Allied Farmers gets bond issue away; settles on debt with IRD; makes confidential settlement over $540,000 demand notice

Allied Farmers gets bond issue away; settles on debt with IRD; makes confidential settlement over $540,000 demand notice

Allied Farmers has agreed a settlement with the Inland Revenue resulting in a "confidential repayment plan" relating to a previously disclosed $4.2 million tax liability.

"As a result the Inland Revenue liquidation hearing will be discontinued," an ALF statement to NZX said.

Also, a subsidiary of ALF has now completed a bond issue, which has raised $600,000.

"Some of the proceeds of the bond issue have been used, together with proceeds of a draw down of funds from an existing funding facility with its secured lender, Crown Asset Management Limited to fund the initial instalment of the [IRD] repayment plan," ALF said.

Also as a result of the IRD agreement ALF had now agreed a "confidential settlement" with a creditor that had served a (now expired) statutory demand for an outstanding obligation plus interest totaling $540,000.

Further details regarding the bond issue are contained in a waiver notice issued through the NZX.

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... how I wish I knew whom it was that subscribed to this Allied bond issue , 'cos I reckon I could sell them 50 % of my duck milking machine franchise .... Quack quack !

Well let's face it, no sane investor making decisions on thier own behalf would go any where near this.
You issue a bond, to pay the IRD? To avoid liquidation proceedings. After the pain and losses already inflicted on shareholders?
And somebody actually bought these bonds?
Find out who it was Mr Hargreaves, and ask them wether it was thier money, or other peoples money, they used to settle the purchase.