Dorchester Pacific has unveiled a new-look board, with Grant Baker replacing Barry Graham as chairman.The finance company has also confirmed that Paul Byrnes would take on a permanent role as chief executive, and that its $10 million capital raising was b
Dorchester Pacific has unveiled a new-look board, with Grant Baker replacing Barry Graham as chairman.
The finance company has also confirmed that Paul Byrnes would take on a permanent role as chief executive, and that its $10 million capital raising was being underwritten by its main shareholders.
Mr Graham will step down at the AGM in August.
Mr Baker was appointed a director of Dorchester along with Stephen Sinclair in August last year, when their company The Business Bakery bought 19.47% of the shares in Dorchester.
A new independent director will be appointed to fill the gap left by Mr Graham’s departure.
In a statement released this morning, the long-serving chairman said he was pleased with progress made throughout this difficult period in the Company’s history.
“We have returned 50% in cash to debenture holders with every possibility of a full recovery of their investment. The underlying businesses and brands have been maintained for building on in the future. The time is right for new leadership to drive the growth in a restructured Dorchester”.
As well as the boardroom changes, the company also announced that its $10 million capital raising will be substantially underwritten by the two major shareholders.
The Business Bakery and Hugh Green Investments, which each hold just under 20% of the shares in the Dorchester, have agreed to subscribe to 35 million shares each for $7.0 million in total, with an option to buy another $1 million worth.
The capital reconstruction plan is conditional on Dorchester raising a minimum of $8 million.
An application has been made to the Takeovers Panel for an exemption for The Business Bakery and Hugh Green to hold more than 20% of the voting rights.
