Allied Farmers shares rose in value yesterday after the company announced it had made a net $3.4 million in cash by selling property in Queenstown and Australia.
The company had also completed another confidential property settlement.
Craigs Investment Partners broker Chris Timms said Allied shares rose 7.4%, or 0.5c after the announcement as investors reacted to the first positive news from the firm since it took over Hanover Finance and United Finance in December last year.
"So far, most of the news has been negative. More good news is expected to follow," he said.
Allied Farmers managing director Rob Alloway said the sale of several other properties were close to being concluded.
"I am delighted with progress to date and that the volume of inquiries and sales, and prices being offered, reflect a return to confidence in well-located developments such as Jacks Point."
Part of the proceeds would be used to reduce debt, he said.
Allied acquired properties from Hanover and United in the takeover last year.
Significant progress was being made in the sale of several other assets acquired from Hanover, and Allied was hopeful of being able to make further announcements about those sales soon, Mr Alloway said.
