The choice for Hanover investors: Receivership or Allied Farmers?

The choice for Hanover investors can be boiled down to two options: receivership or the Allied Farmers' deal.

Grant Samuel says in its independent report that if Hanover continues under its moratorium, or debt repayment plan (DRP), it is "more likely than not to ultimately end in receivership."

It says Hanover has insufficient assets to meet its obligations under the plan.

Grant Samuel says the value gap between the two is reducing and a key difference is the shareholders' support package which was agreed to with the moratorium last year.