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Panel Not Satisfied Code Complied With

News Release

8 September 2004

Takeovers Panel Not Satisfied Brent King And Bridgecorp Complied With Code

At a meeting held in Auckland on 6 and 7 September 2004 the Takeovers Panel determined:

that it is not satisfied that Bridgecorp Capital Limited and its controlling shareholder Bridgecorp Holdings Limited acted in compliance with the Takeovers Code when it acquired 19.99% of the voting rights of Dorchester Pacific Limited from Brent Douglas King and others on or about 13 August 2004;

that it is not satisfied that Brent Douglas King acted in compliance with the Takeovers Code when he acquired voting shares in Dorchester Pacific Limited from Alexander Eric Vink and Natasha Maree Vink during the period 12 August 2004 to 16 August 2004.

The restraining orders made by the Panel on 30 August 2004 have been continued in force until 29 September 2004. These orders continue to restrain King, Snowden Peak Investments Limited and Bridgecorp Capital from:

acquiring or disposing of any voting shares in Dorchester or any interest in or rights relating to such voting shares;

exercising or permitting the exercise of any of the rights to vote attaching to any of the voting shares in Dorchester which they hold or control or any other right attaching to such voting shares.

The orders also continue to restrain Dorchester from issuing or allotting any voting shares to Bridgecorp Capital or King and their various interests.

The Panel’s reasons for its decision will be released as soon as possible.


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