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Receivership appointment

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The matter

Aston Chace was appointed as Joint and Several Receivers of 27.5% of the issued shares in listed company, Donaco International Limited (ASX:DNA), on behalf of an offshore bondholder. A strategy to sell the shares was required, with consideration needed for the requirements of multiple stakeholders.

The solution

Aston Chace jointly developed the sale strategy for the secured shares and engaged a specialist law firm to assist. A Share Sale and Purchase Agreement was finalised to facilitate the sale of approximately 8% of the DNA shares in receivership.

The outcome

Once the Share Sale and Purchase Agreement was executed, Aston Chace jointly completed the sale of the remaining debt position. Aston Chace then assisted with the process of having the new purchaser appointed.

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