TIDMWAS
RNS Number : 7542M
Wasabi Energy Limited
29 August 2013
WASABI ENERGY LIMITED
AND ITS CONTROLLED ENTITIES
ABN 24 000 090 997
APPENDIX 4E
PRELIMINARY FINAL REPORT
FINANCIAL YEAR ENDED 30 JUNE 2013
29 August 2013
Wasabi Energy (ASX: WAS, AIM: WAS, OTCQX: WSBLY), an emerging
independent power producer, provides its unaudited preliminary
results and ASX Appendix 4E for the Company and its subsidiaries
for the year ended 30 June 2013.
The content of this announcement is based on accounts that are
in the process of being audited and the Company will announce its
audited final results for the year ended 30 June 2013, together
with a more detailed review of operations, by 30 September
2013.
The Company anticipates that the Independent Auditors Report in
the Audited Accounts may include an Emphasis of Matter with regard
to its Going Concern note to the Accounts. This Going Concern note
is expected to be similar to that set out in the Half Year Accounts
of the Group which are available on the Company's website.
Please refer to the Letter from the Chairman below for further
information in regards to the operations of the Group.
Current period: 1 July 2012 to 30 June 2013
Previous corresponding period: 1 July 2011 to 30 June 2012
Results AUD$
Revenues from ordinary activities Down 70% to 1,467,591
Loss from ordinary activities after
tax attributable to members Up 22% to 8,963,383
Net loss for the period attributable
to members Up 22% to 8,963,383
Dividends Amount per Franked amount
security per security
---------------
Final dividend - no dividend is n/a n/a
proposed
---------------------------------------------- ----------- ---------------
Previous corresponding period - n/a n/a
no dividend declared
---------------------------------------------- ----------- ---------------
+Record date for determining entitlements
to the dividend, n/a
------------------------------
Net Tangible Assets per security Current Period Previous Period
----------------
Net tangible asset backing per
ordinary security 0.54c 0.27c
---------------------------------- --------------- ----------------
For further information, please contact:
Australian Enquiries
Mr. John Byrne / Diane Bettess
Wasabi Energy Limited
Ph: +61 (0)3 9663 7132
U.K. Investor Enquiries
Ivonne Cantu / Neil McDonald
Cenkos Securities plc
Ph: +44 (0)207 397 8900 / +44 (0) 131 220 9778
U.K. Media Enquiries
Mr. Josh Royston / Ms. Hilary Millar
Newgate Threadneedle
Ph: +44 (0) 207 653 9850
Letter from the Chairman
Wasabi Energy over the financial year continued to make solid
progress in achieving its vision of becoming an International
Independent Power Producer.
Wasabi's expansion program is now progressing apace, evidenced
by the regional subsidiary structure, which provides the Group with
a platform for accelerated growth through regional businesses with
dedicated management teams that are focused on that region. The
strategy of Wasabi Energy is to use these regional subsidiaries to
finance, develop, own and operate 25 MWe of power production under
construction or in operation by 2015. We aim to maintain annual
growth at this rate concentrating on high margin opportunities as
compared with traditional low margin base load producers.
The establishment of Wasabi New Energy Asia (WNEA) and the
purchase of 50.5% of Shanghai Shenghe New Energy Resources Science
and Technology (SSNE) the Kalina Cycle(R) licensee for Greater
China (completed post year end) is a major achievement. Asia offers
a significant number of opportunities for power generation using
both the Kalina Cycle(R) and the SSNE patented Enhanced Rankine
Cycle. SSNE are completing two pivotal projects, a 7.5 MWe Enhanced
Rankine Cycle at the Guizhou cement plant for China Building
Materials Group and a 4 MWe Kalina Cycle(R) power plant at the
Hainan petrochemical facility for Sinopec. These are leading
Chinese companies with a large number of potential sites for power
generation. A Pre-IPO capital raising of up to $15 million is
currently underway and a leading international financier has been
mandated to lead the fundraising. Wasabi aims to retain at least
50% of the equity of WNEA post listing on the Singapore stock
exchange. An experienced operational power team will be appointed
to manage WNEA, which on listing will be well funded and a have a
strong pipeline of projects.
Our Turkish subsidiary, Imparator Green Energy Plc, is expected
to complete a pre feasibility study on the expansion of the Tuzla
Geothermal Power Project in the near future. Recent geological work
has significantly expanded the potential geothermal resource of the
Tuzla field and we believe the project will support over 87MWe of
production. The first stage expansion will be to lift production
from its current 5 MWe to 7 MWe in 2014 which will double the
existing cash flow which is already servicing and reducing the
balance of the existing project debt.
