Dorchester presents repayment plan to trustee

Property financier Dorchester Pacific says it has presented an unspecified "robust and realistic" delayed repayment plan to its Trustees Perpetual Trust and New Zealand Permanent Trustee. Dorchester said it hoped the plan would be voted on by debenture and note holders by the end of September. Here is the full statement below by Dorchester Pacific.

Today Dorchester Pacific's subsidiary, Dorchester Finance, delivered its deferred repayment plan to the Trustees, Perpetual Trust Limited and New Zealand Permanent Trustees Limited. In putting the plan together Dorchester Finance has been working closely with a number of independent professional advisers, including Grant Samuel and Associates, PricewaterhouseCoopers and Jones Lang LaSalle. Executive Director of Dorchester, Mr Paul Byrnes said: "The work, input and advice of the independent advisers along the way has been invaluable. The plan is, as a consequence, both robust and realistic. We feel very confident that it is in the best interests of the debenture stock holders and note holders to support it." Concerning the next step in the process, Mr Byrnes said: "The review by the Trustees is an important part of the process and has to take place before the plan can be presented to the debenture stock holders and note holders. Pending review by the Trustees it would not be appropriate to discuss any aspects or details of the plan. We remain hopeful, however, that the plan can be voted on around the end of September 2008". As at 28 August 2008 Dorchester Finance's cash holdings were just over NZ$30 million.