As predicted Allied Farmers drops like a stone

Well I could have said I told you so, but the idiots wouldn’t have listened. Allied Farmers shares have plunged like a stone.

Allied Farmers shares have plunged 31 per cent, falling 6 cents from 19 cents to 13 cents after a trading halt was lifted just before noon.

These shares have been sold by existing Allied Farmers shareholders, since Hanover investors who voted yesterday to accept a $400 million deal to convert the company’s loan book into Allied shares will not get their new shares till next week.

Many fear that a rush of disgruntled Hanover investors trying to cash up their newly-minted shares will send the share price plunging.

Oh dear, by the time the fools get their shares in Allied Farmers they will be worthless. In fact they could probably get more at the recycling station for the paper.