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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

After discussions with its trustees and advisers, the company has revised its proposal to increase emphasis β€œon achieving full and early repayment of principal,” it said in a statement.

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 planStrategic Finance censured, fined over sale disclosure »

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