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19 September 2005
The Takeovers Panel received a complaint made by the New Zealand Shareholders Association in connection with the exercise of voting rights at a recent annual general meeting of Dorchester Pacific Limited by Bridgecorp Holdings Limited and Hugh Green Investments Limited.
The New Zealand Shareholders Association alleges that because Bridgecorp and Hugh Green Investments voted in the same manner in respect of the appointment of directors of Dorchester Pacific, there was some evidence that they are associates for the purposes of the Code.
The allegation if true does not in itself indicate any breach of the Code. Although the Code may prevent associates from acquiring additional voting rights it does not prevent parties from becoming associates.
The Panel will not be taking any further action in relation to the complaint by the Association.