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Wasabi administrator executes refinancing deed

Last updated: 23:59 27 Feb 2014 AEDT, First published: 00:59 28 Feb 2014 AEDT

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Wasabi Energy‘s (LON:WAS) Deed of Company Arrangement has been executed by the Administrators and the directors of the company.

The Deed, which was approved earlier this month, sets out the refinancing arrangements to enable trading in the power group’s shares to resume on Aim and in Australia. 

Today’s announcement confirmed that Wasabi’s creditors will own 90% of the company after the restructuring. There will be 43.3mln shares in issue, of which roughly 39mln will be new creditor shares.

A syndicate of lenders will provide A$750,000 of secured funds to take Wasabi through the Deed process. Executive chairman John Byrne will participate in this syndicate, though how much of the loan he will provide is yet to be determined, said the statement. 

If he provides the full amount it will be classified as a related party transaction under AIM rules.

The loan will be secured, carry interest at 8% per annum and will convert into new shares in at the same price and on the same terms as a proposed fundraising by the company in the near future.

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