AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

EDEN INNOVATIONS LTD Capital/Financing Update 2008

Oct 28, 2008

64820_rns_2008-10-28_7d566ad2-4ed1-436f-9a2c-e523ce8b8119.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

==> picture [188 x 54] intentionally omitted <==

==> picture [78 x 8] intentionally omitted <==

----- Start of picture text ----- ACN 109 200 900----- End of picture text -----

Australian Securities Exchange Announcement

29 October 2008

SALE OF HYRADIX, EDEN CRYOGENICS AND CTS

As previously announced, the directors of Eden Energy Limited (“Eden”) resolved to seek voluntary suspension of the listing of the securities of Eden on the Australian Securities Exchange whilst alternative funding arrangements are being secured.

Due to the current difficult economic environment, after assessing the priorities for the various hydrogen projects and their cash flow requirements, the directors, after considering a range of refinancing alternatives following the default by Zoom Developers Ltd in providing finance as agreed, resolved to look at selling the businesses of HyRadix, Eden Cryogenics and CTS which will reduce the cash outflow by approximately 70%. Whilst these businesses have great potential, this decision will enable Eden to retain and focus on its remaining core projects, being its Hythane® project and South Wales Coal Bed Methane project. The recent award of a large contract by NASA to Eden Cryogenics with a value of USD$13million, to be completed over 14 months, was expected to increase the attractiveness to potential purchasers.

On 27 October 2008 Eden entered into a conditional agreement to sell the businesses of HyRadix, Eden Cryogenics and CTS to a listed Australian public company for listed shares having a value of approximately $2 million. This agreement is conditional upon certain matters which must be satisfied by 30 November 2008, at which time full details will be announced.

Steps are still underway to secure ongoing working capital for the company and various scenarios are being considered. Once this is arranged details will be announced and the company will be in a position to seek the lifting of the voluntary suspension of trading of its securities.