Ten Sixty Four Regains Control After DOCA, Eyes ASX Trading Reinstatement
Ten Sixty Four Limited has successfully exited external administration following the full effectuation of its Deed of Company Arrangement, marking a pivotal step toward resuming normal operations and ASX trading.
- Deed of Company Arrangement (DOCA) fully effectuated as of February 13, 2025
- Company exits external administration, control returns to board
- Creditors approved DOCA in October 2023 meeting
- Conditions precedent under DOCA satisfied or waived
- Ongoing engagement with ASX for securities trading reinstatement
Background and Context
Ten Sixty Four Limited (ASX: X64), a company navigating the complexities of corporate restructuring, has reached a significant milestone by effectuating its Deed of Company Arrangement (DOCA). This development, announced on February 13, 2025, signals the company’s formal exit from external administration and the restoration of control to its board of directors.
The DOCA, originally executed on November 1, 2023, followed a creditors’ meeting on October 31, 2023, where the company’s creditors resolved under section 439C of the Corporations Act 2001 (Cth) to enter into this arrangement. The DOCA was signed by the voluntary administrators and the deed proponent, Komo Diti Traders Ltd, setting the framework for the company’s restructuring and recovery.
Effectuation and Conditions
The process of effectuating the DOCA required satisfying or waiving several conditions precedent. The company has confirmed that all such conditions have been met, enabling the DOCA to take full effect as intended. This procedural completion is critical, as it legally marks the end of external administration and the return of operational control to Ten Sixty Four’s directors.
With the DOCA now in place, Ten Sixty Four is positioned to stabilize its operations and rebuild stakeholder confidence. The company’s leadership, including CEO Simon Theobald, is actively engaging with the Australian Securities Exchange (ASX) to facilitate the reinstatement of trading in its securities, a move that would restore liquidity and market presence.
Implications for Investors and Market
The successful exit from administration is a positive signal for investors who have closely monitored the company’s restructuring journey. While the DOCA provides a legal and financial framework for recovery, the real test will be in how Ten Sixty Four executes its business strategy moving forward and regains market confidence.
Reinstatement of trading on the ASX remains a key milestone. It will not only provide shareholders with tradable securities but also serve as a barometer of the company’s renewed viability. The ongoing dialogue with ASX suggests that Ten Sixty Four is making progress, but the timing and conditions for reinstatement remain to be fully disclosed.
Looking Ahead
As Ten Sixty Four transitions from administration to active management, market participants will be watching closely for operational updates, financial performance, and strategic initiatives. The company’s ability to leverage the DOCA framework to restore growth and profitability will ultimately determine its long-term success.
Bottom Line?
Ten Sixty Four’s regained control sets the stage for a critical phase of recovery and market re-entry.
Questions in the middle?
- What specific operational changes will Ten Sixty Four implement post-DOCA?
- When will ASX approve the reinstatement of Ten Sixty Four’s securities trading?
- How will the company address any remaining financial or strategic challenges?
