DPC
18/12/2014 15:11
NAME
NOT PRICE SENSITIVE
REL: 1511 HRS Dorchester Pacific Limited
NAME: DPC: Turners Name Lives On Following Takeover By Dorchester
18 December 2014
Company Announcement
TURNERS NAME LIVES ON FOLLOWING TAKEOVER BY DORCHESTER
The Board of Dorchester Pacific Limited (NZX : DPC) today confirmed that,
following its takeover of Turners Auctions, it will consolidate its interests
into a single listed entity, but that this will carry the Turners name. The
change will take effect from 1 February 2015.
"It doesn't make sense to maintain two listed companies, so we had a decision
to make," said Dorchester CEO & Executive Director, Paul Byrnes.
"Although proud of the achievements of Dorchester and its very successful
turn-around, we also recognise the inherent value and goodwill in the Turners
name, which has a lot of history and affection attached to it."
Mr Byrnes said the company had earlier undertaken focus group research which
highlighted many positive values associated with the Turners brand, including
words like trust, integrity, reputable, honest, well recognised, "Kiwiness",
championing the public, heritage and longevity.
"These values represent a positive brand platform on which to develop our
group businesses," he said.
Mr Byrnes reiterated that, as has been the case with other acquisitions such
as EC Credit, and Oxford Finance, the Turners Auctions business will continue
to operate independently , but share some 'back office' functions. The
Dorchester brand will still remain an important banner for the group with
Dorchester Finance continuing to grow in the motor vehicle and consumer
lending market.
"We are excited about this next phase of our business growth and to welcome
Turners Auctions and the great team of people attached to that business into
our group," Mr Byrnes said.
"As the new guardians of the Turners brand, we are very committed to making
this successful and rewarding for all involved".
ENDS
For further information please contact:
Paul Byrnes
CEO/Executive Director
Dorchester Pacific Limited
DDI: (09) 308 4988
Mobile: 021 644 441
Grant Baker
Chairman
Dorchester Pacific Limited
Mobile: 021 729 800
End CA:00259121 For:DPC Type:NAME Time:2014-12-18 15:11:17
