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14 September 2004
The Takeovers Panel has today released its statement of reasons for the determination made on Wednesday 8 September relating to acquisitions in Dorchester Pacific Limited.
The determination was that the Panel was:
The Panel has found that Bridgecorp and King were associates at the time of both acquisitions and following the acquisitions Bridgecorp and King and their associates held in aggregate 25.9% of the voting rights of Dorchester. This is in excess of the 20% permitted by the Code.
The grounds on which the Panel found Bridgecorp and King to be associates were:
The Panel has held over the issue of remedies for further consideration. Meanwhile the restraining orders made on 30 August 2004 and continued on 8 September 2004 remain in place.
The full text of the Panel's statement of reasons is on the Panel's website at www.takeovers.govt.nz