TON triton minerals ltd

Ann: Administrators' Update-TON.AX, page-22

  1. 19,404 Posts.
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    Hi Omega, are these guys charging the company and cant even get there recommendation proof read?

    "Administrators’ opinion
    We recommend that creditors resolve to execute the DOCA proposal presented by
    Somers.
    Pursuant to Section 439A(4)(b) of the Act, we are required to provide creditors with a statement
    setting out our opinion on whether it is in creditors’ interests for the:
    Administration to end;
    Company to be wound up; and
    Company to execute a DOCA.

    Each of these options is considered below. In forming our opinion, it is necessary to consider
    an estimate of the dividend creditors might expect and the likely costs under each option.
    11.1 Administration to end
    As stated above, the option of the administration ending is not viable. The only remaining
    options available to creditors are to accept a DOCA proposal or to wind up the Company.
    11.2 Winding up of the Company
    From the calculations set out in section 10 of this report, both DOCA proposals will provide a
    full return to creditors. Accordingly, we do consider it in the best interests of creditors that the​
    Company be wound up."

    I assume they have left out the word "not" from that last sentence, given the unknowns that they list if it is wound up and the first part of there recommendation. It doesn't even make sense in the context of the sentence preceding it.

    Hope they don't charge us for correcting their mistake, if that's what it is, or do we need to be wound up to execute

    So does anybody have any goss on who Somers are?

    Thanks
    Last edited by Names little: 01/07/16
 
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