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

[hairdresser]

This is how I see the shareholding, don't worry about correcting me if I'm wrong I suck at maths

Last week the major holdings were

Green 20%
King 10%
STL 13%
Bridge 18%
Total 61%

This week
Green unknown but cant be over 20% with an SSH
STL 20%
King probably still 10% no SSH
Others 11%
Total 61%

DPC owns 25% of STL as well,

It makes sense to have a larger stronger finance company, it will improve their cost of funds and enable them to compete with the banks and not be so reliant on the risky end of the market. They could end up more like MacBank rather than Instant Finance.

I think they will go for an amalgamation rather than a takeover. Should be acceptable to shareholders and Mr King wouldn't be able to block it ie 75% accepatance vs 90%.

[lakeside]

DPC has dropped to $2.06 and some bigger volumes going through.

It looks to me that ST L has 15% and St L Morgages 19% so thats 35% between the two.

I'll paste this article below as I only found it in the herald on line.

Financiers' complex web in order says panel
Email this storyPrint this story 5:00AM Friday April 20, 2007
By Anne Gibson
The issue was whether St Laurence indirectly controlled 28.7 per cent of Dorchester, which is led by Andrew Walker. Photo / File

The issue was whether St Laurence indirectly controlled 28.7 per cent of Dorchester, which is led by Andrew Walker. Photo / File

The Takeovers Panel has rejected a complaint about complex shareholder relationships between financiers St Laurence, Dorchester Pacific and Bridgecorp.

Kerry Morrell, the panel's senior executive officer, said yesterday no wrong-doing had been found in the deals which saw the financiers take stakes in each other.

Bruce Sheppard, chairman of the Shareholders' Association, lodged a complaint as a shareholder a few weeks ago alleging a breach of the Takeovers Code.

At issue was whether St Laurence indirectly controlled 28.7 per cent of Dorchester, which could have breached the code's 20 per cent threshold rule that states when a shareholder reaches that level, a full offer must be made to all shareholders.

At the time of the complaint, St Laurence owned 13 per cent of Dorchester but has since increased its holding to 19.9 per cent.

St Laurence Mortgage Holdings had loaned Bridgecorp money and the security for the loan was 15.7 per cent of Dorchester, owned by Bridgecorp. St Laurence could have taken possession of Bridgecorp's stake, giving it 28.7 per cent of Dorchester. But after examining the situation closely, the panel decided there was no breach and it rejected Sheppard's complaint.

"We have not found any evidence to suggest that St Laurence might have breached the code," Morrell said yesterday.

Kevin Podmore, managing director of St Laurence, welcomed the move and said he had received a letter from the panel this week. "It didn't really worry me," he said of the complaint. "We had legal advice and we were comfortable with our position. We didn't believe we had done anything wrong and it's quite welcome that it's been verified by the Takeovers Panel. The concern was that we were associated parties. Our view was that it was not an issue because the [Bridgecorp] loan was not in default and we had not exercised that security."

At the end of last month, Dorchester took a 25 per cent stake in St Laurence for $29.6 million.

"Dorchester will own shares in St Laurence Ltd, a property-based investment and finance group of companies, which manages more than $1 billion in assets for over 16,000 investors," Dorchester announced on March 28.

On Wednesday this week, the relationship took a further step forward when St Laurence Property & Finance announced that Dorchester chief executive Andrew Walker would join its board. That followed the resignation of former St Laurence director Phil Newland. Walker was also appointed to the board of National Property Trust, managed by St Laurence.

St Laurence Property & Finance is listed on the secondary market. Commentators said yesterday they expect St Laurence to make an imminent move on Dorchester via a reverse takeover. Podmore did not rule this out.

"A takeover is an option. I'm happy to look at it but there's nothing on the plate at the moment," he said.

Dorchester was keen to get involved in St Laurence's two main funds, National Property Trust and St Property and Finance, Podmore said, and Walker's appointment was part of that shift.

Sheppard said yesterday he was not surprised that his complaint was rejected. "I knew that Bridgecorp still owned the stock, not St Laurence. But I made the complaint just to see what the panel would say."

Who owns what

*Unlisted St Laurence of Wellington owns 19.9 per cent of Dorchester.

* Listed Dorchester Pacific of Auckland owns 25 per cent of St Laurence.

* St Laurence owns the manager of lis

[lakeside]

DPC
30/05/2007
FLLYR

REL: 1700 HRS Dorchester Pacific Limited

FLLYR: DPC: Dorchester End of Year Results to 31 March 2007

DORCHESTER PACIFIC LIMITED
Results for announcement to the market
Reporting Period: 12 months to 31 March 2007
Previous Reporting Period: 12 months to 31 March 2006

Revenue from ordinary activities NZD $000's 99,995 -3%

Profit/(loss) from ordinary activities after tax attributable
to security holders NZD $000's 3,058 -63%

Net profit/(loss) attributable to security holders NZD $000's
3,058 -63%
Interim Dividend
Amount per security NZD$0.0425
Imputed amount per security NZD$0.022903

Record Date 15 June 2007
Dividend Payment Date 29 June 2007

DORCHESTER ANNOUNCES NET PROFIT AFTER TAX OF $3.06 MILLION
Dorchester Pacific Limited end of year results to 31 March 2007

Dorchester Pacific Limited ("Dorchester") today announced a net profit after
tax of $3.06 million for the financial year ended 31 March 2007, down from
$8.15 million in 2006.

The result falls within the profit guidance range offered in mid-February,
when the company announced two specific provisions (as detailed in the notes
below).

