A meeting was held in Auckland where Hanover Investors met with representatives from Allied Farmers for making the decision on their wealth and income.

There were around 1000 investors who attended the meeting. Hanover investors have agreed to this deal.

As the decision made, the Allied Farmers will take over Hanover's assets by converting Hanover and United investors' debentures to shares. By this Hanover investors would own about 97 percent shares of Allied Farmers. Allied Farmers shareholders are in favor of the tie-up. 

The investors in Hanover Finance, however, compelled each other not to agree to the tie up with Allied Farmers. This needed each of the four classes of investors to vote which should be 75% at least.

"With selling there is always buying and a transfer of wealth from one group to another but my job is to ignore the share price in the short term and make sure Allied Farmers is pushed into a working position", Allied Farmers director Rob Alloway said.

Hanover independent Chairman David Henry idealized this option as the best for Hanover and United companies and said that the Allied Farmers proposal provides a better structure for the assets to be held in than the Hanover and united companies could have achieved in the foreseeable future.

Shareholder Mark Hotchin also marked this as a good prospect for Allied Farmers.