Dorchester Pacific Ltd is seeking to buy back 25 percent of the notes it issued as part of its capital reconstruction plan.Dorchester Pacific is offering investors 55 cents per note to be paid in cash on December 20 with no brokerage payable."While t
Dorchester Pacific Ltd is seeking to buy back 25 percent of the notes it issued as part of its capital reconstruction plan.
Dorchester Pacific is offering investors 55 cents per note to be paid in cash on December 20 with no brokerage payable.
"While the offer price is significantly lower than the $1 per note repayable in June 2013, this offer provides investors with the option of cash-in-the-hand now," the company said.
Around 35 percent of noteholders have current holdings below the minimum amount tradeable through the NZDX exchange and brokerage fees may be a disproportionate cost on any disposal of these small holdings.
The offer will be sent shortly and will close on December 15. The notes are due to mature in June 2013 and pay 5 percent per annum.
