Here's the short version. A number of proponents put up a DOCA to recapitalise what is left of CXN. The Creditors voted to accept Core Equities DOCA. The DOCA contained certain requirements that the shareholders need to vote on. If the Shareholders vote against the terms set out in the DOCA, the process goes back to the beginning and the Administrator starts again. Probably wouldn't worry him as that's just more fees for him. If the shareholders vote in favour, then the old Directors are terminated ( not before time) and a new set as set out in the DOCA re appointed. According to the DOCA, they inject about $3m of which 800k goes to creditors with the balance to working capital. They then apply to the ASX to relist the shares. Shares will probably relist at 1 cent. According to the announcement a shareholders meeting will be in the beginning of February, which means a notice needs to go out by beginning of January at the latest. Looks like CXN may still live.....
Don't know what the other guys are doing about chasing the Directors, hopefully more than just talking about it.
CXN Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
