Allied Farmers shares have slumped after the trading halt on the shares was lifted. The share price initially fell 4 cents, or 21% to 15 cents a share. (Update 1 includes chart, volume traded. Update 2 follows slump to 13 cents per share.) This follows Hanover Finance investors' narrow approval to accept a bid from Allied Farmers that will see Allied take control over Hanover and United Finance's assets. Investors in the two troubled finance companies agreed to swap their debenture debt for Allied shares in move that will see around two billion new Allied shares issued. For more on yesterday's vote, see here. Hanover Finance shareholders were issued shares at 20.7 cents a share and many were expected to dump those shares on the market from as early as next week. The share price can be followed here. Just under half a million shares had been traded by 12:09 pm on Thursday. The trading halt was lifted at 11:33 am. Update 2 At 12:48 pm, there had been just over 570,000 shares traded and the share price had slumped by 6 cents, or 32%, to 13 cents a share.
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