Allied Farmers writes off more of Hanover assets
That contributed to its $20.6 million net loss for the six months ended December 31, up from the $15.7 million net loss it reported for the same six months a year earlier.
The Hanover assets sold to Allied in late 2009 were then valued at a gross $396.2 million and Allied finance wrote off $20.2 million at June 30 last year.
"The group is still carrying $13.29 million of debt transferred from Hanover and a strong focus in the second half will be to repay or restructure a large part of this debt," the company says.
In an obvious retort to Hanover director and shareholder Mark Hotchin's high profile accusations that Allied has been conducting a fire-sale of Hanover assets, Allied Finance says it has sold some former Hanover assets above valuation.
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