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30 August 2004
On 16 August 2004 Bridgecorp Capital Limited and Mr Brent King separately announced to the market a series of transactions affecting the ownership and control of Dorchester Pacific Limited.
Mr King is managing director of Dorchester Pacific, a listed company. Mr Rodney Petricevic is managing director of Bridgecorp Capital.
After these transactions Bridgecorp held 19.99% of the voting rights in Dorchester, mostly acquired from King and entities under his control at $4.04 per share. King and entities under his control retained, following a further acquisition, control of 5.93% of voting rights in the company.
In addition, Bridgecorp and King and Snowden Peak Investments Limited, a company controlled by King, had entered into a lock-up deed in respect of 5.05% of the voting rights in Dorchester held or controlled by King.
The duration of the lock-up is until 30 June 2005. During that period King and Snowden cannot sell or procure the sale of the 5.05% of Dorchester voting shares to anyone other than Bridgecorp. Bridgecorp also has an option to buy these shares at $3.30 per share. King has also committed to accept any takeover offer made by Bridgecorp for Dorchester during this period at $3.30 or more per share.
The Takeovers Panel met on 30 August 2004. It considers that Bridgecorp and King and Snowden Peak may not have complied with the Code or may not be complying with the Code or may intend not to comply with the Code in a number of respects:
The Panel will hold a meeting in Auckland on Monday 6 September 2004 to determine whether to exercise its powers under section 32 of the Takeovers Act in respect of these matters. The meeting will be a private meeting.
The Panel has issued five restraining orders which are in effect until Wednesday 8 September 2004. The orders:
The Panel has issued summonses to a number of parties requiring attendance at the meeting.