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...

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