Its only $50,000 odd hardly sizeable maybe just a punter?
Its only $50,000 odd hardly sizeable maybe just a punter?
Interesting to see some decent buying of good size in DPC. Whats up?
Will have to check top shareholders list in a few weeks to review the buyer.
A tad ironic that I received the letter advising of the moratorium today and with was an election notice that you had to complete to receive a printed annual report.
Almost like,we hope not too many people bother so they cant see in print what a crap set of financials we have.
I have the minimum holding left so that I can be entertained at the Annual Meeting. Cheaper than buying tickets to Lenny Henry and almost as farcical.
I wonder who is up for re-election this year?
LEW
Glennj ---are You Still Waiting For The Rearating
No way Malcy! All sold 16/03/07 . You're trolling ancient history & missed subsequent post? That or disingenious. Good IRR's of 10.3, 14.8 & 23.1% Useful profits!
Was rerated to a sell!
As for tents; big modern house with boiler fired central heating. Now what about yourself? Did you take a hiding on DPC or something.
Guess NTA does not mean a lot when all the board are protecting thier own jobs and economical with communications regarding a public owned company that they do not own (excluding free options).
The main clown still makes me laugh since he did not realise there was any funding issues 6 months into a worldwide credit crisis. who hired him - the unaccountable creative accounting board?
Even funnier is that NTA will reflect the market value of St Lawrence as at balance date (31 mar 08) until mid Oct 08 when the half yearly comes out.
I am going to buy one ticket for the Gala show (AGM).
Should be fun
Bring some rotten fruit
Edited my #616 post
Originally had 07/01/08
changed to read the NZ date format 01/07/2008
Apologies..Hoop the kiwi has been reading to many American posts or was it the automatic source format program I used
Brynes bought more shares!! He now holds 1.47m shares!!
Im picking the next lot of bad news for investors within 2 weeks.
Calls to liquidate the company.
Your views?
Isnt that what they are basically doing with the moritorium?
Blackcap
Moratorium gives them 2 years to decide on liquidation or another activity. I guess a liquidation would take 2 years anyway.
Are you still wearing clogs or are you back in NZ?
i guess my concerns with Barry Graham and Dorchester are the following:-
1) Has he misled the market by announcing a forecast profit of $ 6 million in August last year, $ 3 million in February and finally ending up with a loss of $18 million.
2) Is there a conflict of interest between he and Walker being directors of St Laurence and Dorchester.
3) Who are the independent directors?
4) Was the St Laurence deal which Walker claimed to be the best deal he has ever done, in the best interest of ALL Dorchester shareholders.
5) Suspending payments to debenture holders gives a clear message that you are unable to meet your liabilities as they fall due Otherwise why take this action?
6) What is the relationship with Podmore and Walker at the time of the transaction? Did they know each other? Given that Walker is now working for St Laurence the transaction has a hint of cosey about it.
I guess more will be revealed at the next Annual Meeting.
LEW
LEW, I totall agree with you.
Are you going to the meeting? I would love to hear the answers to those questions.
very good questions. When everyone was concenred about their cashflow even when they supposedly had $30m of cash and equivilant many (including myself) had great concerns. How is it that i found about about it over 3 months ago and the market only finds out a few weeks ago? Short answer, not enough acountability required and not enough penalities to prevent these rogues from misleading investors.
I always look forward to receiving the Daily Reckoning and recommend it as a free service which gives a great commentary on the state of the US economy, gold,oil and markets in general
Todays comments on the state of US banks sort of rings true to our finance companies
--"The biggest problem is that this is not a liquidity crisis now. It’s a solvency crisis. An institution is solvent as long as it can pay its debts with cash. The trouble with leverage is you finance the asset side of your balance sheet with borrowed money. You borrow to buy. That means you have to pay interest (to bondholders in this case) on the borrowed money, and hope you continue to receive interest (on the loans you’ve made).
--Only it’s not happening that way now. As U.S. housing prices continue to fall, more and more homeowners are defaulting are their loans (and even more will, we reckon). These loans, remember, are assets on the bank balance sheet (when they are not securitised and sold as bonds). Thus, the quality of bank assets is now a front-and-centre issue with smaller and regional U.S. banks.
