Dorchester buyers line up

By Nick Stride

Friday 8th October 2004

Wealthy investor Hugh Green this week lifted his holding in Dorchester Pacific to 13.1%, raising the possibility of a control struggle at the financial services firm.

Green spent nearly $1 million lifting his stake from 11.3% between September 24 and 30, buying shares on market and exercising 2005 warrants.

His moves came after Bridgecorp bought a 19.9% Dorchester stake and entered a "lock-up" agreement with managing director Brent King to buy more shares.

The deals were subsequently found to have breached the code, and Bridgecorp and King will have to sell 1.23 million Dorchester shares.

A third contender could be investor George Gould, who last week sold a 19.8% holding in Vertex Group for $13 million.

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