Dorchester closes $30 million capital raise, applications exceed offer

Fri, 24 Oct 2014

By Suze Metherell Oct. 24 (BusinessDesk) - Dorchester Pacific, the finance company midway through a takeover for Turners Group, has closed its $30 million capital raising saying the offer was oversubscribed. The Auckland-based company issued the new shares as part of its takeover of the auction group, which saw major shareholders pre-commitment scaled back to $8 million from a previous $10 million, it said in a statement. The takeover offer gives Turners' shareholders either $3 a share in cash, two-year notes that pay interest of 9 percen...

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