Ann: Administrators' Update-TON.AX, page-53

Both proposals offer existing shareholder’s a pro rata ability to participate in the some or all of the capital raising.

Separate creditors trust with DOCA seems to be the alternative...

As per ASIC...

http://asic.gov.au/regulatory-resou...tors/creditors-deed-of-company-arrangement/#1

A creditors' trust is a separate legal arrangement used to accelerate a company's exit from external administration. Creditors' claims are generally transferred to a newly created creditors' trust and any return is received from the trustee of the trust, not the deed administrator. The DOCA generally terminates after the creditors' claims against the company are moved to the trust.