--There are many commentators who would like to sayy this is all matter of sentiment and temperament and mood. But the real issue is the quality of the assets on so many bank balance sheets. The most heavily levered financial institutions will find themselves insolvent. The rest will be forced to make a massive write down on their assets. "
A recommended read!
Three cheers for Bruce Shepard. I will vote in support of Brucie. As a shareholder, I am tied of all the BS that has been going on behind the scene inside DPC that only benefits the few in the know. Time for these jokers to be held accountable!!!!!
Dorchester says bid to liquidate won't succeed
http://www.nzherald.co.nz/section/3/...ectid=10521557
There should at least be motion asking Mr Graham to resign put to the meeting
I sold out of DPC in 2006 at prices between 208 and 250cps. Am tempted to buy a few at around 20c just so I can enjoy the fun at the next agm. Bruce Sheppard, for one, will have plenty to say.
Paul Anthony BYRNES continues to buy shares. He is up to 1.72m shares now.
Whats going on?
Damned if I know; he's going to have to ride out a great deal more bad times in the finance sector if what I just heard is true, which is that at 4pm today Hanover will request a moratorium. They've been run through by Fortress, from what I hear.
Has anyone received the letter from the Shareholders Association aka Bruce Sheppard seeking an EGM to wind up Dorchester and remove Graham and Byrnes as directors?
I'd be interested in peoples views.
LEW.
Dr Who & Lewinsy: I have received the letter as above. Think that Graham should go either by expulsion or if he has any sense voluntarily. Byrnes I am very curious why Sheppard has singled him out from the other directors. As he has been buying Dorchester shares on market why? So he in my opinion has a lot to lose if the whole thing goes belly up. At times I question both Shepperd & Gaynors motives.
1 thought i had is Brynes has more to gain in the long term by keeping Dorcestor going for another 12 months or 2 years through his salary package, entitlements, bonuses, golden handshake etc. He can say to investors, look at me, i am putting my money where my mouth is but in reality it could pale in comparison of what he can earn because of his position and salary package. Only a theory
I talked to an informant who bailed the company a few months ago when i saw the ship sinking. He said the writing was on the wall for some time. The same person was given the privilege (like the rest of dpc staff) of buying the stock for around $2.60 - $2.80 a few years ago at no interest. I am not sure if or when he sold.
I received the same letter and signed and returned it. At this stage is this just asking for a special General Meeting and putting three (I believe very valid) motions onto the agenda. Only if this meeting is called (and I think, it should be) can shareholders decide, whether they want to vote for or against any of the motions.
I haven't yet made up my mind on all of the proposed resolutions (and it will be interesting to see the response of the board), but I certainly think that
a) Graham is overdue for a push and
b) the question whether liquidation is the better option than allowing Byrnes and Co to slowly (or quickly?) burn the rest of the cash deserves a frank and open discussion.
Black Peter received letter today from Mr Graham moaning about the waste of money on and everybody's time holding a special meeting. I assume everybody would be happy if he put those resolutions to the AGM. Except in my opinion Mr Graham. But if he will not I would be of the opinion he is not fit to be a board member let alone the Managing Director of any company
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 $1 million p/a to sell off assets. Anyone geezer can do that. The current board needs to go. Assets needs to be sold on a timely manner to realize their true value. Need to be very prudent in their spending of existing cash.
I have made up my mind and will vote to liquidate DPC. Lets get this done the soon!
Herald story
Last month Dorchester Pacific Group said it aimed to finalise its survival plan by the middle of this month and put it to a vote by the end of August or early September.
Yesterday Dorchester's trustee, Louise Edwards of Perpetual Trust, said she was promised an up-to-date plan from Dorchester by Friday last week but it still had not arrived.
"The delays that we're experiencing are certainly frustrating to us and I'm sure are frustrating to investors. However we are in close communication and do expect that plan to arrive in the next day or two.
"It's a bit of a balancing act; we want to make sure the plan is robust in all cases and to make sure we get the best outcome."
