Dorchester rolls out timetable for new securities
Dorchester Pacific will allot its four new classes of securities for debenture holders who agreed to its recapitalisation plan by the end of the month.
Monday, August 16th 2010, 8:24PM
by Paul McBeth
In its unveiled timeline, investors have until the end of the week to take up their subscription for new shares issued as the firm looks to raise as much as $11 million.
In June, some 7,200 investors who are still owed about $84 million agreed to swap their debentures for shares, notes and options that will trade on the NZX, and units that will sit on the Unlisted platform.
From next week, the new securities will be issued, with investors advised of the total quantity by the end of the month. Noteholders who elected for a cash payment will receive that next week.
The first interest payment on the secured notes will be made on September 30.
Dorchester pushed out the date of its annual meeting to September 6 to let its new shareholders attend.
Paul is a staff writer for Good Returns based in Wellington.
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