wasabi name buried as jj byrne loses control

In a sequel to liquidity issues facing Wasabi Energy, the company's name is to
be changed to Enhanced Systems Technologies.

Interests associated with WAS chairman, John Byrne, are to emerge from a complex reconstruction scheme - engineered by Ferrier Hodgson at a cost of
$462,000 - with a stake of just 5.9pc.

Niyazi Onen will be chief shareholder with 19.1pc.

China Shiny Holdings will own 12.9pc and Difference Capital Funding will own 12.1pc.

The scheme - including proposals for another CR - will be placed before shareholders at a meeting in Melbourne on May 16.

On February 27, Wasabi announced that John Byrne would participate in a syndicate to lend $750,000 in secured funds.

While the amount to be lent has risen to $1m, John Byrne will not now participate.

If shareholders don't vote in favor of the scheme involving 13 resolutions, the company seems set for liquidation.