Court approves Oroton DOCA
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Inside Retail reports that accessories retailer Oroton has been given leave by the Supreme Court of New South Wales to transfer all of the company’s issued shares to Manderrah Pty Ltd at the previously agreed value of nil, fulfilling part of the Deed of Company Arrangement (DOCA). The accessories retailer entered into the DOCA with Manderrah in April in order to secure the future of the business, which fell into administration last November due to declining sales and high rental costs. Privatisation now frees the struggling retailer from the demands of the sharemarket, allowing it to focus on its long road to recovery.