
'Experts' have worked for Hanover
Hanover investors will have to make a decision whether to approve the company's proposed debt-for-equity swap with Allied Farmers.
Hanover investors will have to make a decision whether to approve the company's proposed debt-for-equity swap with Allied Farmers.
The $400 million deal by Allied Farmers to buy assets from Hanover Finance has been greeted with scepticism.
Hanover owners Eric Watson and Mark Hotchin are tipped to come off well from a proposed deal to bail out investors.
Allied Farmers has signed an agreement with Hanover Finance and its subsidiary United Finance worth approximately $400 million.
Hanover Finance says some of its property investments are showing signs of life.
Hanover Finance, which is currently operating under moratorium, has recorded a $102 million loss.
Investors in Hanover Finance will not now get all their money back and are instead likely to receive 70c in the dollar over five years.
A small investor in Hanover Finance has dropped his $697 Disputes Tribunal claim against the company.
Hanover Finance and its part-owner Mark Hotchin are taking a small investor to the High Court over $697.96 owed to the man's teenage daughter.