Mr Graham will lose his job if DPC goes under - No more gravy - just the train.
Mr Graham will lose his job if DPC goes under - No more gravy - just the train.
too much ... though if I correctly remember asked the board last time for a payrise (which the meeting declined). According to the latest annual report did we pay Mr Graham $72.000 for his value adding activity. Mr. Byrnes was in with $44.000;
I trust that Paul Byrnes income is better these days - the old CEO (Walker) was in with a salary of slightly above 1 Million Dollars p.a. in 2007 and 780k in 2008 (smaller bonus??? and assuming that it was him taking each time the largest reported remuneration home).
It is probably a fair assumption that Byrnes current salary is in the same order of magnitude. Just delaying the liquidation by one month would pay him already close to $70k more (I shudder when adding this up to months or years).
Looks like Nita has a point.
Thanks BlackPeter. It all seems very clear. I will be voting for the liquidation of DPC. The sooner the better. I would also like an investigation into the going on in DPC with possible legal action. When one starts to put the puzzle together the dirt starts to show.
These geezers are draining the only remaining cash left in the kitty!!
In his latest newsletter Chris Lee is pretty scathing about Sheppard's action in canvassing for proxy votes and seeking to liquidate DPC. I can't quote in full for copyright reasons, but CL describes it as an "inane request" and "little more than a stunt" that brings discredit to the NZ Shareholders' Association. For some time Lee has been generally supportive of Graham and the board and critical of Brent King.
Lawso, do you have a link?
chris@chrislee.co.nz
I'm not sure if you'll be able to access or if it's restricted to clients
Thanks guys. This is all so confusing at times.
I've read Chris Lee's comments. They are in line with his previous staunch support of Dorchester and St Laurence. Unfortunately is their information content this time not up to his usual standard - he writes scathing, but doesn't bring a lot of arguments (except mentioning that Bruce Sheppard might have some personal reason to be annoyed with Barry Graham).
Dr. Who - I agree as well: the whole thing is pretty confusing, and I am not sure what the truth is either. I do respect Chris Lee and appreciate his comments (and newsletters). On the other hand - he doesn't get it right every time (just from memory - I think he rated Dorchester and St Laurence still some 12 and even 6 months ago as pretty safe places to put your money).
Admittedly - I don't get it right every time either (otherwise I wouldn't hold any more DPC - would I??? :o ), but I still think that a frank and open discussion with all sides putting their cards open on the table would be much better than the current secret games with seemingly plenty of hidden agendas and conflicts of interest thrown in! I certainly have the guts full and lost trust in the existing DPC board!
Some how we need this sorted at AGM rather than throwing more money down drain on a another meeting as well
I hear you loud and clear.
DPC is my only bad investment in my NZ portfolio for this year. The DPC board have had their chances and they blew it. Even now there is a lack of transparency to give the shareholders any confidence. If the board had not invested in STL there will still be plenty of cash in the kitty to distribute back to the shareholders.
I also cant justify paying a CEO $1 million p/a to sell off assets. Anyone geezer can do that. The current board needs to go. Assets needs to be sold on a timely manner to realize their true value. Need to be very prudent in their spending of existing cash.
I have made up my mind and will vote to liquidate DPC. Lets get this done the soon!
Herald story
Last month Dorchester Pacific Group said it aimed to finalise its survival plan by the middle of this month and put it to a vote by the end of August or early September.
Yesterday Dorchester's trustee, Louise Edwards of Perpetual Trust, said she was promised an up-to-date plan from Dorchester by Friday last week but it still had not arrived.
"The delays that we're experiencing are certainly frustrating to us and I'm sure are frustrating to investors. However we are in close communication and do expect that plan to arrive in the next day or two.
"It's a bit of a balancing act; we want to make sure the plan is robust in all cases and to make sure we get the best outcome."
Wellington-based St Laurence Finance, 25 per cent owned by Dorchester, ceased lending and raising money from the public in June and has yet to put its plans for a "scheme of repayment" to investors.
The Herald understands the company will update investors in the next week or so. The company expects to send details of the plan to investors by the third week of September, with a vote in October.
the latest announcement looks a classic ...hold on a bit more while we squeeze for money from the company, only to reduce the value to creditors when the company is liquidated.
In all honesty, this type of behavour is unaceptable. it is nothing less than raping innocent victims of hard earned money.
any shareholders contacted the company or knows what sort of rescue plan dpc has to offer. IMO the ceo and directors are just bleeding the last few drops while they can. very sad state.
discl. dont hold. please dyor