Deferred Repayment Plan
17 December 2008
Dorchester Pacific has announced that the Deferred Repayment Plan put to Debenture Stockholders and Noteholders has been approved by an overwhelming majority of investors who voted on the plan at the meeting held in Auckland on Wed 17 December.
26 November 2008
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. (To read the full release, please click here)
To view Frequently-Asked Questions and Answers please click here
To view the Principal Repayment Schedules please click here
Deferred Repayment Plan - Investor Pack Documents: (click to view)