Total shareholders equity increased as a result of the exercise of 3,192,900
warrants in August 2006 and the issue of 4,767,891 shares to Auguste Finance
Limited (previously St Laurence Mortgage Holdings Limited), the holding
company of St Laurence Limited, in March 2007.

The directors have declared a final dividend for the 2007 financial year of
4.25 cents per share, making a total dividend for the year of 9.00 cents,
fully imputed (last year 11.00 cents fully imputed).

Chairman of Dorchester, Mr Barry Graham, commented: "Over the 2007 financial
year, new management undertook a series of reviews, initiated change and set
a platform in place to enable the development of the company.

"Although it was disappointing to announce a reduced net profit result, the
directors have approved the dividend at 100 percent of FY07 profit, which is
an expression of their confidence in the future of the company.

"There have been a number of positive changes and achievements during the
financial year which will provide future benefit for the company, including
our strategic partnership with St Laurence, the appointment of a committed
management team and positive movements in the shareholder base.

"The exercise of warrants and the issue of shares to Auguste Finance have
strengthened Dorchester's capital base and balance sheet, ensuring the
company is positioned to take advantage of future opportunities arising from
industry consolidation.

"Support from our investor base remains strong and the company continues to
maintain high levels of liquidity and cash reserves.

"The Dorchester board is committed to improving earnings, through the
continued strengthening of our existing businesses and the identification of
growth and market opportunities."

CEO of Dorchester, Mr Andrew Walker, said: "Since my arrival in June 2006, we
have taken steps to reposition Dorchester and to rectify some outstanding
issues.

"Following a review of operations, changes have been made to ensure a sound
platform for the future development of the company, including much needed
investment in systems, some restructuring and several write-downs and one-off
provisions.

"We also identified key areas for expansion that fit with our strategic plans
and have invested for growth, both organically and through acquisition.

"The investment in St Laurence is an indication of our strategic direction,
shifting Dorchester's historical consumer finance focus and rebalancing its
lending and services around a more risk balanced strategy.

"The relationship between Dorchester and St Laurence has been strengthened,
with Kevin Podmore appo

[lakeside]

Yes I think the negatives are one off. I had alook at viking too to see if there was anything about DPC. The price has dropped 10-15% over the last month or so but very low volume. Has to be a turnaround stock and will be hard to buy in volume.

[lewinsky]

Lawso,

Are you still a holder of DPC or given up in disgust?
If you are a holder,I'd like to make contact.
Cheers
Lew

[lakeside]

$1.85 - what a dive. Very small volumes though. Yield looking good.

What games are the big boys up to?

Long term this company looks fine and I see they are doing a lot of advertising on these reverse morgages on TV.

[Lawso]

Hi Lew

I sold the last of my DPC in December. There is a tenuous connection through a modest holding in VIK and longstanding investments with St Laurence. I was very surprised at the recent St L connection and Podmore going on the DPC board.

[Hoop]

Lakeside I agree the company looks fine in the long term.

I expected the Company turn-a-round would have been the day St Laurence became partly merged with Dorchester. St L is top performing, repected company...so can anyone tell why the shareprice is falling? It should be by all accounts rising. DPC is still yet to go ex div of 4.25cps, last day friday 15th June. Yield 2.3% imputed.

Its share price must again be below its asset backing. A share buy back programme was announced last August 2006 when the shares were trading below its net asset backing, the share price then rose quickly after the announcement so none were purchased. It would interesting if this program is still in place as it would be a cheap option to mop up cheap shares and store them in the company treasury, this would aid any merger without breaking any takeover codes.

[lewinsky]

There are some serious questions that need asking at the Annual Meeting
At last years meeting the Chairman advised that DPC was on track to return in excess of 20% on shareholders funds. They were ao far off this even before one off provisions that I believe shareholders were misinformed.
The share price has dropped by around 30% in the year.
The Chairman has made a number of allegations about the previous involvemeent of the MD with SMS.If he is right then shareholders deserve redress. If he is wrong then he has made very damaging comments that could potentially result in a claim by the previous MD, for which DPC will no doubt pay.
It strikes me of directors who were happy to ride on BDK's coattails while he was in charge and then turning the gun on him the moment he walked out the door.
There should be a real shake-up on the Board,but unfortunately with the shareholding make-up,this won't be possible.
They dropped the ball on reverse mortgages,and basically I see better value elsewhere on the market.
Little wonder that the shares are going backwards.

[lakeside]

quote:Originally posted by Lawso

Hi Lew

I sold the last of my DPC in December. There is a tenuous connection through a modest holding in VIK and longstanding investments with St Laurence. I was very surprised at the recent St L connection and Podmore going on the DPC board.

Lawso - You must have some of the St L fixed interest debentures to be exposed to DPC.

I think St L Mortgages (SLMH)is St L Ltd now and they are privately owned. They are the one's who had the bridge corp loan and now the DPC shares bought about $2.10

SLPF are separate but run by St L (same as NAP) although St L have a fair bit of SLPF.

And both SLPF and StL have a fair bit of NAP - $10% I think which is on a down trend too but long term should be good.

Then DPC have 25% of St L but I don't think it all matters to us because if you have ST L debentures they have very good figures, profits etc so you get your interest and your moneys safe and if you have SLPF its irrelevant what their manager is up to although SLPF may be able to raise more investor / debenture money from the DPC they are an independant property & finance business. I guess StL could cash in its SLPF but why would they do that with a 25% in debenture investors last year & heaps of growth to come.