Wellington-based St Laurence Finance, 25 per cent owned by Dorchester, ceased lending and raising money from the public in June and has yet to put its plans for a "scheme of repayment" to investors.
The Herald understands the company will update investors in the next week or so. The company expects to send details of the plan to investors by the third week of September, with a vote in October.
the latest announcement looks a classic ...hold on a bit more while we squeeze for money from the company, only to reduce the value to creditors when the company is liquidated.
In all honesty, this type of behavour is unaceptable. it is nothing less than raping innocent victims of hard earned money.
any shareholders contacted the company or knows what sort of rescue plan dpc has to offer. IMO the ceo and directors are just bleeding the last few drops while they can. very sad state.
discl. dont hold. please dyor
As a shareholder who was dumb enough to buy into DPC I am @#$% pissed off!!!!
I cant wait till AGM, gonna give them hell. I dont give a rats ass if I get thrown out of the AGM!!
Is DPC in the list of the finance companies guaranteed by the RB?
Not at the moment (as posted on Finance Coys thread):
Business Day
DPC
26/11/2008
GENERAL
REL: 1612 HRS Dorchester Pacific Limited
GENERAL: DPC: DORCHESTER ADVISES DETAILS OF 3 YEAR REPAYMENT
26 November 2008
Company Announcement
DORCHESTER ADVISES DETAILS OF 3 YEAR REPAYMENT PLAN FOR DEBENTURE
STOCKHOLDERS AND NOTEHOLDERS
Dorchester Pacific has announced details of the Deferred Repayment Plan for
Dorchester Finance investors. Investors will vote on the plan on 17 December
2008.
Under the Plan, Secured Debenture Stockholders would be repaid their $164
million principal in 12 payments over 3 years with an initial payment of 20%
prior to Christmas, followed by 10 quarterly payments of between 5% and 7.5%
and a final payment of 17.5% on 30 September 2011. Unsecured Noteholders
owed $8m would be repaid in two instalments with an initial payment of 10%
prior to Christmas and a final payment of 90% on 30 September 2011.
No accrued or future interest would be payable to investors but secured
Debenture Stockholders would participate in a profit share payment of 50% at
the end of the 3 years.
Details of the Plan will be mailed to investors on 30 November 2008 and a
number of Investor Roadshows will be held around the country between the 6
and 12 December before the meeting to vote on the Plan to be held in Auckland
on 17 December 2008.
If the Deferred Repayment Plan is approved PricewaterhouseCoopers will be
appointed Monitoring Manager to monitor progress over the 3 year term of the
Plan.
Chairman, Barry Graham commented: "We appreciate that the delay in finalising
the Deferred Repayment Plan has been frustrating for investors. But the time
taken has been very well spent in consulting and working closely with the
Trustees and with a number of expert independent advisors. So, we are
especially pleased that we have been able to finalise the Plan in time for a
vote and the prospect of an initial payment prior to Christmas.
"The outcome contemplated by the Plan is dependent on the performance of and
volatility in the economy, particularly in the property market.
"The Board considers that the Plan provides benefits and options which would
not be available under a receivership or in a liquidation. Under the plan
the business will continue to operate as a going concern. Key management
will be able to be retained and loans will be able to be realised in an
orderly way. This would give the Dorchester Group the time needed to
restructure its balance sheet, raise new equity, secure wholesale funding
lines, and participate in any industry consolidation that may eventuate
within the finance sector."
Executive Director, Paul Byrnes commented: "The focus of the Plan is to
return principal to investors as quickly as possible. The business will
continue to operate as a going concern but on a much reduced scale. No new
lending on property will be undertaken over the term of the Plan. Consumer
lending will be restricted under lending covenants in the Plan and will also
be subject to a new Lending and Credit Policy recently developed and supplied
to the Trustees. In developing the Plan a no-new-lending option was modelled
but the Board believes that a no-new-lending scenario is simply not viable.
"Staff numbers within the Dorchester Group have been reduced by approximately
30 over the last few months and a significantly lower salary, wages and
overhead cost base has been achieved. The executive team has been reduced
from 6 to 2. Further work is continuing on simplifying the structure of the
organisation with the objective of minimising overheads and operating
expenses."
