Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
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At least 75% of creditors (by value) must give their consent to the proposed CVA in order for it to be implemented. Should creditor approval be given, the proposal will be put in front of shareholders during a shareholders meeting who will then be asked to vote on it.
A CVA requires the approval of more than 50% of shareholders in order to be passed. In the event of a company with two shareholders therefore, both must agree that the CVA is the correct course of action for the company and give their consent. If both shareholders cannot come to an agreement then the CVA cannot be passed.
For companies with a larger number of shareholders, however, this rule means that a CVA can be passed without the support of all shareholders, so long as the majority are in agreement that doing so is in the best interests of the company and its creditors.
What happens when a CVA is accepted by shareholders?
Once approved a CVA becomes a legally binding agreement meaning both the debtor company and its creditors are obliged to adhere to its terms.
On the part of the company, this means the agreed monthly payment must be made on time and in full. This payment will be made by the company directly to the appointed insolvency practitioner acting as the CVA supervisor; the insolvency practitioner will then distribute these funds to the company’s creditors on a proportional basis.
The shareholders remain in full control of the company throughout the period of the CVA (which typically last for between three and five years) and are able to continue operating as normal during this time allowing them to trade out of their financial issues.
Once a CVA is approved a legal ringfence known as a ‘moratorium’ is placed around the company which provides protection against further action from creditors. This means creditors are no longer able to instigate further collection attempts or commence legal action against the company in question so long as the agreed monthly repayments are made. Creditors cannot demand additional repayment amounts in order to reduce the debt quicker, nor can they take action to wind the company up.
Shorter dunno what bile you are spouting as you are filtered......
Also good to note.
A C.V.A must be completed within a month of appointing.
By the way if it meant shareholders get wiped out.. wouldn’t the SP be nearing 0 right now?
If cine enters into a cva . What happens to the P.I shares?