After careful reading of the RNS and rights issue document I...

After careful reading of the RNS and rights issue document I think it is clear that the projected growth of installed megawattage (25 MW by 2015, 100 MW by 2018) relates to the parent company only and does not include the soon-to-be-listed regional subsidiary companies. Whether you're a value investor or interested in a high-tech growth story Wasabi seems to have it all, including first-class management. The only thing it doesn't have is a high share price. Presumably there's something of a "green discount" here.

The rights issue hasn't helped sentiment but that's a lot better than a fire-sale of assets that are likely to command a better price later this year or early next.