Shares in Allied Farmers rose to 7 cents on the New Zealand stock exchange Thursday with news that property picked up as part of Allied Farmers' deal with finance company Hanover has been sold.

The sale gives the company $3.4 million cash which it says will be partially applied to debt reduction.

Managing Director Rob Alloway confirms the sale of sections in Queenstown, an industrial complex in New South Wales and one property in an undisclosed location. Mr. Alloway says a number of other transactions for the sale of properties are close to being completed.