Dorchester Pacific Ltd registered a trust deed & simplified disclosure prospectus yesterday for the secured convertible bonds to be offered to Turners Group NZ Ltd shareholders under its intended takeover offer.
Dorchester has also refinanced its bank facilities and a new acquisition facility for the Turners acquisition with the Bank of NZ.
Dorchester expects to deliver a formal takeover notice to Turners in a few days, and to seek Dorchester shareholder approval for the transactions in mid-September. Following shareholder approval, the offer would be formally open for acceptance.
Dorchester Pacific bought into Turners Auctions early last year and holds 19.85% of the company. It entered a lock-up agreement in July with Bartel Holdings Ltd, which holds 20.8% and has agreed to Dorchester’s purchase price of cash, shares or notes totalling $3/unit. The offer values Turners at $82.1 million.
29 July 2014: Dorchester launches full Turners Auctions bid after buying out Ecuadoreans
Attribution: Company release.