Where has the money gone?

Over the past 12 months, the Board of Hanover and United, like many investors, has been alarmed at the decline and continuing erosion in the value of the assets transferred to Allied Farmers Limited in the debt for equity swap in December 2009.

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Where has the money gone?

Over the past 12 months, the Board of Hanover and United, like many investors, has been alarmed at the decline and continuing erosion in the value of the assets transferred to Allied Farmers Limited in the debt for equity swap in December 2009.

More... Signup...

Hotchin welcomes lifting of suppression orders

Mark Hotchin welcomes the pending lifting of the suppression orders at the Rotorua District Court in respect to the Serious Fraud Office’s prosecution in 2004 of William and Margaret Papple and Tina West.

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Our Response to Fran O'Sullivan

New Zealand Herald commentator Fran O'Sullivan took shareholder activist John Hepburn's tale of woe with Hanover hook, line and sinker. The NZ Herald hasn't published our response, but we believe you should hear the other side of the story and see our response. We think you will be very surprised at what Fran O'Sullivan failed to mention in her article...

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Quick flick, our response:

Our letter to the editor of the Sunday Star Times.

Dear Sir
I would like to correct a number of gratuitous mistakes and put much needed context to Greg Ninness's article 'Hotchin, Watson and the $20m quick flick' Sunday Star Times, 13 March 2011.

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Hanover & United Investors Unhappy with Allied

This website is intended to provide a balance to the seemingly one-sided public debate around the assets that formerly belonged to Hanover and United and to provide a forum for investors unhappy at the continued decline in the share price of Allied despite many millions of dollars being recovered in cash.

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Allied Farmers Mismanagement of Hanover Assets

Instead of using cash from asset sales to enhance and preserve shareholder value, Allied has used this money to repay its own debt. This is a change in the strategy that Allied promoted to investors and ourselves in late 2009. It would also appear that the financial difficulties facing Allied, were a lot worse than that presented during the December Roadshow.

See: Our letter to investors...

Hanover Directors to Support Allied Shareholders Recover Value

We have watched with interest and support moves by Auckland lawyer Tim Rainey on behalf of 2500 to 3000 former investors in Hanover and United to investigate legal action against the Board and management of Allied Farmers. This follows his October 2010 letter to former investors raising concerns about the failure of Allied to live up to promises/representations they made to investors.

See: Hanover Action Group

Allied Nationwide Finance Receivership a Disgrace – Here's Why

We believe Allied is ignoring the plan they promoted to investors and ourselves in late 2009, and it would appear that the financial difficulties facing Allied at that time were a lot worse than presented to investors and ourselves. Further, the assets and cash that were to have been made available to Allied Nationwide Finance Limited to assist in improving its balance sheet and future prospects never materialised - a factor which no doubt contributed to Allied Nationwide Finance being placed in receivership causing substantial loss to investors.

How did Hanover investors lose $300 million in value?

To ease its own financial difficulties, Allied has sold assets well below fair value creating losses and further diminishing the value of the remaining assets that were transferred to Allied. Instead of using the proceeds from these sales to enhance and preserve shareholder value, Allied has used this money to repay its own debt. We have seen more than $40 million in cash realised through the "fire-sale" of Hanover assets, yet none of this has resulted in an increase in shareholder value or a dividend distribution to you as shareholders.

More detail to come...

Allied Claims Should be Questioned

Allied's CEO Rob Alloway has commented to investors that they had "uncovered a number of unusual transactions in the Hanover/United files and had reported their findings to the Serious Fraud Office". Like you we are very interested in seeing just what the "unusual transactions" are and believe this is a diversionary tactic of Allied to deflect media attention from the mistakes that the Board and management of Allied have acknowledged ...

More detail to come...

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