Dorchester Pacific Ltd confirmed on Thursday that it would consolidate its interests into a single listed entity following its takeover of Turners Auctions Ltd, and that it would retain the Turners name, not Dorchester’s. The change will take effect from 1 February.
Dorchester chief executive & executive director Paul Byrnes said it made no sense to maintain 2 listed companies. He said the Turners Auctions business would continue to operate independently, but share some back-office functions. The Dorchester brand will remain an important banner for the group.
Turners Auctions changed its name to Turners Group NZ Ltd in July.
Attribution: Company release.