Preliminary indications are that a second stage build-out of 30
MWe (gross) can be undertaken over the next two years and our share
of equity for this would be approximately $10 million.
On completion of the pre-feasibility study, a decision will be
taken on the most appropriate method for funding the growth of
Imparator. Wasabi currently holds 100 per cent of the equity of
Imparator which not only has the Tuzla Geothermal Power Project but
also the Kalina Cycle(R) license for Turkey where there are many
potential applications. Wasabi has invested approximately $12
million into Imparator and under the terms of the option agreement
for the purchase of Tuzla is required to pay approximately $4
million at the end of 2013. There are a number of options for
funding this but the most likely is to sell down equity in
Imparator through the introduction of private or public equity
partners.
In Africa, AAP Carbon has taken on the business development
activities within Sub Saharan Africa. It is well advanced on a
number of projects in the cement and ferro-alloy markets. As these
projects come to fruition we will commence the IPO process.
Within the financial year we also conducted a number of capital
raising activities to provide funding for the acquisition and
development of these regional subsidiaries. The strong support of
our shareholders is much appreciated and shows confidence in our
business strategy. During the year we raised over $14 million to
fund the purchase of the 50% option of the Tuzla Geothermal Power
Project and the purchase of the 50.5% of SSNE, which is in the form
of a loan to WNEA.
A key focus for the Group is the finalization of the
commissioning with FL Smidth of the 8.6 MWe DG Khan Kalina Cycle(R)
plant in Pakistan in the coming weeks and the 4.5 MWe Star Cement
Kalina Cycle(R) power plant in the United Arab Emirates.
Our business development and engineering teams are working on a
number of prospects that offer exciting opportunities, including
installing Kalina Cycle(R) systems for waste heat recovery on large
scale diesel generators, gas pipeline compressor stations and solar
thermal plants. In all cases significant power advantages appear
achievable and our aim will be to develop reference sites for
marketing these applications.
Wasabi Energy is on track for the divestment of our non-core
assets. In August 2012 we announced the sale of our shareholding in
Australian Renewable Fuels to Lignol Energy Company (TSX:LEC).
Lignol have continued to consolidate its position in the global
biodiesel market through further ownership in Australian Renewable
Fuels as well as the purchase of a major stake in Territory
Biofuels.
Aqua Guardian Group continues to develop its market for its
water conservation modules, AquaArmour(TM) with a sale to the
prominent miner, AngloGold Ashanti and to other water authorities.
We are continuing with our international expansion and there are a
number of well advanced opportunities.
Wasabi Energy also holds a number of shares in Clean TeQ
(ASX:CLQ), an environmental solution provider in water, air quality
and mineral recovery. Clean TeQ has been performing well and has
attracted Robert Friedland as a major shareholder in the company.
This is a strong endorsement for the business.
The Preliminary results to 30 June 2013, include a net loss of
$9,108,909 (2012: Loss of $7,448,777) The loss includes operating
losses across the subsidiaries of $6,190,517 as they implement the
businesses set out above. The auditors of Wasabi are in the process
of reviewing the carrying value of the assets and this may result
in changes to the Preliminary results.
With the range of company building activities this year, the
Wasabi Energy team has spent a lot of time in many different parts
of the world. Our team have been focused on the delivery of our
strategy and worked relentlessly throughout the year, including
extended durations away from their families and friends. My thanks
to you all for your ongoing commitment and dedication to making
Wasabi Energy a success.
