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Dorchester Pacific executive Byrnes lifts stake to 4%

Monday 7th July 2008

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Paul Byrnes, executive director of Dorchester Pacific, increased his stake in the finance company to more than 4%.

Byrnes, given an executive role in May to help strengthen Dorchester's management team as its CEO departs, paid an average 19.5 cents apiece, or NZ$176,000 for 902,000 shares, according to a statement today. The shares traded recently at 20 cents and have plunged from 90 cents at the start of the year.

Dorchester stock has tumbled as the global credit squeeze forced the company to withdraw its prospectus and seek to make deferred payments to its debenture holders.

"There is now a risk of a cash flow shortfall arising in future months," the company said last month.

Dorchester owes debenture holders NZ$168 million secured against total assets of $212 million.

By Jonathan Underhill

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