Mr Byrnes noted that "while restructuring of the business and development of
the Deferred Repayment Plan over the last 3 months has been hugely time
consuming our focus and priority has remained on management of receivables
and the company's cash position. Despite the deteriorating market we have
managed to exceed our cash position projections. This has enabled us to
increase the first repayment of principal from an originally proposed 15% to
20% of principal for secured Debenture Stockholders.
"Realisation of the property loan book is where the biggest uncertainty lies.
The advantage of the Deferred Repayment Plan is that it will allow time for
an orderly realisation of these assets. The alternative of a receivership is
unlikely to maximise return for investors. Forced sales and the stigma of
receivership, and its effect on counter party behaviour, would likely lead to
lower realisations than under the Deferred Repayment Plan.
"The Board believes that in the current economic circumstances the Deferred
Repayment Plan would provide a materially better outcome than the alternative
of receivership or liquidation."
ENDS
Belgarion is management going to be tossed out in February
Belgarion Question
Writing is on the wall and the engraver is nearly finished with the headstone...its about the point where he is writing R.I.P
I sold this stock at a tad over $2.50 after buying at $2.80. I did hear from the inside that this was in trouble early last year. A lot linked to the property sector especially in Queenstown.
This was one stock i kept warning people many times last year and it was only a mattewr of time
I would even go as far as to say that dpc completely mislead investors by implying that they the company was in a good position with plenty of cash reserves. i.e $30m in cash equivilent. I see this as a criminal offence imo ande hope someone is hung out to dry
Exactly, its a special meeting.... people look up your company law!
They need 75% support for it to go into effect. The question is though, who called it?
Who is going to the meeting tomorrow
Executive announces interest repayment on track! Sorry it is 6months or more late. Meanwhile 95% of shareholder value lost in a year. And the Chairman & board largely remain. What a bunch of leeches
I see that the Dunedin office has been terminated. With the building available for lease, I would assume that the premises were rented and not owned by DPC.
At least they are paying the investors back...
Hello- where are we heading now. The Bakery buy a big stake. If anything it may be an intersting ride. Or is this just some swapping of share/cash with no relevance?
https://www.directbroking.co.nz/Dire...spx?id=2306262
Looking at it another way - Poddy is selling out..........
42 Below founders buy Dorchester stake :)
http://www.stuff.co.nz/business/indu...rchester-stake
Expect to see this one fully supported by various existing stakeholders. 5K on market increased the SP 58% to 10c
I can only assume the 5K spent was by interests who recently purchased millions of shares at 5.8c but then I have always been sceptical.
More news on a possible takeover.:)
http://www.stuff.co.nz/business/indu...d-for-takeover
I would hate to see DPC sold at these prices. I am not selling.
Any T/O should pay at least NTA for it.
Not a takeover, guys.
42 Below boys looking to use as investment vehicle.
Only problem is that Brent King of Viking-going-down-the-seas could be back!
Hole-LY H@ll .24c!!! it must fall this is cr@p imho!!
ROFL.... DPC is the only stock in green on my watchlist. :D
Dorchy is a finance company that has about $80 million worth of debentures on its book, that it receives a margin on. The management have agreed to a moratorium, whereby the debentures will all be paid back over the next two and a bit years. (if they can). Outside of that dorchy has bugger all businesses or revenue. Until monday this was a 6 cent share heading too zero, and unless the Baker boy can pull a miracle, or he has just gambled
400K.
My calcs tell me that at the rate of the moratorium repayment plan Dorchy will have negative shareholders equity by mid 2010. Dont you love this company, the GM of operations rewards himself with a $350,000 year income to run the company to zero, and the top 4 employees get paid more than 1 million bucks a year.
Maybe, the Baker Boys intend to sack these four and replace them with the tea lady. After all, she couldnt do any worse than they are.
Good luck to "The Bakery" the debenture and and shareholders are praying for you.
P.S I bet there will be no King in sight on this deal.
Don't forget Dorchester Life .... this quote in the recent Stuff.co.nz story.
http://www.stuff.co.nz/business/indu...d-for-takeover
The new shareholders also expect return on their investment through Dorchester's insurance arm Dorchester Life, which achieved a $1.2 million pre-tax operating profit for the year ended March 2009.
