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Dorchester Finance investors approve plan

Wednesday 17th of December 2008

Debenture stockholders will receive an initial payment of 20% and noteholders will receive an initial payment of 10% prior to Christmas.

At the meeting held in Auckland 97% of debenture holder voted for the plan and 99% of noteholders were in favour.

The huge level of support was achieved even though former Dorchester managing director Brent King encouraged investors to vote against the plan.

Dorchester executive director Paul Byrnes described the result as "pleasing".

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Latest Comments
Advisers embrace Westpac after trail commissions removed
@Paul - maybe so, but that's a hypothetical claim for which there is no evidence. The reality is that here, and from the recent UK report on risk commissions, there appears to be no empirical evidence that remuneration is the dominant influence in product recommendations from intermediaries. Whether we ever move to a fee charging environment in the mortgage advice space seems unlikely. The UK report suggested that the research identified no significant client harm based on adviser commissions.
5 hours ago The Laird
FMA wants clearer fees
The Report (p.14) contains the following recommendation for FAPs: "Disclose commissions as a dollar figure. While commissions can be disclosed as either a percentage or dollar figure, we consider disclosure in dollar terms to be good practice to assist with investors readily understanding what the adviser will get out of the advice process." Disclosing commission in dollar figures was one of the 3 options floated in the April 2018 Disclosure Requirements discussion paper from MBIE. This option was ultimately rejected in favour of a principles-based approach. The examples of commission disclosure in the resulting Regulations ("Connor and Ari") are expressed in percentage terms. While the FMA may hold the view that disclosure in dollar terms is "good practice", this is not where the regulations landed at the conclusion of the 2018 consultation process.
2 days ago Paul Flood
Advisers embrace Westpac after trail commissions removed
@The Laird - No, not really. The headline of this article could equally have been: "Advisers embrace Westpac after upfront commissions increased to highest across the main banks."
3 days ago Paul Flood
Advisers embrace Westpac after trail commissions removed
Doesn't this result call into question the criticism from certain quarters that Mortgage Advisers are driven predominantly by commission considerations?
3 days ago The Laird
FMA wants clearer fees
@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
4 days ago Goldcard