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.
WAS Price at posting:
0.4¢ Sentiment: None Disclosure: Not Held
