Dorchester Pacific executive Byrnes lifts stake to 4%

Byrnes, given an executive role in May to help strengthen Dorchester's management team as its CEO departs, paid an average 19.5 cents apiece, or NZ$176,000 for 902,000 shares, according to a statement today. The shares traded recently at 20 cents and have plunged from 90 cents at the start of the year.

Dorchester stock has tumbled as the global credit squeeze forced the company to withdraw its prospectus and seek to make deferred payments to its debenture holders.

"There is now a risk of a cash flow shortfall arising in future months," the company said last month.

Dorchester owes debenture holders NZ$168 million secured against total assets of $212 million.

By Jonathan Underhill

Comments from our readers

No comments yet

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

Dorchester lifts Turners Auctions stake to 19.85%; no plans to make offer
Dorchester raises $4.1 million in placement supported by major shareholders
Dorchester investors exercise 134 mln options, major shareholders asked to sell down
Dorchester narrows first-half loss, forecasts FY profit
Dorchester agrees to buy EC Credit for $18.5M in cash, stock and earn-outs
Dorchester rescue plan ups net profit
Dorchester profit boosted by capital reconstruction plan
Dorchester appoints general manager, insurance and lending
Dorchester staves off receivers
Dorchester posts annual loss of $19.1 mill