The dorchester Life arm includes the reverse annuity mortgage book, which is a very mature book, that is in run off. Like all other parts of Dorchies business its racing to zero, very quickly. The same could also be said about the car finance book. None of their businesses are growing, that is the problem. I assume this is what the Baker boys intend to arrest, otherwise the shareholder funds will be negative in no time.
Best of luck, this will test their skills.
Games being played
This one is being bid up using FA cash by the people who got in sub 10C. Classic sucker play - The "game playing team" will take turns bidding it up often using clients money (clients feel good - up 30% today - what a good advisor I have!) and selling out to each other for a profit as the SP rises. Alongside this the BUY side is loaded with BS orders for 100K+ volumes creating the impression of underlying support. The game players have access to order flow faster than BNZ, Direct, ASB clients so can withdraw the BS buy orders very quickly. On the depth at 09:20am this morning there are 2 bidders after 162K at 13c. and 110K at 11c. The match this morning would be 15c but "someone" is bidding 18c for 25K shares (cost $4,500) so that the stock will open up at 18C. And so on and so on. If you want to join the game remember that the gameplayers already have bought a large holding (large versus the 25K bid at 18C) at much lower prices so gain a lot more than they lose by pushing the SP up.
This can continue for a long time as it is nothing but manipulation of a low priced , tightly held stock,. The classic text book ramp is PLS at 80c+ and is not illegal as no-one can prove wrongdoing aka pls.
Then I suspect, in around 6 months or when the capital raising climate has returned to normal the business will come out with a new plan that will allow existing shareholders to purchase at 60c. This will seem cheap versus 80c and entice the suckers to buy from the Baker boys & the game playing team (who all know each other through previous capital raising schemes).
This will allow all money invested to be returned to the Baker boys & the game playing team who will also retain a large shareholding stake.
The business will have achieved ZIP and millions of market capitalisation is instantly created.
Have fun & get out when the chart shows demand drying up. Also check out the PLS chart!
"dsurf" and "The Good Oil" thankyou for the insight, I was suspicious of why someone kept pushing the price up with small buy quantities. :eek:
She's a hard road this, learning the sharemarket game. :o
FYI ...
From the news tab on the DB website for DPC, quotes, charts, news etc ...
Cheers
"Top performing KiwiSaver fund managers, Huljich Wealth Management, have
formed a strategic sales alliance with financial services company,
DorchesterLife.
DorchesterLife has been an established player in the insurance and savings
market for over 30 years, with an experienced team of nationwide sales
agents, and the Huljich KiwiSaver scheme sits naturally with their stable of
existing products.
'We recognised the growing acceptance of the KiwiSaver concept amongst our
target market, and wanted to align ourselves with the best scheme provider
out there' said DorchesterLife Chief Executive, Henry Lynch. "
'With directors like Peter Huljich, Don Brash and John Banks and a track
record of consistent performance in a volatile market, we're extremely
excited to be involved with Huljich Wealth Management - we feel comfortable
knowing our clients' money will be in such professional, experienced hands.'
Game players & Baker Boys (FTB was very good with there announcements) need to have regular announcements to protect the company insiders (read management & executive who are all shareholders) from "please explain share price increase" notices coming from the stock exchange.
How does choosing Hulich benefit DPC kiwisaver investors? Will Hulich not accept money from other sources? What is the benefit to the DPC bottom line? Do DPC management have nothing better to annouce? More BS.
Is a finance company choosing to have a Kiwisaver providor really news. Check out the PLS news & see how announcements are integral to ramping.
Also ask yourself if the Gameplayers know the Baker Boys who know the DPC management club who know the Baker Boys who know the game players who know Hulich who know BKBurger who know the gameplayers
Anything is got to be better then St Lawrence and Bridgecorp.
St Lawrence's biatch (Andrew Walker) sucked all the cash out of the company and walked away. :mad: Andrew Walker (remember this name) did a deal with St Lawrence where most of the cash was sucked out of DPC leaving the company with an empty barrel. Surprise, surprise when DPC was dried and dying, Andrew W was offered a position with St Lawrence.
