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Source: Reuters -
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Stock exchange operator NZX has referred what it calls "unusual" trading in Allied Farmers shares on Thursday to the Securities Commission for urgent inquiry under the commission's statutory powers.
Allied Farmers shares fell 8c to 20c , with data showing about 350,000 of the shares changed hands during the day.
NZX says it has also asked the originating broker about the unusual trading and has made an inquiry of Allied Farmers.
Earlier on Friday, the Allied Farmers board said it was unaware of the buyer or seller of a large parcel of its shares.
In a statement, Allied Farmers listed matters it considered to be price sensitive for its shares since August, pointing out it had already advised the market of those issues.
It says there are no other price sensitive matters that the board considered should be disclosed to the market now under listing rules.
On Tuesday Allied Farmers shareholders voted in favour of a plan to buy the assets of failed finance company Hanover, in a deal valued at $396 million.
The meeting passed a resolution to approve the purchase by Allied Farmers Investments of the finance assets of Hanover Finance and United Finance and a resolution to issue new Allied Farmers' shares as consideration.
The deal also needs the approval of 75% of investors who put their money into financial products sold by Hanover and United.
That vote is next Wednesday.
At midday on Friday, shares in Allied Farmers were unchanged at 20c.
