VA cant undertake a new proposed SPP, you are correct here. But, if it is submitted in the form of Deed of Company Arrangement to the VA by today (20/4/09), it can be presented to the creditors at the next meeting for them to vote on.
I would think however, given the fact that it proposes removing the entire board and finding a new CEO, we will find it difficult to get creditors approval. I think Crosby should remain on the board but not as the CEO. I believe Spooner should fill this position.
Has there been any word as to whether this DOCA is being submitted today?
VCR
ventracor limited
how much could we raise in a new spp?, page-8
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