Yours Faithfully
John Byrne
Executive Chairman
Statement of Profit or Loss and other comprehensive income
for the financial year ended 30 June 2013
Consolidated
---------------------------
2013 2012
Note $ $
----- ------------- ------------
Revenue 2 1,467,591 4,876,720
Cost of Sales (1,261,039) (4,216,183)
------------- ------------
Gross profit/(loss) 206,552 660,537
Other revenue 1,297,168 977,040
Finance income 60,621 177,118
Employee benefits expenses (4,050,999) (2,920,290)
Administration expenses (1,838,731) (1,339,742)
Depreciation and amortisation expenses (262,502) (207,281)
Travel expenses (1,038,312) (1,097,443)
Fair value gain/(loss) on held for trading
investments 132,295 (148,500)
Gain on derecognition of an associate - 1,323,700
Impairment of investments classified as held for
sale (158,478) (3,761,539)
Fair vale of other investments (447,988) -
Legal and professional fees (1,422,466) (1,602,482)
Patent costs (203,242) (252,602)
Exchange variation (17,321) 374,445
Fair value gain/(loss) on options (5,361) (24,318)
Finance costs 3 (676,896) (67,420)
Write off capitalised development (567,999) -
Profit/(loss) from equity accounted investments - 460,000
Loss before tax (8,993,659) (7,448,777)
Income tax expense (115,250) -
------------- ------------
Loss for the year (9,108,909) (7,448,777)
------------- ------------
Attributed to:
Owners of the parent (8,963,383) (7,319,039)
Non-controlling interest (145,526) (129,738)
(9,108,909) (7,448,777)
------------- ------------
Other comprehensive income
Items that may be reclassified subsequently to
profit or loss
Exchange reserve arising on translation of foreign
operations (456,167) (213,957)
Gain/(loss) on available-for-sale investments taken
to equity (838,979) 667,603
Other comprehensive income for the period net of
tax (1,295,146) 453,646
------------- ------------
Total comprehensive income for the period (10,404,055) (6,995,131)
------------- ------------
Total comprehensive income attributable to:
Owners of the parent (9,968,418) (6,833,074)
Non controlling interest (435,637) 162,057
------------- ------------
(10,404,055) (6,995,131)
------------- ------------
Loss per share
Basic (cents per share) 5 (0.30)cents (0.31)cents
Statement of financial position
as at 30 June 2013
Consolidated
----------------------------
2013 2012
Note $ $
----- ------------- -------------
Current assets
Cash and cash equivalents 222,261 72,105
Trade and other receivables 6 1,310,574 1,721,046
Inventory - 2,960
Other financial assets 7 3,658,025 100,336
Assets classified as
available for sale 8 3,442,023 -
Non current assets
held for sale - 3,695,118
Total current assets 8,632,883 5,591,565
------------- -------------
Non-current assets
Trade and other receivables 507,581 1,014,650
Assets classified as
available-for-sale 9 1,000,000 5,242,770
Investments accounted
for using the equity
method 10 9,200 9,200
Property, plant and
equipment 510,341 532,484
Capital work-in-progress 40,313 377,962
Other assets 11 29,431,361 -
Goodwill 2,824,674 2,824,674
Intangible assets 1,646,342 1,192,176
------------- -------------
Total non-current assets 35,969,812 11,193,916
------------- -------------
Total assets 44,602,695 16,785,481
------------- -------------
Current liabilities
Trade and other payables 12 9,475,470 2,607,590
Borrowings 13 8,282,037 3,024,426
Provisions 268,784 172,585
------------- -------------
Total current liabilities 18,026,291 5,804,601
------------- -------------
Non-current liabilities
Trade and other payables 14 772,145 302,589
Borrowings 13 4,927,185 -
Total non-current liabilities 5,699,330 302,589
------------- -------------
Total liabilities 23,725,621 6,107,190
------------- -------------
Net assets 20,877,074 10,678,291
------------- -------------
Equity
Issued capital 64,292,131 51,404,080
Reserves (3,497,475) 39,883
Accumulated losses (50,464,267) (41,500,884)
------------- -------------
Total equity attributable
to equity holders of
the company 10,330,389 9,943,079
Non-controlling interest 10,546,685 735,212
------------- -------------
Total equity 20,877,074 10,678,291
------------- -------------
Statement of changes in equity
for the financial year ended 30 June 2013
Consolidated Issued Investment Foreign Share based Other Accumulated Attributable Non-controlling Total
capital and revaluation currency payments reserves Treasury losses to owners of interest
contributed reserve translation reserve Shares the parent
equity reserve
$ $ $ $ $ $ $ $ $ $
------------ ------------ ------------ ------------ -------------- ---------- ------------- -------------- ---------------- -------------
Balance at 1
July 2011 48,362,897 690,692 121,379 3,658,341 (3,171,993) - (34,181,845) 15,479,471 (129,787) 15,349,684
