The Managing Director of Allied Farmers, Mr. Rob Alloway has expressed his desire to step down from his post in the month of December. He said that streamlining process of the Company, which he started one year ago, is on it last leg.

Mr. Alloway has told about his decision to the board members beforehand so that they can find a suitable replacement for the post.

In a statement issued by the Company, Mr. Alloway will remain the member of the board till December.

It is worth mentioning that in the present week, Allied Farmers got a two-week extended period for filing its yearly results in the wake of financial crisis.

John Loughlin, the Chairman of Allied Farmers had to resign from his post as the Company couldn’t show its unaudited yearly results to NZX.

Mr. Alloway also said that his main aim was to reform and stabilise the dwindling financial situation of the Company.

He further added that in the coming few weeks, the restructuring of the business will be completed and the senior debt will significantly reduce.

On August 25, the Company announced that its senior debt is around $16.9 million, which also includes a multi-option credit facility of $14.4 million and $2.5 million draft in excess of the credit balance.