust with net profits up 7% to $34.6 million, it also included a once only boost of $4 million profit generated from the sale of a property in Wellington. Without that, the company would have posted a profit 5% down on last year’s result.

Shares in Fisher & Paykel Appliances jumped 48.5% this morning on news Chinese appliance company Haier will take a 20% stake in the Auckland-based whiteware maker.

Haier, China’s biggest home-appliance maker, will invest up to $82 million in F&P appliances spending an initial $46 million for a 17% stake.

Shareholders, including Haier, will then be offered another share for every one held at 41c each.

F&P Appliances hopes to raise a total of $189 million from the placement and rights issue.