Loss for the
year - - - - - - (7,319,039) (7,319,039) (129,738) (7,448,777)
Movement in
foreign
exchange
values - - (213,957) - - - - (213,957) - (213,957)
Gain/(loss) in
AFS
investments - 667,603 - - - - - 667,603 291,795 959,398
------------ ------------ ------------ ------------ -------------- ---------- ------------- -------------- ---------------- -------------
Total
comprehensive
income for
the period - 667,603 (213,957) - - - (7,319,039) (6,865,393) 162,057 (6,703,336)
Forfeiture of
employee
options - - - (101,388) - - - (101,388) - (101,388)
Issue of
shares 1,000,000 - - - - - - 1,000,000 - 1,000,000
Share issue
cost (36,818) - - - - - - (36,818) (6,486) (43,304)
Exercise of
options 2,078,001 - - - - - - 2,078,001 - 2,078,001
Recognition of
minority
interest - - - - - - - - 579,641 579,641
Treasury
shares held
by associate - - - - - (450,800) - (450,800) - (450,800)
Difference
arising on
increased
control of
subsidiary - - - - (1,159,994) - - (1,159,994) 129,878 (1,030,207)
------------ ------------ ------------ ------------ -------------- ---------- ------------- -------------- ---------------- -------------
Balance at 30
June 2012 51,404,080 1,358,295 (92,578) 3,556,953 (4,331,987) (450,800) (41,500,884) 9,943,079 735,212 10,678,291
------------ ------------ ------------ ------------ -------------- ---------- ------------- -------------- ---------------- -------------
Balance at 1
July 2012 51,404,080 1,358,295 (92,578) 3,658,341 (4,331,987) (450,800) (41,500,884) 9,943,079 735,212 10,678,291
Loss for the
year - - - - - - (8,963,383) (8,963,383) (145,526) (9,108,909)
Movement in
foreign
exchange
values - - (456,167) - - - - (456,167) 3,171 (452,996)
Gain/(loss) in
AFS
investments - (838,979) - - - - - (838,979) (293,282) (1,132,261)
------------ ------------ ------------ ------------ -------------- ---------- ------------- -------------- ---------------- -------------
Total
comprehensive
income for
the period - (838,979) (456,167) - - - (8,963,383) (10,258,529) (435,637) (10,694,166)
Forfeiture and
exercise of
employee
options 2,390,212 - - (2,390,212) - - - - - -
Issue of
shares 10,836,010 10,836,010 - 10,836,010
Share issue
cost (658,171) - - - - - - (658,171) - (658,171)
Exercise of
options 320,000 - - - - - - 320,000 - 320,000
Recognition of
minority
interest - - - - - - - - 10,247,110 10,247,110
Issue of
warrants - - - 148,000 - - - 148,000 - 148,000
Balance at 30
June 2013 64,292,131 519,316 (548,745) 1,314,741 (4,331,987) (450,800) (50,464,267) 10,330,389 10,546,685 20,877,074
------------ ------------ ------------ ------------ -------------- ---------- ------------- -------------- ---------------- -------------
Cash flow statement
for the financial year ended 30 June 2013
Consolidated
---------------------------
2013 2012
$ $
------------ -------------
Cash flows from operating
activities
Receipts from customers 2,268,660 3,857,751
Interest and finance costs
paid (242,686) (19,005)
Payments to suppliers and
employees (8,454,119) (11,152,859)
Sundry Income 49,723 349,172
Net cash used in operating
activities (6,378,422) (6,964,941)
Cash flows from investing
activities
Interest received 51,637 35,521
Payment for plant and equipment (157,131) (237,302)
Payments for equity investments (268,876) (784,035)
Payments for option to acquire
new venture (2,564,590) (840,344)
Payment for capitalised development (212,919) (76,431)
Proceeds from sale of plant
and equipment 545 1,127
Proceeds from sale of equity
investments 776,599 778,574
Loans to related party (9,580) (1,957,513)
Receipts/(payment) for deposits (1,341) 17,219
Net cash inflow on acquisition
of subsidiary 26,988
Cash from acquisition of
a subsidiary 15,064 -
Payment for increased shareholding
in subsidiaries and associates (5,097,146) -
Loan repaid by related party - 104,242
Net cash used in investing
activities (7,467,778) (2,931,954)
Cash flows from financing
activities
Proceeds from issue of shares 9,851,855 2,078,001
Proceeds from borrowings 8,438,000 2,976,011
Repayment of borrowings (3,820,842) (519,207)
Capital raising costs (472,697) -
Net cash provided by financing
activities 13,996,316 4,534,805
Net (decrease) / increase
in cash and cash equivalents 150,164 (5,362,090)
Cash and cash equivalents
at the beginning of the
financial year 72,105 5,223,011
Effect of movement in exchange
rates on cash balances - 211,184
------------ -------------
Cash and cash equivalents
at the end of the financial
year 222,261 72,105
Notes to the Preliminary Results
1 . Basis of preparation
This preliminary final report has been prepared in accordance
with ASX Listing Rule 4.3A and the disclosure requirements of ASX
Appendix 4E.
