Monday 22nd September 2008
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After discussions with its trustees and advisers, the company has revised its proposal to increase emphasis "on achieving full and early repayment of principal," it said in a statement.
The suspension on interest payments started on September 17, it said in a note to debenture and note holders.
The shares of Dorchester Pacific has slumped 96% to eight cents this year, shrinking its market value to just NZ$2.9 million.
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.
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