Wasabi Energy increases stake in Kalina Cycle IP holder Global Geothermal
Alexander Richter
3 Jun 2009
Australian listed Wasabi Energy purchased additional 28 percent of Global Geothermal, the IP owners of the Kalina Cycle waste and geothermal technology, bringing the total owning to 92 percent.
As announced already in May, “Wasabi Energy (ASX:WAS) will purchase a further 27.6 per cent of Global Geothermal, the IP owners of the Kalina Cycle waste and geothermal technology, for $US2 million.
This purchase increases the direct stake to 92.3 per cent. The company has paid an initial $US100,000 to the sellers, with a further $US900,000 due within 90 days.
The balance will be paid by way of secured 5pc loan note due 1st January 2014.
The note is secured on the shares of Global being acquired by the company and these shares will be held in escrow until such time as the note has been redeemed.
Any dividends or distributions paid by Global will be placed in escrow and held as additional security for repayment.
This increased investment strengthens Wasabi’s strategic aim to become a major profitable energy and clean technology company.”
Source: Company announcement via iStockAnalyst
