Dorchester Calls for Support this Week

Dorchester Calls for Support this Week

Potentially the First Finance Company to Emerge from Moratorium

This week is an important one for Dorchester Finance, the publicly listed company fighting to emerge from its moratorium state.

Chairman Designate Grant Baker and Executive Director, Paul Byrnes, will take a settlement proposal to Debentureholders, Noteholders and Shareholders this week in a series of presentations around the country.

Dorchester needs a 75 percent threshold of approval from all three stakeholder groups in order to continue what Grant Baker describes as the Company’s “re-birth”.

“So far we have done better than most by paying back 50 cents in the dollar to our Debentureholders, but we are far from satisfied with that. We can do better”, he said.

Mr Baker said full repayment to Debentureholders is a realistic possibility.

“But we have to change with circumstances. Our original plan which got support in late 2008 has got us so far but we now have to overcome new obstacles of declining property values and lower interest rates. We believe we can still move forward with some hard graft,” he said.

The Plan which has already been mailed to Investors will be presented publicly for the first time today. The venue is Ellerslie Convention Centre at 10.00 am. Presentations will also be held in the following locations.

LOCATION DATE TIME VENUE
AUCKLAND Mon 21 June 10.00am Ellerslie Event Centre
Guineas Room 3
80-100 Ascot Avenue
Greenlane East
Auckland

CHRISTCHURCH Tues 22 June 9.30am Sudiuma Hotel Christchurch Airport
Cnr Memorial Avenue & Orchard Road
Christchurch

DUNEDIN Tues 22 June 3.30pm Scenic Hotel Southern Cross
Cnr Princes & High Streets
Dunedin

WELLINGTON Wed 23 June 9.30am The Angus Inn Hotel
Cnr Cornwall Street & Waterloo Road
Lower Hutt

PALMERSTON NORTH Fri 25 June 9.30am Palmerston North Convention Centre
354 Main Street
Palmerston North

NEW PLYMOUTH Fri 25 June 3.30pm Quality Hotel Plymouth International
Cnr Courtenay & Leach Sts
New Plymouth

TAURANGA Sat 26 June 10.00am Matua Bowling Club
116 Levers Road
Matua
Tauranga

HAMILTON Mon 28 June 2.00pm Waikato Stadium
Radio Sport Lounge
128 Seddon Road
Hamilton

ENDS

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