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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Wasabi Energy | WAS | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.25 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.25 | 0.25 |
| Top Posts |
|---|
Posted at 07/1/2014 09:34 by badger010776 Its a little late for John Byrne to worry about his reputation being tarnished- any sensible investor will avoid anything he is involved with in future like the plague. what a crook. lost £1200 that i'd taken out of UEN to avoid the murky russian dealings and this has been worse! says it all really.... |
Posted at 31/12/2013 15:46 by scargs What will be will be. Unfortunately we Private Investors do not have any influence on these decisions.John Byrne's reputation will be in tatters IF we Private Investors lose ALL our money and therefore maybe, just maybe, he may salvage something for the Private Investors. The last para will be perceived as being naïve by many, however time will tell and I would not be at all surprised if we P Is are left with nothing. Anything would be a bonus. |
Posted at 31/12/2013 15:25 by scargs flashheartWhat could happen which would mean that us Private Investors could NOT lose ALL our money? |
Posted at 31/12/2013 14:06 by scargs To ALL Wasabi Energy Private InvestorsWhen I read the Voluntary Administration RNS I immediately accepted that my money was gone. Do you think with this proposed restructuring proposal there is a chance that we Private Investors MAY salvage some of our money? All comments would be most welcome. |
Posted at 27/12/2013 16:23 by ivor hunch Thanks Brian. You are correct that the directors cannot take up any unissued rights shares ie the shortfall, but they can take up their entitlement which is 419 million shares. The total shares taken up will therefore be nearer 15% than 6%. What's more significant is that the shortfall can be taken up by outside investors:'The directors are in discussion with non-related 3rd parties with regard to underwriting the offer'. The directors have three months in which to place the shortfall. It seems to me that the directors knew long before issuing the documents that the rights would not be taken up by existing shareholders and were already placing the shortfall elsewhere. Maybe we should speculate about which 3rd parties might be interested in taking substantial stakes in WAS. Ivor |
Posted at 27/12/2013 10:01 by ivor hunch I reckon the whole rights issue scheme has been a way for the directors to increase their stake in the company and to bring in new investors. The directors must have known that existing shareholders would be very reluctant to take up the rights issue a. because of the dramatic fall in the share price this year and b. because the rights were pitched at roughly the same price as the shares. So why go for a rights issue that was doomed to failure?Because the directors wanted to invest more and have new external investors who want in. Notice that when the company announced the results of the rights issue they deliberately ignored the directors' holdings. The RNS states that only 242.9 million shares were taken up representing 6.5% of the issued shares. But what happened to the 419 million shares held by the directors? John Bryne holds 351 million the rest being held by other directors. It's fairly obvious that the directors are going to subscribe for much more than their entitlement - they have the right to take up unsold rights. Notice that the rights issue document hints that the results could include a change of ownership of the company - ie that existing directors and outside investors could take control of the company by taking up unsold rights. Notice also the lack of positive news in the weeks before and after the rights. Several people noticed that a new website had been put up briefly before being taken down. This website pointed towards the new Kalina Cycle projects coming on line in the New Year. Withholding (quite legally) good news until after the rights issue would ensure that new investors at .25p would get a substantial gain when the news is released. So my belief is that the whole rights issue has been engineered to quickly and effectively (and legally) bring in new capital, just at a time when the company is turning the corner. We'll know the truth on January 3rd. Ivor |
Posted at 18/12/2013 08:27 by jumbone Better get in before the RNS release from the OMAN Order by FLSmidthIf you recall:: FLSmidth has signed a licensing agreement with Wasabi Energy for its Kalina Cycle® technology. Now This From FLSmidth Website: Company Announcements FLSmidth is continuously negotiating many potential contracts. To be considered binding, such contracts require not only signing but also exchange of down payment and guarantees. Binding contracts whose value exceeds DKK 200m are announced to the stock market. Back to Company Announcement Reports in the Oman media 16.12.2013 Company Announcement to the Danish Financial Supervisory Authority No. 36-2013, 16 December 2013. It has been reported in the Oman media that FLSmidth has signed a contract with Oman Cement Company (SAOG) for supply of equipment and machinery for a cement plant in Oman. FLSmidth confirms that this information is correct. If and when down payment is received and the contract becomes binding, we shall immediately inform the market. FLSmidth is continuously negotiating many potential contracts on the global market. To be considered binding, such contracts require not only signing but also exchange of down payment and guarantees, etc. -------------------- Yours faithfully Pernille Friis Andersen Corporate Communications & Investor Relations hxxp://www.flsmidth. So as soon as they receive the down payment There will be an RNS |
