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Dorchester sells investment advisory firm

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Dorchester Pacific said today it had sold its investment advisory businesses, Equity Investment Advisers and Sharebrokers, MoneyOnline, together with the New Zealand Investor magazine, for $1.4 million.

The buyer is Equity Investment Advisers Limited, a company owned by investment adviser Stephen Rogers.

As part of the transaction, Dorchester has agreed to continue to support the New Zealand Investor magazine with the purchase of advertising and subscriptions over the next three and five years respectively.

Dorchester chairman Barry Graham said the sale was in line with a strategy to simplify the company and focus on businesses with most potential.

"We are de-emphasising capital intensive activities and focusing on new business opportunities which leverage the company's existing expertise and infrastructure and reducing costs to maintain our competitiveness in the current market."

Dorchester shares were unchanged on 40 cents today and have fallen from $2.05 a year ago.

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