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Dorchester Sends Plan To Trustees

Fuseworks Media
Fuseworks Media

Wellington, Aug 29 NZPA - Dorchester Pacific said its subsidiary Dorchester Finance has put a deferred repayment plan to Perpetual Trust Ltd and New Zealand Permanent Trustees Ltd.

Dorchester did not detail the plan but said that as at August 28 Dorchester Finance's cash holdings were just over $30 million. Its shares fell 6c to 9c today.

Dorchester announced in June that Dorchester Finance was seeking a deferred payments plan after its reinvestment rates fell dramatically. Dorchester Finance was at that time estimated to owe debenture holders $168 million against total assets of $212m, including $18m in cash.

Grant Samuel and Associates, PricewaterhouseCoopers and Jones Lang LaSalle have all advised on the plan.

"The work, input and advice of the independent advisers along the way has been invaluable. The plan is, as a consequence, both robust and realistic," Dorchester executive director Paul Byrnes said.

"We feel very confident that it is in the best interests of the debenture stock holders and note holders to support it."

The trustees have to review the plan before it can be presented to debenture holders. NZPA WGT pjg nb

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