Buy-out complete

Dorchester Pacific has completed the compulsory acquisition of all outstanding shares not already held by the company in the Turners Group. It will provide a fuller update on the final funding and impact its balance sheet around December 1, and has also allotted shares and interest-bearing secured convertible bonds. It issued 7,492,376 ordinary shares on November 27. The terms as to 537,072 ordinary shares issued at $0.25 each are as consideration to the Turners takeover and as to 6,955,304 ordinary shares issued at $0.258 each as part consideration for the period two earn-out for buying EC Credit Control. The company says: “The ordinary shares are issued on the same terms as, and rank equally with, the existing ordinary shares in Dorchester.” It has also issued 83,700 interest-bearing secured convertible bonds at $1 each as consideration in the Turners deal. They will mature on September 30, 2016, when holders can convert them into ordinary shares in Dorchester Pacific at the lesser of $0.30 per share and a five per cent discount to average daily volume-weighted average priceof the shares in the 90 days before the maturity date.