Dorchester suspends interest payments on new plan
Dorchester Finance, a unit of Dorchester Pacific, has suspended interest payments after agreeing to changes to its plans to defer repayments.
Monday, September 22nd 2008, 10:24AM
by Jonathan Underhill
The suspension on interest payments started on September 17, it said in a note to debenture and note holders.
The shares of Dorchester Pacific has slumped 96% to eight cents this year, shrinking its market value to just NZ$2.9 million.
The New Zealand Shareholders Association has support of 6.1% of shareholders in the company calling for the immediate appointment of a liquidator at an emergency general meeting. If that fails, they want chairman Barry Graham and Paul Byrnes to be removed as directors.
Both directors intend seeking re-election to the board.
| « Dorchester delays annual meeting on repayment plan | Strategic Finance censured, fined over sale disclosure » |
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