TRA - Turners Automotive Group [previously TNR - Turners Limited]

[dsurf]

We continue to actively sell the parcel, as stated previously, the decision making of Dorchester continues to disappoint," Viking chairman Brent King said. "The statements from Dorchester give some hope of them returning to profitability and regaining market confidence.

"When this occurs the price should return to at least net asset value."


Thats the statement I cant make head or tail of! Then why are you selling Viking?

Because he has lost it!! He is no longer rational or he would not be hell bent on dropping the DPC shareprice - unless he has a warchest for a takeover at 50c

[Nitaa]

All things are not what they seem. Clearly something doesnt add up unless there is another agenda. Watch this space.

I agree that BK has lost it and is becoming desperate. He is also stooping to lower levels than his made did from Bridgecorp

[bermuda]

All things are not what they seem. Clearly something doesnt add up unless there is another agenda. Watch this space.

I agree that BK has lost it and is becoming desperate. He is also stooping to lower levels than his made did from Bridgecorp

I havent studied DPC but I was speaking to someone in the know who told me things are settling down but its hard when your enquiries have been knocked 60%.

Says it all I think

[Nitaa]

I also know someone very high up in DPC except they are not on the board. So what is really happening is still speculation on my part.

One thing is for sure that if BK smells a real opportunity then he has the people and resources to make something out of it.

[Dr_Who]

Please explain more Nita. I dont see how VIK can benefit from deliberately talking down and selling down DPC shares. The T/O opportunities have been blocked by STL and HG. I am bit confused here.

[Nitaa]

maybe not viking as such but what about bk himself?

well first question to me is, what is bk trying to do? I know there are a couple of significant holders in dpc but what is happening doesnt add up. It is plain dumb if he is only bagging to co at his personal expense and at Vik expense. Is he backed into a corner with his holdings? but he could also be doing a sly with one or both of the substantial holders as well. suck out all the nervous nellies and then get the big boys to take over. even if he is not directly related to it.

I am not sure.. i am still trying to piece together what is around the corner. Its also worth mentioning that many of his ex colloegues have brought into this company when it was trading at around $2.60 These are his so called mates that he is effectively shtting on. Another reason why i dont trust him one little bit

[Dr_Who]

As a shareholder myself, I hope you are right that there is a corporate play angle in it. But it is hard for me to see how BK comes into it when there are cornerstone holders who will not accept a price below valuation and/or the price of their entry level. My gut feeling is that it is a Mexican standoff and BK got too personal on it and lost the plot.

Someone with deep pockets should just buy the balance off VIK and you will see the SP bounce 50%. STL and HG cant buy anymore shares or they will trigger a T/O.

[Dr_Who]

DPC
30/11/2007
HALFYR

REL: 0845 HRS Dorchester Pacific Limited

HALFYR: DPC: DPC ANNOUNCES SOLID HALF YEAR RESULTS

DORCHESTER PACIFIC LIMITED ANNOUNCES SOLID HALF YEAR RESULTS

- First half profit $3.09 million
- Board confirms $6 million full year profit guidance
- Interim dividend announced of 4.25 cents per share
- Healthy return from St Laurence investment
- Sale of 34 Shortland Street confirmed

Dorchester Pacific Limited (Dorchester) today posted its interim results for
the six month period to 30 September 2007, reporting a Net Profit After Tax
of $3.09 million.

A solid result from Dorchester Finance, healthy returns from the investment
in St Laurence and an unrealised gain from the sale of 34 Shortland Street
contributed to the interim profit result for Dorchester, which was reported
for the first time under NZ IFRS (New Zealand International Financial
Reporting Standards).

Chairman of Dorchester, Mr Barry Graham, said: "It is a satisfactory result
in a challenging operating environment. We are on track for a full year
profit of $6 million and are pleased to announce an interim dividend of 4.25
cents per share (last year 4.75 cents) fully imputed and payable on 21
December 2007."

Chief Executive Officer, Andrew Walker, commented: "Early in the financial
year we identified a need to refocus on areas where we can deliver value. At
our Annual Meeting in August we announced a rationalisation programme to
divest non-core operations and assets.

