Alf is siding with the critics who are lambasting Allied Farmers and the New Zealand Stock Exchange for the way Allied Farmers shares have been issued to former Hanover Finance investors.
However you look at it, one bunch of shareholders was given a big selling advantage over another bunch.
Alf is putting his money on the share price falling fast long before it rises again, as Hanover investors sell out in their desperate attempts to get their money back.
Hence those who were able to sell immediately have got a much better deal than is likely for those who can’t sell until the necessary paper work has been completed.
Despite the bleats of assurance from the company, there’s a bothersome smell about it.