Dorchester Pacific Appoints New Director  

10 September 2009

Financial services company Dorchester Pacific Ltd today announced that Grant Baker has been appointed to the Board of the Company as a non executive director.  

Grant Baker is a partner in The Business Bakery LP which recently acquired the 19.47% shareholding in Dorchester from Auguste Finance Ltd.   Grant was previously Chairman of the Kiwi success story 42 Below.  

Dorchester Chairman Barry Graham said:   “Mr Baker is a welcome and timely addition to the Board.  The directors are in the process of examining Dorchester’s existing businesses to determine their future potential and are also looking at market opportunities which may arise from  industry consolidation”.  

Executive Director Paul Byrnes commented:    “We look forward to working with Grant and to his input on the strategy we are developing to rebuild Dorchester as a sustainable business.  While reasonable progress has been made under the Deferred Repayment Plan, market conditions in  the finance sector continue to be a challenge,  particularly in light of the uncertainty in the property market in the short to medium term.   Having said that, we remain positive that we can achieve acceptable outcomes for Dorchester’s investors and shareholders”.    

ENDS