"We have entered an unconditional agreement to sell our holding in 34
Shortland Street to Valad Funds Management for $30.7 million. We are
expecting a cash distribution of approximately $15 million to Dorchester
Finance in due course. These proceeds will be utilised in the normal course
of business and to take advantage of a number of opportunities available in
the current market."

Senate Finance's transition from a financier to a brokerage business is now
complete. Dorchester's branch network has been rationalised and a process to
divest Equity Investment Advisers & Sharebrokers Ltd has commenced.

Dorchester Finance's operating contribution of $2.00 million was a solid
result given Senate's $1.66 million operating loss. The ongoing effect of
poor loans in the Senate ledger was partly offset by a 38% increase in
operating contribution from the branch network and property and equipment
lending operations.

The slowdown in second hand vehicle financing resulted in a downturn in the
sale of consumer insurance products. This impacted DorchesterLife's
operating contribution of $483,000, which was down on the prior year. Mr
Walker commented: "Savings and reverse mortgage products are tracking to
expectations but are unlikely to replace lost consumer insurance revenue in
the short term.

"St Laurence had a good half year result, contributing $2.38 million in
equity earnings. We are very pleased with this investment and are continuing
to explore joint opportunities."

Dorchester has today also announced $20 million of new funding from related
companies of two of its largest shareholders. This is the first in a series
of initiatives to recapitalise the company, including a planned rights issue
in 2008.

Castle Finance Limited, a related company of substantial shareholder Hugh
Green Investments Limited, and Auguste Holdings Limited, a related company of
substantial shareholder Auguste Finance Limited, have each agreed to advance
$10 million to Dorchester Pacific.

Mr Walker said: "The facility will enhance the company's ability to take
advantage of lending and portfolio expansion opportunities and it will also
bolster cash reserves. We welcome this support from our cornerstone
shareholders and are pleased with their demonstration of confidence in the
business."

6 Months to 30 Sept (000s) 2007 2006
Revenue $39,499 $41,385
Net Profit After Tax $3,090 $3,007
Total Assets $424,877 $458,732
Total Equity $64,362 $54,495
Dividend (cps) 4.25 4.75

The changes noted in the 31 March 2007 annual report regarding the transition
to NZ IFRS have resulted in a decrease in shareholders' equity of $5.43
million and a reclassification of minority interests of $1.38 million. A
reconciliation of the major movements for the 31 March NZ GAAP to NZ IFRS
balance sheet is attached to Dorchester's financial statements. A
comprehensive reconciliation will be included in the Half Year Report to 30
September 2007.

ENDS

[Nitaa]

It wil be interesting to see BK's responce to the above.

Is their any accountant out their who can shed some light with reagards to bad debts or writeoffs. The reason I am asking is that DPC continue to show stready and consistant result results over the last few years. With the collapse of all the finance companies of late, how difficult or easy is it to consider a likely bad debt or such as still a account receivable? Heres the scenario. I could look at my own business and I will have an x amount of money still owed to my by my clients which say i believe are bad debts. Could I not for accounting purposes still make them an account receivable? Especially if i want to artifically give my company performing better than it really is.

If the above is true then with all these sub prime issues and finance companies falling over it would make it almost impossible to make an informed decision whether a finance company was a good investment or not.

Any thoughts?

[dsurf]

I have some thoughts on this one

1/ Barely profitable - The npat of 3m included 2.3?m of "equity accounted earnings" - this means the rest of DPC made 700k

2/ Burning cash - otherwise why sell assets? Maybe they are not getting the retail funding in the door?

3/ Selling assets - sold Direct broking at almost exactly the wrong time - kiwisaver etc had already been signalled by the labour government -

Now they are sellling Equity at a time when retail investors do not want to invest in the main product offfering - finance debentures - so they will not get much - so sounds like they are stopping cash burn

And for the icing on the cake.... drum rolll ..... sell property when their is a credit crunch

Brilliant minds run this company!!!!!!!!

hope it goes under.