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TeleMedCare

Deeds of company arrangement are expected to be formally finalised within the next several days and they provide for Stirling to contribute a total $511,302 over the next 12 months as full settlement of the TeleMedCare group traded creditors, Stirling said in a statement today.

Stirling will also provide a total $3 million in working capital over 18 months and allow for the repayment of shareholder loans of $3.66 million exclusively from future TeleMedCare profits, it said.

That loan repayment would be taken from 20% of profits in the first two years and 40% from thereon until repaid with no interest payable.