Low-ball specialist tries to preempt Dorchester Pacific’s note buyback

Mon, 30 Jul 2012

July 31 (BusinessDesk) - Stock & Share Trading Co, a Melbourne-based company that specialises in making low-ball offers for securities, is trying to preempt Dorchester Pacific’s buyback of its 2013 notes at a price that’s 25 percent lower. Stock & Share has sent an offer to noteholders of Dorchester offering to buy the notes for 70 cents in the dollar. That’s well below Dorchester’s own proposal to buy the notes for 92 cents per $1 face amount. The notes last traded at 79.883 cents on the NZDX market. Dorchester, which avoided failure in 20...

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