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22 August 2006
The Takeovers Panel has today accepted undertakings from Hugh Green Investments Limited and Mr Robert Carter to sell shares in Dorchester Pacific Limited.
Hugh Green Investments will sell 27,141 shares and Mr Carter will sell 10,000 shares to non-associated parties by 29 August 2006. Hugh Green Investments and Mr Carter have also undertaken not to exercise voting rights attached to those shares before they are sold.
Hugh Green Investments bought Dorchester Pacific shares in December 2005 which increased its control of voting securities in the company from 18.38% to 19.99%. At that time Mr Carter held shares representing 0.11% of the voting securities in Dorchester Pacific.
In July 2006 Mr Carter acquired a further 10,000 shares in Dorchester Pacific which increased his holding to 0.14% of the voting securities in the company.
Together Mr Carter and Hugh Green Investments hold 20.13% of the voting rights in Dorchester Pacific.
Mr Carter is a director of Hugh Green Investments and is also Hugh Green Investments' nominee on the board of Dorchester Pacific.
On the basis that Hugh Green Investments and Mr Carter are associates for the purposes of the Takeovers Code, and were associates when they increased their holdings, these acquisitions did not comply with rule 6 of the Code. The shares to be sold will reduce the combined holding to the 20% level required by the Code.