Hanover's Hotchin urges investors to ignore their dislike of him

A coterie of Hanover and Allied Farmer executives and directors gathered in Wellington as part of their 10-stop nationwide roadshow to muster investor support for the deal. Hotchin acknowledged it was "hard to miss" the antipathy investors have towards him. Still, he urged them to set aside their personal feelings and take the best offer available.

"The risk we have here is that emotion drives your decision which we don't think's in your best interest," Hotchin told investors. "I need to try, if I can, to show you the merits of this deal."

Hanover's independent directors are recommending debenture and note holders accept the deal which would see them take control of more than 90% of a new-look Allied Farmers. The listed rural services company wants to take on the Hanover loan books and put good assets in its finance unit to boost available equity and push it into the NZX top 50 companies.

Last Friday, investors in Hanover subsidiary United received a letter from trustee Perpetual Trust that raised concerns about the share offer as well as the financial position of Allied.