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  1. #641
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    Some how we need this sorted at AGM rather than throwing more money down drain on a another meeting as well
    Possum The Cat

  2. #642
    Guru Dr_Who's Avatar
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    Quote Originally Posted by BlackPeter View Post
    I certainly have the guts full and lost trust in the existing DPC board!
    I hear you loud and clear.

    DPC is my only bad investment in my NZ portfolio for this year. The DPC board have had their chances and they blew it. Even now there is a lack of transparency to give the shareholders any confidence. If the board had not invested in STL there will still be plenty of cash in the kitty to distribute back to the shareholders.

    I also cant justify paying a CEO $1 million p/a to sell off assets. Anyone geezer can do that. The current board needs to go. Assets needs to be sold on a timely manner to realize their true value. Need to be very prudent in their spending of existing cash.

    I have made up my mind and will vote to liquidate DPC. Lets get this done the soon!
    Last edited by Dr_Who; 10-08-2008 at 09:52 AM.
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  3. #643
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    Default Even the Survival Plan is late

    Herald story

    Last month Dorchester Pacific Group said it aimed to finalise its survival plan by the middle of this month and put it to a vote by the end of August or early September.

    Yesterday Dorchester's trustee, Louise Edwards of Perpetual Trust, said she was promised an up-to-date plan from Dorchester by Friday last week but it still had not arrived.

    "The delays that we're experiencing are certainly frustrating to us and I'm sure are frustrating to investors. However we are in close communication and do expect that plan to arrive in the next day or two.


    "It's a bit of a balancing act; we want to make sure the plan is robust in all cases and to make sure we get the best outcome."

    Wellington-based St Laurence Finance, 25 per cent owned by Dorchester, ceased lending and raising money from the public in June and has yet to put its plans for a "scheme of repayment" to investors.

    The Herald understands the company will update investors in the next week or so. The company expects to send details of the plan to investors by the third week of September, with a vote in October.

  4. #644
    Senior Member Nitaa's Avatar
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    the latest announcement looks a classic ...hold on a bit more while we squeeze for money from the company, only to reduce the value to creditors when the company is liquidated.

    In all honesty, this type of behavour is unaceptable. it is nothing less than raping innocent victims of hard earned money.

  5. #645
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    Default Where to now

    any shareholders contacted the company or knows what sort of rescue plan dpc has to offer. IMO the ceo and directors are just bleeding the last few drops while they can. very sad state.

    discl. dont hold. please dyor

  6. #646
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    As a shareholder who was dumb enough to buy into DPC I am @#$% pissed off!!!!

    I cant wait till AGM, gonna give them hell. I dont give a rats ass if I get thrown out of the AGM!!
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  7. #647
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    Is DPC in the list of the finance companies guaranteed by the RB?
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  8. #648
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    Not at the moment (as posted on Finance Coys thread):
    Business Day

  9. #649
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    DPC
    26/11/2008
    GENERAL

    REL: 1612 HRS Dorchester Pacific Limited

    GENERAL: DPC: DORCHESTER ADVISES DETAILS OF 3 YEAR REPAYMENT

    26 November 2008
    Company Announcement

    DORCHESTER ADVISES DETAILS OF 3 YEAR REPAYMENT PLAN FOR DEBENTURE
    STOCKHOLDERS AND NOTEHOLDERS

    Dorchester Pacific has announced details of the Deferred Repayment Plan for
    Dorchester Finance investors. Investors will vote on the plan on 17 December
    2008.

    Under the Plan, Secured Debenture Stockholders would be repaid their $164
    million principal in 12 payments over 3 years with an initial payment of 20%
    prior to Christmas, followed by 10 quarterly payments of between 5% and 7.5%
    and a final payment of 17.5% on 30 September 2011. Unsecured Noteholders
    owed $8m would be repaid in two instalments with an initial payment of 10%
    prior to Christmas and a final payment of 90% on 30 September 2011.

    No accrued or future interest would be payable to investors but secured
    Debenture Stockholders would participate in a profit share payment of 50% at
    the end of the 3 years.

    Details of the Plan will be mailed to investors on 30 November 2008 and a
    number of Investor Roadshows will be held around the country between the 6
    and 12 December before the meeting to vote on the Plan to be held in Auckland
    on 17 December 2008.

    If the Deferred Repayment Plan is approved PricewaterhouseCoopers will be
    appointed Monitoring Manager to monitor progress over the 3 year term of the
    Plan.

    Chairman, Barry Graham commented: "We appreciate that the delay in finalising
    the Deferred Repayment Plan has been frustrating for investors. But the time
    taken has been very well spent in consulting and working closely with the
    Trustees and with a number of expert independent advisors. So, we are
    especially pleased that we have been able to finalise the Plan in time for a
    vote and the prospect of an initial payment prior to Christmas.

    "The outcome contemplated by the Plan is dependent on the performance of and
    volatility in the economy, particularly in the property market.
    "The Board considers that the Plan provides benefits and options which would
    not be available under a receivership or in a liquidation. Under the plan
    the business will continue to operate as a going concern. Key management
    will be able to be retained and loans will be able to be realised in an
    orderly way. This would give the Dorchester Group the time needed to
    restructure its balance sheet, raise new equity, secure wholesale funding
    lines, and participate in any industry consolidation that may eventuate
    within the finance sector."

    Executive Director, Paul Byrnes commented: "The focus of the Plan is to
    return principal to investors as quickly as possible. The business will
    continue to operate as a going concern but on a much reduced scale. No new
    lending on property will be undertaken over the term of the Plan. Consumer
    lending will be restricted under lending covenants in the Plan and will also
    be subject to a new Lending and Credit Policy recently developed and supplied
    to the Trustees. In developing the Plan a no-new-lending option was modelled
    but the Board believes that a no-new-lending scenario is simply not viable.

    "Staff numbers within the Dorchester Group have been reduced by approximately
    30 over the last few months and a significantly lower salary, wages and
    overhead cost base has been achieved. The executive team has been reduced
    from 6 to 2. Further work is continuing on simplifying the structure of the
    organisation with the objective of minimising overheads and operating
    expenses."

    Mr Byrnes noted that "while restructuring of the business and development of
    the Deferred Repayment Plan over the last 3 months has been hugely time
    consuming our focus and priority has remained on management of receivables
    and the company's cash position. Despite the deteriorating market we have
    managed to exceed our cash position projections. This has enabled us to
    increase the first repayment of principal from an originally proposed 15% to
    20% of principal for secured Debenture Stockholders.

    "Realisation of the property loan book is where the biggest uncertainty lies.
    The advantage of the Deferred Repayment Plan is that it will allow time for
    an orderly realisation of these assets. The alternative of a receivership is
    unlikely to maximise return for investors. Forced sales and the stigma of
    receivership, and its effect on counter party behaviour, would likely lead to
    lower realisations than under the Deferred Repayment Plan.

    "The Board believes that in the current economic circumstances the Deferred
    Repayment Plan would provide a materially better outcome than the alternative
    of receivership or liquidation."

    ENDS
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  10. #650
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    Belgarion is management going to be tossed out in February
    Possum The Cat

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