This is a very good example why NZers prefer to invest majority in properties and not equities.
disc: a shareholder :mad:
DPC
28/03/2007
ASSET
REL: 1524 HRS Dorchester Pacific Limited
ASSET: DPC: Dorchester acquires 25% stake in St Laurence
Media Release
28 March 2007
DORCHESTER ACQUIRES 25 PERCENT STAKE IN ST LAURENCE LIMITED
Listed financial solutions provider, Dorchester Pacific Limited
("Dorchester"), has expanded its reach into the property finance and the fund
and asset management markets with the acquisition of a 25 percent stake of St
Laurence Limited, for an investment of $29.6 million.
Dorchester Pacific warns of property bad debts, CEO to go
Friday, May 2nd, 2008
Shares in Dorchester Pacific slumped a further 12.5% on Friday morning to a record low of 35 cents after it warned in a statement late on Thursday it would not achieve a NZ$3-4 million profit target because of a likely NZ$5 million increase in expected bad debt provisions for property and a write-down on its 25% stake in fellow finance company St Laurence.
Dorchester Pacific also said its chief executive Andrew Walker had resigned to take up a role at Auguste Holdings, which is the Kevin Podmore-owned major shareholder in St Laurence. Dorchester’s shares have fallen 30% since the warning.
yeah I do - seen them in action many times - how long u been investing? See my posts below on this thread before you give me greif! I bought this dog at 2.68 & sold at 2.56. And have slagged it ever since!
posted
04-07-2007, 08:40 PM [B] post #98 WHEN TRADING AT 2.05
Join Date: Jun 2007
Location: , , .
Posts: 351
--------------------------------------------------------------------------------
At an industry level - rising interest rates and liquidity crunch does not keep the cashflow coming in - hence 4 finace firms fall -over
At a company level - Inexperienced management with no track record and not meeting targets (including the reverse mortage debacle)
- Fractious boardroom
- Split opposing dominant shareholders, reducing any T/O opportunity
I will buy this at a $1.00 in the next 2 years.
POSTED 18/07/07
KJ - The "no cash" does not relate to solvency - I am not suggesting that. It means less funds for re-investment, lower EPS, lower div's etc
The herald article today quoting St Lawrence sums it up well below.
'Flight to quality' tipped to hit all but best finance companies
5:00AM Thursday July 19, 2007
By Adam Bennett
St Laurence managing director Kevin Podmore.
Higher interest rates mean the "flight to quality" following the Bridgecorp collapse will hit finance companies harder than the three failures last year, says finance group St Laurence.
[b]Bridgecorp's receivership has sparked fears that other finance companies will suffer a squeeze on funding as investors divert money to safer havens such as top tier finance firms and banks, as was seen following the collapse of Provincial Finance, National Finance 2000 and Western Bay Finance last year.
Now it can be argued that DPC is a top finance company - however the public are not well informed and think wrongly that Rod Petrovich is involved with DPC. It is not all the publics fault - BKBurger did sell 20% to Petrovich in such a badly promoted deal that the media have been all over it. This deal is why DPC SP has halved.
Is DPC entering buying territory - Not yet - too much bad sentiment re: finance companies.
Will VIK step up and bail them out - No too busy bailing out BIO!!!
pOSTED 28/08/07
pOSTED 31/08/07 - sp NOW $1.40 & FALLING OFF A CLIFF
POSTED 15/11/07 sp NOW IS 95C
POSTED 30/11/07 sp nOW 85C
pOSTED 22/04/08 sp nOW 50C
ETC ETC ETC BLAH BLAH BLAH
So The Baker Boys game Plan is?
& why did you buy this dog at $2.68.
I have been an active investor for 25 years, have not bought DPC, Yet, but you never know....
New management?, one with a vision, in an industry overtaken by failure, which leaves little competition, sounds like an opportunity to me. A big one at about 6 cps. I suggest that a lot of bad news (honest valuations) needs to be announced before the share Price and the Company can move forward togeather. The current share price is well ahead of itself, and due for a bit a correction.
So if you were the Baker Boys, how would you play it?
