Dorchester to give briefing

Dorchester Finance is providing supplementary information to investors ahead of a vote on a capital reconstruction plan at the request of the Securities Commission.

The company is carrying out a series of presentations ahead of the vote on June 30.

The supplementary information included a brief description of the capital reconstruction plan, a comparison of net present value of recoveries under the plan and under a receivership, information on future fund raising plans, a summary of risks and comments on the whether Dorchester will be regarded as a non-bank deposit taker by the Reserve Bank of New Zealand.

Dorchester Finance needs 75 per cent approval from three stakeholder groups. In December 2008, Dorchester's investors voted in favour of a deferred repayment plan.

They are now being asked to consider swapping outstanding debenture stock for new securities.

- NZPA