26 Sep 2014

Shareholders included in Dorchester capital-raising

1:30 pm on 26 September 2014

Dorchester Pacific has invited its existing shareholders to take part in the funding of its Turners Auction takeover, with an offer to buy further shares at 25 cents each.

The shares will raise $30 million of capital to help the finance services company raise the funds it needs for its $82 million takeover of the car auction company.

Dorchester's chief executive Paul Byrnes said says his company was responding to shareholders' feedback at the company's recent annual meeting.

He said the previous capital-raising was a placement, so only institutional or professional shareholders could participate. "This capital-raising is available to all shareholders in the amount that they would like to contribute."

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