Dorchester finance investor update
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Dorchester Pacific Limited (DPC) | 8:32 am, Wednesday 30 July 2008 | DPC | 0.095 |
 0.005 |
(+5.56%) |
Dorchester Finance, a wholly owned subsidiary of Dorchester Pacific, today
issued the following update to debenture and note holders.
Dear Investor,
I am writing to update you on our progress in finalising the deferred
repayment plan.
We are hoping to get the final plan to you in mid-August, with the meeting to
vote on it in the last week of August or early September. Pending the
outcome of the vote, we will continue to pay interest.
We are confident that the plan will represent the best option for debenture
holders and note holders. We have been working on it with the benefit of
independent expert advice from Grant Samuel and Associates Ltd. In addition,
we have engaged property specialists Jones Lang Lasalle to review the
company's property finance assets and timeframes for realisation.
We have also engaged Colin McCloy of PricewaterhouseCoopers to subject the
plan to critical scrutiny so as to ensure it will be not only robust but also
in the best interests of debenture holders and note holders.
We expect shortly to present the plan to the Trustees, Perpetual Trust
Limited and New Zealand Permanent Trustees Limited, for consideration and
review.
Assuming the Trustees should approve our putting the plan to investors, we
will post it to you. The vote by Debenture and Note Holders will be held 16
days later at a meeting in Auckland.
In advance of the formal vote we intend to hold meetings in major centres at
which we will explain and discuss the plan with investors. All investors are
encouraged to attend one of these meetings. We will enclose with the plan a
schedule of the dates, times and places for these meetings together with the
voting papers.
In the meantime, if you have any questions please feel free to call our
investment team on 0800 100 601.
Yours sincerely
Paul Byrnes
Executive Director
Ends
