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Dorchester Pacific's deferred payment plan goes to trustees

Friday 29th August 2008

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Dorchester Pacific, whose shares have tumbled almost 85% this year, said it presented trustees with a plan to defer payments to debenture and note-holders.

The finance company must get approval from Perpetual Trust and New Zealand Permanent before it can put the plan to its investors.

Dorchester said the plan may be ready to be voted on by the end of September.

This week Dorchester said it would take a one-time charge to write down the value of its quarter stake in finance company St Laurence. Dorchester had the 25% holding in St Laurence in its accounts at a carrying value of NZ$21.3 million as at March 31.

Since then, St Laurence has posted a NZ$29.8 million loss for the three months ended June 30, a period in which it quit lending, withdrew a prospectus and sought to repay investor by installment.

Separately, Dominion Finance Holdings said it is still in talks with trustees for stockholders in two ailing units it is proposing to wind down.

By Jonathan Underhill

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