Wasabi Energy Share Discussion Threads

[diggerking] 10/2/2014 12:06

But at what price?

They might be at .......?

[ndogg] 10/2/2014 10:58

Actually million shares will now become 1163 shares LMAO

[diggerking] 10/2/2014 09:15

Surely it won't be 860/1 @.23p will it?

[induna123] 10/2/2014 08:16

I've seen 100/1 consolidations before and even a 250/1 consolidation at brainspark but 860/1 is a new one on me. Total wipeout.

[daithedeath] 10/2/2014 07:08

1 new for 860 ouch ,imv

[profith] 10/2/2014 05:03

DirectorsTalk ‏@DirectorsTalk now
WASABI ENERGY LIMITED Approval of DOCA -

[bartolozzif] 30/1/2014 21:10

BartolozziF 8 Nov'13 - 18:39 - 952 of 1187 0 1 edit

you will get fried on this one methinks





Sure enough. Got ur butt toasted here

[ohbytheway1] 12/1/2014 08:59

Another pre pack or/and management walking away with your investment? Interesting about the fund raising having such a low take up rate. Surely the management must have had a good idea it was doomed? Just wondering if that was 'pre planned' too.

[liam wilson] 10/1/2014 10:06

@ZaksTradingCafe Wasabi Energy Latest Update -

[firefox6] 09/1/2014 20:57

From Wasabi,

* The administrators are currently examining the company's trading position with a view to assessing its future viability.


* The first meeting of creditors will be held tomorrow morning and we understand that it is the board of directors intention to propose a deed of company agreement, which may allow the company to avoid liquidation be restructuring the company and reaching an agreement with its creditors. However, the future of the company will not be known for some weeks yet.

Wasabi Energy Limited

The Company is an ASX-listed company, investing in companies and projects with technologies aimed to mitigate climate change.

Appointment Type: Voluntary Administration
Appointment Date: 30/12/2013
Office: Melbourne
Appointee: Stewart McCallum, John Lindholm
Ferrier Hodgson Contact

Contact:Jaryd Kellman
Email:[e-mail]
Phone:[phone]
Fax:[phone]
Background Information

Stewart McCallum and John Lindholm were appointed Voluntary Administrators of Wasabi Energy Limited on 30 December 2013 pursuant to Section 436A of the Corporations Act 2001.

The Administrators now control the Company's trading and are assessing the Company's financial position.

The First Meeting of Creditors will be held on 10 January 2014 at 10:00am (AEDT) at the offices of Ferrier Hodgson, Level 43, 600 Bourke Street, Melbourne VIC 3000.

Company Details

The Company is an ASX-listed company, investing in companies and projects with technologies aimed to mitigate climate change.

[flyingswan] 08/1/2014 21:47

Is this because Wasabi cannot deliver?

[badger010776] 07/1/2014 09:34

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....

[jwoolley] 01/1/2014 12:54

hxxp://www.smh.com.au/business/wasabi-energy-placed-into-administration-after-failed-rights-issue-20131231-304ga.html

[scargs] 01/1/2014 09:29

To all Wasabi Energy Private shareholders.

The future of Wasabi is unfortunately out of our hands.

There may be a small possibility that debt holders will accept equity. That would be better than Wasabi going under and loosing all the monies.

For example: 1,000,000 at the suspension price of £0.0025 = £2,500.00.

If an agreement can be made on 1 new share for every 100 old shares @ £0.10 a share = £1000.00, ( as suggested by rougepierre )that would give Wasabi Energy the opportunity to trade out of this situation.

It seems to me that Wasabi has run out of cash at the last hurdle when revenues are just round the corner.

Just my thoughts.

Wasabi has the technology and I'm not too sure that John Byrne will want to tarnish is reputation.

Time will tell.

Comments invited and Best of Health/Happiness for 2014 and beyond.

[rougepierre] 31/12/2013 19:06

This has a smell about it....

[rougepierre] 31/12/2013 19:05

And the only real shortfall is on the repayment of the Loan Notes ($8m, of which JB owns $1m) and the issue expenses of $300k,because the Tuzla purchase doesn't have to proceed.

The due date of the notes was 14 December 2013. Why wasn't that included in the Rights issue announcement; and why wasn't it done as a Placing with institutions...

More questions than answers...

[moormoney] 31/12/2013 18:48

Good points rougepierre, I hope they fix their Investor PR as it seems to me the share price was allowed to wither away with the bod doing next to nothing to stimulate support. If JB had spoken out and promoted wasabi, he would have received more support in raising funds. If restored to trading this must be addressed urgently. The companies that use social media to involve their shareholders...COMS is one example..succeed in raising their profile etc.

[rougepierre] 31/12/2013 18:42

For example, in the "Significant Risks" section of the Audited Results there is no mention of the upcoming repayment of the secured debt, due a mere 3 months later.

Instead we were led to believe that future capital requirements would be met through subsidiaries, viz this statememt:

"Future capital requirements: The Company's strategy of becoming an independent power operator will require significant amounts of funding in the future. The Company will seek to meet its funding requirements through the creation of subsidiary companies that will raise capital on their own account through a combination of equity and debt. There is a risk that the subsidiaries and the Company will not be able to secure the capital or to achieve attractive terms at the time."

There was also this statement:

"There was no significant change in the state of affairs of the consolidated entity during or since the year end."

And this:

"Except as noted below, there has not been any matter or circumstance that has arisen since the end of the financial period, that has significantly affected, or may significantly affect, the operations of the company, the results of those operations, or the state of affairs of the company in future financial periods"

And this:

"For the year ended 30 June 2013, the consolidated entity incurred a net loss of $11,933,583 and had net operating cash outflows of
$6,368,448. As at that date the consolidated entity was in a net current liability position of $9,393,408. Notwithstanding the above
factors, the financial report has been prepared on the going concern basis, which assumes continuity of normal business activities and
the realisation of assets and the settlement of liabilities in the ordinary course of business. At the date of this report, the Directors have
considered the above factors and are of the opinion that the Company and the consolidated entity will be able to continue as going
concerns and will be able to pay their debts as and when they fall due, based on forecasted cash flow through to September 2014."

And this:

"The Directors declare that:
(a) in the Directors' opinion, there are reasonable grounds to
believe that the Company will be able to pay its debts as and
when they become due and payable"

However, we would have noticed that the Auditors Report was qualified in regard to a "Material Uncertainty Regarding Continuation as a Going Concern"

except that this was not included in the truncated RNS on 30 September regarding the Audited Results...

Many questions to be answered....

[rougepierre] 31/12/2013 18:19

There is a faint possibility we will still be trading in 2 weeks time, but at a 1 for 100 10p per share (work it out).

I still believe in the technology and, as I pointed out a couple of weeks ago, the company is an inverted pyramid. If itcan somehow be kept in business, when the first plant is in operation profitably the company would fly.

Or we could lose all our money...

However,if Byrne buys this out of administration I will make a formal complaint to FCA for the company possibly misleading shareholders and/or possibly concealing material facts.

[flashheart] 31/12/2013 17:31

Well fwiw, I've had a good year. I'm expecting an even better year in 2014 and thirdly I am expecting something to come of these forthcoming restructuring negotiations. We're all entitled to our own view......mine is very positive. Happy New Year to all.