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Dorchester Pacific expects to make full repayment on debentures

Wednesday 2nd July 2008

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Dorchester Pacific, among finance companies to withdraw a prospectus this year, said the company expects to make full repayment to debenture and note holders under a deferred payment plan.

Chairman Barry Graham made the statement after media reports that repayments would amount to as little as 1% to 2%, which he said were erroneous. Dorchester Finance has about NZ$168 million of debenture stock secured against total assets of NZ$212 million.

Shares of Dorchester soared 64% to 23 cents having tumbled to as little as 10 cents last week. The company, which also owns 25% of St Lawrence Group, this month hired Grant Samuel and Associates as an independent adviser.

By Jonathan Underhill

  General Finance Advertising    

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