Allied Farmers' new shareholders are showing more resilience and patience than they were given credit for as they hold on to the shares they were allocated as part of the Hanover Finance takeover.
Less than 2.5% of the 1.95 billion Allied shares on offer have been traded since they were allocated on December 18.
At that time, Craigs Investment Partners broker Chris Timms, and other brokers, predicted the market would be flooded with Allied shares as Hanover investors sought to get some of their money back from the failed finance company.
As part of the deal, Allied Farmers took over Hanover and United Finance and issued shares at 20.69c to Hanover and United investors, most of whom were not traditional equity holders.
However, Mr Timms said was surprised there had not been as much selling as predicted.
Trading had consolidated above 11c.
"It's early days, with no catalyst to push the shares one way or another.
"From here on, announcements by the company will decide where the share price goes.
"Investors are showing patience, but how long will it before they lose their patience and don't want to wait?"
The catalyst for the share price movement could include how Allied was managing Hanover's loan book, how it was managing the debt, and whether it was collecting any of the debt, Mr Timms said.
The latest major shareholder list gave an indication of how much people had invested in the failed finance companies.
Shareholders had to have more than a million shares to make the top 100 shareholders, he said.
Someone with $400,000 invested in Hanover would have received nearly 1.4 million shares and be number 64 on the top 100 list.
The top individual shareholder on the list was Edward Sydney Franklin with 7.53 million shares.
He would have had about $2.16 million invested in Hanover or $1.95 million invested in United to receive that many shares.