The accounting policies adopted in the preparation of the
preliminary final report are consistent with those adopted and
disclosed in the annual financial report at 30 June 2012,
2. Revenue
Consolidated
----------------------
2013 2012
$ $
---------- ----------
Engineering services 111,398 3,684,432
License fee 593,592 992,736
Royalty fee 231,301 -
Equipment sales 531,300 199,152
1,467,591 4,876,720
---------- ----------
All revenue relates to continuing operations.
3. Finance costs
Consolidated
--------------------------
2013 2012
$ $
---------- --------------
Interest and expenses - related parties 55,293 60,237
Interest - other 621,603 7,183
676,896 67,420
---------- --------------
4. Other expenses
Loss for the year includes the following expenses:
Consolidated
----------------------
2013 2012
$ $
---------- ----------
Rental expenses 424,000 306,715
Depreciation of plant and equipment 171,737 160,611
Amortisation of intangibles 90,765 46,670
Bad debts 38,956 -
Employee benefit expense:
Defined contribution plans 137,347 94,191
Share based payments - (101,388)
Salaries and wages 4,711,174 3,455,693
5,573,979 3,962,492
---------- ----------
5. Earnings Per Share
Consolidated
------------------------
2013 2012
Cents Cents
per share per share
----------- -----------
Basic earnings (loss) per share (0.30) (0.31)
The earnings and weighted average number of ordinary shares used
in the calculation of basic earnings per share are as follows:
2013 2012
$ $
---------- ----------
Net Loss (i) 8,963,383 7,319,039
(i) Net Loss is the same amount as loss after tax in the
statement of comprehensive income attributable to owners of the
parent
2013 2012
No. No.
-------------- --------------
Weighted average number of ordinary shares for the purposes of
basic earnings per share 2,982,020,560 2,339,982,804
6. Trade and other receivables: current
Consolidated
----------------------
2013 2012
$ $
---------- ----------
Trade receivables 510,104 1,596,176
Goods and services tax recoverable 77,121 66,049
Other receivables 717,055 58,669
Receivables from associates 6,294 152
1,310,574 1,721,046
---------- ----------
The average credit period is 30 days after end of the month in which the invoice is raised.
Trade receivables disclosed above are classified as loans and receivables and are therefore
measured at amortised cost.
7. Other financial assets: current
Consolidated
----------------------
2013 2012
$ $
---------- ----------
Financial assets carried at fair value through
profit or loss (FVTPL)
Held for trading derivatives that are not
designated in hedge accounting relationships
(i) 21,519 -
Held for trading non-derivative financial
assets (ii) 3,636,506 100,336
3,658,025 100,336
---------- ----------
The fair values of the financial assets were determined as
follows:
(i) The fair value of the options held in listed entities has
been determined using the Black-Scholes option pricing method
(ii) The fair value of the share has been determined with reference to quoted market prices.
8. Assets classified as available for sale - current
Consolidated
-----------------
2013 2012
$ $
---------- -----
Investments in listed entities (i) 3,442,023 -
3,442,023 -
---------- -----
(i) The fair value has been determined with reference to quoted market price.
The group intends to dispose its holding in non-core investments
in the next 12 months. Impairment loss was recognised at 30 June
2013.
9. Assets classified as available-for-sale: non-current
Consolidated
-------------
2013 2012
$ $
---------- ----------
Investments in listed entities
(i) - 4,242,770
Investments in unlisted
entities (ii) 1,000,000 1,000,000
---------- ----------
1,000,000 5,242,770
---------- ----------
(i) The fair value has been determined with reference to quoted
market prices.