6c is a good buy, well done. It is not what I would do that matters. See earlier post predicting announcements & tactical accumulations. Counter-cyclically it is probably a fantastic time to buy finance company shares. Good luck.
Following yet another large loss for the half year, one gets the impression that this company is being kept alive to pay for inept managers and directors.
I would have thought it was overdue for the Chairman to step aside. He appointed Walker, approved the St Laurence deal, made profit projections that were so far out of kilter they were nonsense. I would have hoped the Baker Boys would have tipped him out.
I can't see why the company has been kept going.
Sitting on 1,000 shares for the amusement of the Annual Meetings.
Lewinsky do you actually know how this loss was attained?
Accounting can be a wonderful thing. If you read the comments at the full year and again at the half year you will see why a HUGE LOSS has been made....
Not defending the company but sometimes things are not what they seem and Baker Boy whatever their agenda is couldnt stop this either.
Black cap,
The half yearly report is not out and that will give only a small insight.
The concern is that the Chairman and senior management probably don't know either.
It would however be an educated guess to say that this is the legacy of an ill timed entry into property financing at a time when the market was at its peak and when there were huge warning signs to say cash-up and beware.
Walker, Graham and Byrnes have a lot to answer for. They are propped up by friendly shareholders.
Dr Who is quite correct in his assessment.
Dr Who: Graham to go what are your thoughts on todays announcement they want two new independant directors
Does anyone have any thoughts on the proposed Capital Reconstruction Plan?
I have yet to see the offer documents but having a cursory glance on the website it would appear that in three years time they will have 172 million shares on issue and be generating a profit of $6 million. After that options can be exercised and so eps will be worse.
I am getting the feeling the only people to benefit here are the directors and senior management, who appear to have had no reduction in fees or remuneration.
As an old dorchester shareholder observed once" this should be a cash cow, but it is being milked before the shareholders will ever see anything".
Like an old dog with mange" is it time to do the humanitarian thing and put it down?
Lewinsky lot of anti talk at the explanatory meeting this morning but mainly elderly there. Talk after the meeting was that they had been telephoning the biger debenture holders and did not get the same result from them. Read the Stuff reporters article on meeting.
Anyone still in DPC and would like to comment on the cap raising?
I am still in two minds as to take it up or not.
DR Who I am getting more anyway from debentures if passed on Wednesday will wait until the last minute to decide on the other entitlements but will not be taking all of them. If you are going to the meeting Possum will probally be the scuffiest dressed person there. Or a PM will get you a phone number if you wish to discuss it further.
Not sure if thats a good idea the shares are trading @8.5,and with the biggest rat leaving the sinking ship ie the current General Manager in charge of Life and Senate you have to wonder.
Also found it interesting That no notice re his leaving to NZX this was one of the key people to pull DPC out of their current differculties.
Anbody know more on this subject?
ASFVK how about a name please
Henry Lynch
Henry Lynch is the General Manager of Group Operations for Dorchester. He is responsible for all group operations including Dorchester Life, Senate Finance and new motor vehicle lending. Henry has managed the Dorchester Life business as Chief Executive since October 2006 and prior to that held senior management and executive roles at Westpac, Tower and as CEO of Catalyst Risk Management.
Trading at 10c & seeking to raise more money - this company is a survivor. Since it has lost money for years and years and years for shareholders I am in a state of disbelief that natural law has not squished it out of existence. Casino sounds like more fun than giving away perks to trough eating management
Sorry to be cryptic but you can check the DPC website its not Mr.van der etc and someone has answered above.
It will be interesting to see how Dorchester progresses post Moratorium and now they have some shareholders funds. What concerns me is an earlier comment from them that the raised capital will put them in the 'right position to take advantage of the further consolidation that is inevitable in the finance industry'. Hopefully any consolidation they undertake takes place after some serious due diligence (unlike Allied Finance's due diligence of Hanover). Personally I just want to see them put their head down, meet their obligations and slowly rebuild the brand and business.
It will also be interesting to see how their shares trade in the coming months. Hopefully they don't sink like ALF shares sunk after lots of shares were issued to Hanover Debenture holders.