Posted at 10/12/2013 14:16 by daithedeath See page 3 ,UK investors will be allowed to participate in the rights issue |
Posted at 27/11/2013 13:40 by firefox6 Wasabi Energy chairman: Rights issue required to realise potentialBy Jamie Nimmo November 27 2013, 1:23pm Wasabi is hoping to raise £8.7mln through the rights issueWasabi is hoping to raise £8.7mln through the rights issue Wasabi Energy's (LON:WAS, ASX:WAS) chairman John Byrne insists the discounted rights issue was necessary and will ensure the power specialist fulfils its potential. The company, whose Kalina Cycle technologyturns excess heat back into power, outlined plans to raise up to £8.7mln at 0.4 cents per share (0.225p), sparking a 20% fall from the share price, which now stands at 0.227p. The rights issue will be offered to shareholders on the basis of one new ordinary share for every one ordinary share held. Only investors based in Australia, New Zealand, Switzerland and the UK can take part in the offer. The funds will be used to complete the purchase of the Tuzla geothermal power project in Turkey, redeem the secured debt and for working capital. "The market's known we've been unfunded for a while and we wanted to put an end to it," chairman Byrne told Proactive Investors. "So rather than do a little one, we've said we're going forward full-on, one-for-one, all shareholders." As a major shareholder he owns 11.1% of the company's issued share capital Byrne says he understands the pain felt by shareholders on the receiving end of the discount. "I'm up there, I've bought more than anybody. I'll be taking up my entitlement and I think some of our biggest shareholders will as well." Byrne reckons it will be the last time it comes to the market for funding. Once the company becomes cash generative as its power plants come online, it will fund itself. "I think this gets us through," he continues. "We've tried to put it off in the hope that we'd get the other things done, but that has not occurred. "Everyone's an expert in hindsight. I was obviously holding off to do it higher and what's happened is that it's gone the other way. That's my responsibility, but I've got to say I'll be taking up my interests." He adds: "We need to be in a strong financial position and grow from here and that's the plan." Wasabi has an option to acquire up to 50% of the Turkish company which owns Tuzla. A recent financial draft of plans at Tuzla showed an indicative net present value (NPV) of A$142 million, an internal rate of return (IRR) of 57% and EBITDA (underlying earnings) of A$19.6mln. The potential of the Asian business, which is gearing up for an IPO, is thought to be even greater as demand for power soars in China. Management hopes the funds raised from the rights issue will help it deliver its goal of having 25MW of power generation under its watch by the end of 2015 and growing this by 25MW a year thereafter. "If we achieve this growth, every 25MWe of owned power generation (assuming 10c per kwh feed in tariff and 8% discount rate) represents an estimated increase of approximately $120 million NPV per annum," Byrne explains. |
Posted at 27/11/2013 07:56 by liam wilson NO CHANCE this is good news buy on dipsWasabi Energy to generate £8.7mln in rights issue By Jamie Nimmo November 27 2013, 7:38am Wasabi has an option to acquire up to 50% of the Turkish company which owns the Tuzla geothermal power projectWasabi has an option to acquire up to 50% of the Turkish company which owns the Tuzla geothermal power project Wasabi Energy (LON:WAS, ASX:WAS) is to raise up to £8.7mln through a rights issue to complete the purchase of the Tuzla geothermal power project in Turkey. Wasabi, whose Kalina Cycle technology turns excess heat back into power, has an option to acquire up to 50% of the Turkish company which owns Tuzla. A recent financial draft of plans at Tuzla showed an indicative net present value (NPV) of A$142 million, an internal rate of return (IRR) of 57% and EBITDA (underlying earnings) of A$19.6mln. The company also said it would spend the funds on redeeming the secured debt and on working capital. The rights issue will be offered to shareholders on the basis of one new ordinary share for every one ordinary share held at a price of 0.4p each. Only investors based in Australia, New Zealand, Switzerland and the UK can take part in the offer. "The offer is designed to place the company in a strong financial position to deliver on its objective of becoming a high margin independent power producer, leveraging off its ownership of the Kalina Cycle," said chairman John Byrne. "The company is focused on delivering our objective of 25 MWe of owned power generation under construction or in operation by the end of 2015 and targeting a growth rate of 25 MWe per annum thereafter." He continued: "If we achieve this growth, every 25MWe of owned power generation (assuming 10c per kwh feed in tariff and 8% discount rate) represents an estimated increase of approximately $120 million NPV per annum." |
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