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10-08-2008, 10:47 AM
#641
Some how we need this sorted at AGM rather than throwing more money down drain on a another meeting as well
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10-08-2008, 10:50 AM
#642
Originally Posted by BlackPeter
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 10:52 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.
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26-08-2008, 10:20 AM
#643
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.
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22-09-2008, 11:56 AM
#644
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.
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07-10-2008, 02:49 PM
#645
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
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07-10-2008, 03:00 PM
#646
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.
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13-10-2008, 06:49 PM
#647
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.
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13-10-2008, 07:20 PM
#648
Not at the moment (as posted on Finance Coys thread):
Business Day
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26-11-2008, 05:00 PM
#649
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.
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18-01-2009, 04:20 PM
#650
Belgarion is management going to be tossed out in February
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