My donation to the discussion, the administrator's report [3383 etc] and minutes of the second creditors meeting [2d32 etc].
I haven't read in detail, but three things leap out:
the administrator believes SAS was trading while insolvent
Laika Capital lent money to SAS to enable it the administrator to continue trading, secured over the assets of the company
The DOCA involves "All necessary approvals of the members of the Company and/or the consents of either or both the ASX and ASIC being obtainedfor the purposes of:Authorising and allotment of share to the Proponent [Laika] to the extentthat after the proposed consolidation, the Proponent / Telefox /CSS Alpha and the Administrators will have 95% of the issuedcapital of the Company;Authorising the allotment of shares as directed by the Proponentincluding to Alpha and Telefox as provided for in clause 20 of theattached proposal (refer below);Authorising the allotment of shares to the Deed Administratorstotalling $200,000 with an issue price of $0.20 per share(following the consolidation mentioned below); andConsolidation of the share capital on the basis of up to one sharefor 20 held by each member."
SAS Price at posting:
1.6¢ Sentiment: None Disclosure: Held
