Allco REIT shares more than double in value

by Richard Kilner

Story link: Allco REIT shares more than double in value

Allco Finance Group saw its share value soar by more than 100% yesterday, in response to news that partially owned Allco Commercial Real Estate Investment Trust had been granted permission to extend a loan repayment.

The deadline is extended from July 31 (2009) to December 31 (2009).

Allco holds a 16% stake in the Real Estate Investment Trust (REIT).

Nor was the deadline extension the sole piece of good news bolstering REIT’s prospects.

Earlier, it had announced that a forbearance period, up to 31 March, had been agreed with its Rubicon Japan Trust and lender National Australia Bank.

REIT benefited as 40m shares were traded and its share value shot up by 102%.