Allied Farmers treads Stock Exchange board

Friday 10th May 2002

Rural services firm Allied Farmers listed on the Stock Exchange main board yesterday at $2.50, valuing the company at $26.5 million.

The company, with operations in Taranaki, King Country, Waikato, Manawatu and Auckland, has about 6100 shareholders, mostly in its Taranaki base.

It has 10.6 million shares on issue. There was no issue to the public on listing.

Chairman Brian Train said the purpose of listing was to gain greater access to capital markets, a higher profile and increased trading liquidity for the company's shares.

The company last year made a $2.85 million net profit on revenue of $139 million. For the June year it is forecasting a $3.58 million gain on revenue of $106 million. The lower sales forecast reflected new trade terms and a business sale, Mr Train said.

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