Spotted this in the IC.....they rate it.....could be a blue sky share I suppose...took a smallish punt on it...but not sure....lots going on within this company...

UPDATE ON WASABI NEW ENERGY ASIA AND ISSUE OF SHARES

The Directors of Wasabi Energy Limited (ASX: WAS, AIM: WAS, OTCQX: WSBLY), advise that the next instalment of RMB18 million (US$2.85m) has been paid by its subsidiary, Wasabi New Energy Asia (WNEA), for the purchase of Shanghai Shenghe New Energy Resources Science and Technology Limited (SSNE).

As previously announced in November 2012, Wasabi, through its subsidiary, Wasabi New Energy Asia Limited, agreed to purchase 50.5% of SSNE for approximately US$30 million. To date US$22 million has been paid (US$8.2 million in cash, and WNEA has issued 30 million shares at US50c each). The balance of RMB53 million (US$8.30m) is due before 30 November 2013. WNEA has appointed an international brokerage house in Hong Kong to complete a pre-IPO fundraising within this timeframe. It is planned to list WNEA on the Singapore stock exchange in the first half of 2014.

Wasabi granted an option for the vendors to take 31.25% of their WNEA share consideration in Wasabi shares at A1.8c per share (WNEA Option). The vendors have exercised this option and as a result the vendors have been issued 288,001,844 new Wasabi shares at A1.8c per share.

Following the exercise of the WNEA Option, Wasabi owns 40 million shares (66.67%) in the issued share capital in WNEA. In addition, Wasabi has provided loan funds of $5.6m to WNEA in order to facilitate a proportion of the above payments. This loan will be converted into additional shares in WNEA at the time of the IPO at US50c per share.

Wasabi New Energy Asia is being established to address the energy efficiency and renewable power needs of the Asian market. SSNE has been operating within the market in China since 2007 and has already completed a number of projects including the successful powering of the Shanghai Corporate Pavilion at the World EXPO held in Shanghai in 2010 with a Kalina Cycle® power plant using a solar thermal array as the heat source.

Quite strong over the past 5 days on good volume.

It's been a while. Long term holder here but I didn't expect to be wallowing around below 0.5p for so long. Still some way to go to get back to break even never mind profit!

Up another 27% on strong volume - lets hope its not smoke and mirrors!

Looks more like smoke as the stock crashes and burns again.

Shocking stock performance since IPO.

These daily price movements really are making the stock market a bit of a joke, especially with no news.

Question?

What happens if a company fails to raised the funds it needs from a rights issue and the company goes out of business? Do you get the money from the rights issue back as they have not traded yet.

This stock is looking very bad at the moment.

Cheers

It doesn't look good does it!

I have quite a few of these.

The Company is completing a Non-renounceable Rights Issue and is awaiting notification of the amount raised from its UK based registrar as well as its Australian registrar. Current indications, however, suggest that the Company will not have sufficient acceptances of the rights to allow the Company to repay its secured loan notes of a total value of AUD$8 million (including interest) which are now due. The Directors will consider the final amount raised under the Offer with regard to its financial obligations and proposed use of funds as set out in the Offer Document and are currently in discussions with the loan note holders regarding repayment, with third parties to place any shortfall of the rights issue and in relation to the Company's Tuzla project. There is no guarantee that such discussions will be successful.

A further announcement will be made as soon as possible once the Company has confirmed acceptances under the rights issue and, following that, on discussions with loan note holders and third parties and therefore have further clarity on the Company's financial position.

The Directors have also requested a temporary suspension of trading of its ordinary shares on the ASX, which will remain until 3 January 2014.

Only 6.5% take up of rights issue.

Looks doomed

This is the last AIM stock i'm investing in. AIM market is a joke.

Strange amount raised as John Bryne owns 11.1% of the company’s issued share capital so it should have been at least that amount.

Nice start to the new year - NOT!

Voluntary Administrators

Following the consideration of its current financial position, the directors of Wasabi Energy Limited (Wasabi) today resolved to place Wasabi into voluntary administration and appointed John Lindholm and Stewart McCallum of Ferrier Hodgson as joint and several administrators of Wasabi.

The Board is committed to working with the administrators to determine the future of Wasabi and a further update will be provided to shareholders shortly.

ENDS

Luckily I sold out in Oct 2012 for 1p but still lost 20%
2517

The rights issue refund is in for anyone waiting.

At least got some money back.

Looks like it's just about alive - severe dilution though - Would own 232 shares after the consolidation. Better than zero though.

Wasabi Energy Limited said creditors have approved a proposal for a Deed of Company Arrangement (DOCA) to satisfy creditors and the initial recapitalisation of the company.

It was expected the company will execute the DOCA in the near future, and in any event within 15 business days.

Final creditor numbers and number of New Shares to be issued would be determined once the formal proof of debt process has been completed.

The Creditors voted in favour of the following DOCA proposal:

- The consolidation of the existing issued share capital on the approximate basis of 1 share (New share) for each 860 shares currently held;

- The issue to all creditors, including the Secured Loan Note holders, of 2 New Shares for each $1 of debt owed to them;

- Salida Accelerator Fund will be issued 2 New Shares for each $1 of debt owed to it, up to half of its outstanding amount (approximately $500,000). The remaining half of the Salida debt will remain in the Company as a secured debt owing by the Company with an extension of the maturity date.

- A syndicate of lenders will provide $750,000 of secured funds to allow the Company to progress through the DOCA process. Mr John Byrne will participate in this syndicate and further disclosure of his participation will be made at the time of execution of the DOCA.

The Company has consolidated its Share Capital and has also changed its name. Under the terms of the Consolidation and name change every 765 Wasabi Energy Shares were consolidated into 1 new Enhanced Systems Technologies Limited Share.

AIM Cancellation - Enhanced Systems Technologies Ltd