game over , page-4

Alternative energy company Wasabi Energy has collapsed after a failed capital raising.
Directors of the company, which owns a technology to convert waste industrial heat into electricity, appointed John Lindholm and Stewart McCallum of Ferrier Hodgson as administrators on Monday.
The company's Kalina Cycle technology is used by some of the world's biggest companies, including Siemens, Sumitomo Metal Industries and Sinopec.
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Wasabi had intended to raise up to $14.8 million from shareholders through a rights issue, but on Monday said just 6.5 per cent of the entitlement had been taken up.
The company said the money raised would be returned to shareholders. Executive chairman John Byrne indicated he would attempt to strike a debt-for-equity deal with creditors owed about $10 million.
''I believe debt holders are now equity holders - it's just a question of the conversion rate,'' he said. ''It'd be nice to say we've got a deal but getting people together at this time of year is a nightmare.''
He said secured notes fell due ''and we haven't reached agreement with the noteholders''. The secured creditors who would ''determine the fate of the company'' were known to the company and there was no bank debt, he said.
Mr McCallum of Ferrier Hodgson said the company's directors had promised to deliver a restructuring proposal within the next fortnight.
Creditors are due to meet on January 10 and any deed of company arrangement would be put to creditors before a second meeting in early February.
''When we write to creditors we'll have to do some work comparing that DOCA to a liquidation scenario,'' Mr McCallum said.
He said the company holds $4 million in illiquid shares in other companies plus assets within subsidiaries around the world that continue to operate.
Mr Byrne said the company had been plagued by delays in commissioning plants overseas but defended the Kalina technology as ''unquestionably good''.
In late November, Wasabi went to shareholders for $14.8 million, $8 million of which was to be used to pay off secured noteholders.
An additional $4 million was to be used to secure rights to a geothermal project in Turkey.
The company declared a loss of $11.9 million for the year to the end of June, and auditors Deloitte said there was uncertainty it could continue as a going concern.
The company is listed on the ASX and on London's AIM exchange.
As of October 7, Luxembourg-based Salida Accelerator Fund owned 6.85 per cent of Wasabi and held 67 per cent of options on issue, according to the company's annual report.
Is this the beginning of the end for Wasabi or could things actually be turning interesting ? imo......