Another finance company to close

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Dorchester Pacific looks set be reduced to a listed shell company with about $15 million of capital after it announced yesterday it would close and return $168 million in investor funds during the next two years.

Dorchester’s demise follows a similar announcement by St Laurence that it would exit its lending business and repay its remaining 9000 investors their $240 million by instalment over two years.

Earlier in the day, Dorchester Pacific’s share price plunged by a third to 21 cents after it told the market it was reviewing the potential impact of the St Laurence move.

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