i interpreted it as the company will be handed back to the...

i interpreted it as the company will be handed back to the directors once the DOCA has been finalised and Minjar have stumped up the cash.

Phase 1: Subscription to Minjar (or its nominee) of 105,248,400 fully paid
ordinary shares at $0.06 per share to raise $6,314,904 (Placement)
following shareholder approval, together with 25,000,000 free options to
acquire shares in the Company (each having an exercise price of $0.10 each
and an expiry date of 30 June 2018, with such options to be issued under the
entitlement issue prospectus).

**such options to be issued under a prospectus, and it is noted that the
issue of such options is not a condition precedent of the Joint DOCA
Proposal

the debts of TON will be transferred to the trustee of the deed - therefore freeing up TON to relist.
Relisting should be reasonably simple and straitforward as ASX should just lift the suspension - especially considering FA had declared that we were not in an insolvency situation in the first place.

Phase 2 looks a little more unsecured.

Phase 2: As soon as practicable after completion of the Placement and
termination of the DOCA, the Company will seek to raise not less than
A$7,893,634 via an underwritten non-renounceable pro-rata entitlements
issue of not less than 131,560,567 fully paid ordinary shares (Entitlement
Issue Shares) in the capital of the Company at $0.06 per share (and on the
basis of 1 Entitlement Issue Shares for every 4 fully paid ordinary shares held
in the capital of the Company as at the relevant record date) (Entitlement
Issue). Somers shall be appointed as underwriter of this issue.

Somers have forked up $1m - which could be refunded:

d) Provided the Placement (means....the shares to minjar) has completed, in the event the Entitlement Issue does not proceed, (means... that the phase 2 placement to the existing shareholders nor the 25m options to minjar is definite) the Company agrees to repay the entire amount of the Deposit to Somers on demand.

I think the company have left themselves a way to wriggle out of doing the second SSP to existing holders.

Now - you could see this as both negative and positive -  if they can withdraw the placement and opt to raise at a higher share price later in the year... that benefits us with less dilution ... but on the opposite side of the double edged sword - also means that we wont get cheap shares.

this is the way i am reading it anyway - and is only an opinion.... thoughts?