Shares in Allied Farmers yesterday plunged by more than 30 per cent after the issue of 1.9 billion new shares to former Hanover Finance investors.

Allied Farmers shares plunged 31 per cent, falling 6 cents from 19 cents to 13 cents after a trading halt was lifted at 11.45am.

The Hanover investors who grudgingly voted for the Allied Farmers deal probably haven't had time to digest the contents of the capital markets report.

Hanover owners Mark Hotchin and Eric Watson copped more stick as investors narrowly voted to approve a share rescue deal.

Hanover investors back debt-for-equity deal but documents show big problems.

A result on whether Hanover investors have approved or rejected the Allied Farmers deal is expected this afternoon.

Allied Farmers is down to the wire on its deal to acquire the financial assets for $400 million in stock.

In a rare move, Securities Commission chairwoman Jane Diplock gives her views on the decision facing Hanover Finance debenture holders.

With toilet paper stuck to the heel of his shoe, Hanover co-owner Mark Hotchin walked into his Auckland investor meeting yesterday.

Hanover investors asked heated questions of company directors at a meeting to discuss the $400 million deal put up by Allied Farmers.

"When's your next bloody party in Fiji," one angry investor asked Hanover director Mark Hotchin during heated scenes yesterday.

Hanover Finance has returned fire on the Shareholders Association's Bruce Sheppard.

Allied Farmers shareholders yesterday resoundingly endorsed their company's proposed acquisition of Hanover Finance's loan book.

Hanover Finance shareholders have been urged to put aside the company's poor performance and any animoisty towards its directors when they vote on the Alllied Farmers deal.

Allied Farmers says it is confident it can realise more value in Hanover's loan books than the failed finance company can operating under its moratorium.

A well known and "trusted" company is likely to offer Hanover and United investors a rival offer to Allied Farmers' proposal, a source says.

While hurting Hanover investors struggle with the loss of millions, the company's owners continue to splurge on upmarket properties.