As the Intention seems to be to pay a dividend to Priority Unsecured Creditors it looks as though this is money left over after taxes and administrators have been paid to pay ex-employees and unsecured creditors (shareholders).
Begs the question what the Arrangement was between Stirling and TMC (In Administration). Surely Stirling would have put a charge over its 65% interest which would have placed them before this Intention.
Secondly if a company goes from VA into a Deed of Company Arrangement the Directors powers depend on the Deeds terms. This means that TMC may pass back into the control of its Directors to recommence trading. T1
STI Price at posting:
0.2¢ Sentiment: None Disclosure: Held
