Dorchester Pacific Finance, which is operating in moratorium, announced it had made a further 5% payment to investors to bring the total amount repaid to 35% for secured debenture holders. The payment was made a week earlier than initially planned. Investors voted overwhelmingly for the deferred repayment plan in December last year. Dorchester froze around 7,800 deposits worth NZ$176 million in June 2008. Debenture holders had invested around NZ$168 million and noteholders had invested NZ$8 million. Recent developments have seen a new cornerstone shareholder for Dorchester Pacific, with 'The Business Bakery', run by Grant Baker (of 42 Below Vodka fame), Geoff Ross and Stephen Sinclair, purchasing 7 million shares (a 19.47% shareholding) for NZ$400,000 from Kevin Podmore's (St Laurence) Auguste Finance. The purchase brought Dorchester back into touching distance of former CEO Brent King, with Baker and Ross both shareholders in King's Investment Research Group (IRG), formerly Viking Capital. Baker was appointed as a director of Dorchester Pacific earlier this month.
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