Alloway quits board of Allied Farmers, to serve out term as CEO

April 28 (BusinessDesk) - Rob Alloway has resigned the board of Allied Farmers and will stay on with the company as chief executive until his contract expires.

The company faces an uphill battle to action a portfolio of under-performing loans and meet looming calls on its own capital.

Alloway had crossed swords with Hanover Finance director Mark Hotchin and the two companies are in dispute over a deal that has wiped out hundreds of millions of dollars of supposed value in property development loans.

He stayed on longer than initially intended as the deal went sour. Alloway leaves all his directorships of the group effective immediately.

The company said in an unsigned statement to the NZX that it acknowledged "the extensive contribution Mr Alloway has made as a director during a challenging time for the company."

On April 11, the company said it isn't realising assets fast enough to be confident it can meet an $8.9 million loan facility repayment due by July 1.

The shares fell 7.7% to 1.2 cents today and are down from 8 cents in April last year.

(BusinessDesk)

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