Dorchester delays annual meeting on repayment plan

Friday 19th September 2008

Dorchester Pacific, whose shares have tumbled 96% this year, delayed its annual meeting while it tries to finalize a schedule of deferred repayments to investors.

The company expects to have concluded consultation on its plan with trustees and advisers next week. It will then hold a vote of stock and note holders in late October, it said in a statement today.

Once a date is set for the vote, the company will arrange to hold its annual meeting, it said.

The annual meeting day may be lively. 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. The stock last traded at 8 cents.

By Jonathan Underhill

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