Allied Nationwide taps parent for another $5 million

The finance company said Allied Farmers will double its credit support facility to $10 million after Allied Nationwide announced it expects to recognise total loan provisions of about $10.7 million in the six months ended June 30 this year.

The provision is subject to audit, and the increase in the facility still has the final approvals to be obtained.

Allied Farmers wrote down the value of the Hanover loan books by a further $33.6 million to $51.5 million, with a third of the assets still waiting to be revalued.

The impairment puts the fair value at approximately $124 million for the net assets acquired from Hanover, down from $175.5 million in the Dec. 31 financial statements.