wasabi sell down

just saw this about Wasabi Energy to list on AIM by Dec 3rd and selling out of RUM the past few months.

Wasabi turns up heat with London float.
By Andrew Hore - Mon 08 Nov 2010

http://www.sharecast.com/cgi-bin/sharecast/story.cgi?story_id=3811231

"According to Wasabi's website its smaller investments include integrated energy company Aviva Corporation, uranium explorer Rum Jungle Uranium, Ukraine-focused coal company Lysander Minerals and geothermal energy company Greenearth Energy. There should be some benefits from using the Kalina Cycle technology with Greenearths geothermal operations.

Net debt was A$6.27m at end of June 2010. Most of the debt is owed to chairman John Byrne and 309,000 pounds (A$500,000) will be paid back out of the placing. Since June, Wasabi has sold 91% of its stake in Rum Jungle Uranium for A$1.6m. That means that Wasabi would have net cash on a pro forma basis but it has cash hungry investments and will not stay that way for long."