10. Investments accounted for using the equity method Consolidated
------------------
2013 2012
$ $
------ ----------
Reconciliation of movement in investments accounted for using the
equity method:
Balance at 1 July 9,200 -
Additional investment in associate - -
Share of profits/(losses) - -
Shares in Wasabi held by associate - 460,000
Shares in Wasabi reclassified as treasury shares - (460,000)
Partial sale of shares in Wasabi - 9,200
Balance at 30 June 9,200 9,200
------ ----------
Ownership interest
---------------------
2013 2012
Name of entity Country of incorporation Principal activity % %
Associate
Exergy Inc USA Investment 46.0% 46.0%
Summarised financial information in respect of the Group's
associate is set out below:
Consolidated
--------------------
2013 2012
$ $
-------- ----------
Financial position:
Total assets 833,000 833,000
Total liabilities - -
-------- ----------
Net assets 833,000 833,000
Group's share of associates' net assets 383,180 383,180
-------- ----------
Financial performance:
Total revenue - 1,000,000
-------- ----------
Total profit/( loss) for the year before tax - 1,000,000
Income tax expense - -
-------- ----------
Net profit/( loss) for the year - 1,000,000
Group's share of associate's profit/(loss) - 460,000
-------- ----------
Dividends received from associates
No dividends were received during the year (2012: Nil) from its
associate.
11. Other assets
Consolidated
------------------
2013 2012
Investment in agreements to purchase unlisted entities $ $
----------- -----
SSNE (i) 20,974,049
Tuzla (i) 8,457,312 -
29,431,361 -
----------- -----
(i) Relate to payments made to acquire SSNE, option payment and
associated cost related to the acquisition of Tuzla project which
are expected to be completed in the new year.
12. Trade and other payables - current
Consolidated
----------------------
2013 2012
$ $
---------- ----------
Trade payables (i) 9,345,898 2,607,590
Company tax payable 129,572 -
---------- ----------
9,475,470 2,607,590
---------- ----------
(i) Payment terms for the Company and Consolidated entity during
the current year and comparative period average 30 days.
13. Borrowings
Consolidated
-------------------------
2013 2012
$ $
------------ -----------
Loans from:
* Other entities - secured Loan note (i) 5,520,274 497,745
* Other entities - secured convertible loan note (ii) 7,629,976 -
* Related parties - unsecured (iii) 58,972 2,526,681
13,209,222 3,024,426
------------ -----------
Disclosed in the financial statements as:
Current borrowings 8,282,037 3,024,426
Non-current borrowings 4,927,185 -
------------ -----------
13,209,222 3,024,426
------------ -----------
(i) Interest is payable @ 5% per annum, secured over assets of Imparator Tuzla Jeotermal Uretim
SA
(ii) Interest payable @ 8% per annum, secured over the assets of the Company.
(iii) Interest payable @ 10% per annum.
14. Trade and other payables: Non-current
Consolidated
------------------
2013 2012
$ $
-------- --------
Deferred income (i) 772,145 302,589
772,145 302,589
-------- --------
(i) Deferred income relate to engineering services and training
not yet provided.
15. Segment Information
Segment revenue Segment profit/(loss)
---------------------- ---------------------------
2013 2012 2013 2012
$ $ $ $
---------- ---------- ------------- ------------
Continuing operations
Investments 531,300 199,152 (13,583,415) (5,346,830)
Power Business 936,291 4,677,568 4,474,506 (2,561,947)
---------- ---------- ------------- ------------
Total of all Segments 1,467,591 4,876,720 (9,108,909) (7,908,777)
---------- ---------- ------------- ------------
Unallocated items
Share of profit/(loss)
of associate - 460,000
Total loss before tax (9,108,909) (7,448,777)
------------- ------------
Exchange reserve arising
on translation of foreign
operations (456,167) (213,957)
Gain / (loss) on available-for-sale
investments taken to equity (838,979) 667,603
Total comprehensive income
for the period (10,404,055) (6,995,131)
The segment revenue reported above represents the revenue
generated from external customers. There were no intersegment sales
in the current year (2012: nil)
16. Acquisition of Subsidiary
On 25 May, 2013 Wasabi Energy Ltd sold a Kalina Cycle license
and future royalty rights for a total consideration of A$15,036,086
to Wasabi New Energy Ltd (WNEA) a company established to acquire
Newmont Assets Ltd (Newmont). Newmont has the right to acquire
50.5% of Shanghai Shenghe New Energy Resources Science and
Technology Ltd (SSNE). WNEA also issued 30m shares to Newmont
vendors for US$15m. On the same day the vendors of Newmont
exercised their right to convert US$5m worth of WNEA shares to
Wasabi shares. This was subsequently satisfied by the issue of
288,001,844 ordinary shares in Wasabi at A1.8cents on 15 August
2013. As a result of this Wasabi acquired 66.67% of WNEA. At 30
June 2013, Newmont had not completed the acquisition of 50.5% of
SSNE.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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