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Envirostar 3x Announcements: New CEO, 1:1 Option I

  1. ENVIROSTAR ENERGY LIMITED 2002-07-08 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    The Directors of EnviroStar Energy Limited are pleased to announce
    the appointment of a new Chief Executive Officer, Mr Malcolm Carson.

    Mr Carson has experience in managing public companies and holds
    graduate and post-graduate degrees in Science and Natural Resource
    Management. He has worked in the resources sector for more than 25
    years and has a unique depth of experience and skills, which cover
    all aspects of the resources sector from technical, to resources
    development at the State/Corporate level and investment banking.

    During the massive re-emergence of the gold industry from the mid
    1980's to the late 1990's Mr Carson was an investment banker for
    major Australian financial institutions including Rothschild and
    Bankers Trust Australia where he was responsible for the project
    financing of a number of large gold mines, treasury and corporate
    finance matters.

    The Board has confidence in Mr Carson having the ability to take
    EnviroStar into its future as a leader in green energy projects in
    Australia and to enhance its competitive edge.

    Mr Carson said, "I am enthusiastic about joining a company with a
    viable ethical/environmental technology, at the launching pad of a
    growing sector and with a competitive advantage. Furthermore,
    EnviroStar is in a position to make a positive contribution to the
    well being of current and future generations. In my view the growth
    opportunities for EnviroStar are extraordinary."

    "We are looking to a future in which shareholders can enjoy robust
    expansion and sustainable growth, without dilution to shareholder
    value."

    For further information, see our website
    (http://www.envirostar.com.au) or contact Malcolm Carson.

    Telephone Number: (02) 9232 0788
    Facsimile Number: (02) 9232 0799
    Email address: info@envirostar.com.au


    C Coudounaris
    CHAIRMAN

    ENVIROSTAR ENERGY LIMITED 2002-07-08 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    ENVIROSTAR ENERGY LIMITED - 1 FOR 1 OPTION ISSUE FOR EACH SHARE
    SUBSCRIBED UNDER CURRENT RIGHTS ISSUE & CURRENT FINANCIAL STATUS

    OPTION ISSUE

    The board of directors of EnviroStar Energy Limited have approved the
    issue to subscribers under the Company's current rights issue of 1
    free option for each share subscribed.

    The options are proposed as the directors wish to reward shareholders
    in subscribing for shares under the Company's rights issue, given
    that the current market price for the Company's shares is less than
    the rights issue subscription price of 20 cents per share.

    The issue of the options will be the subject of approval at the
    Company's next annual general meeting, which is anticipated to be
    held in November 2002.

    The options will be issued to qualifying persons following the close
    of the current rights issue and shareholder approval and will be
    accompanied by a prospectus as required by the Corporations Act 2001.
    The Company will also issue a supplementary prospectus to
    shareholders in respect of the current prospectus for the rights
    issue.

    The options will have the following terms:

    1. Each option will entitle the holder to subscribe for a fully paid
    ordinary share in the Company.

    2. Each option is to be issued for no consideration and will have an
    exercise price of 15 cents per share.

    3. The options must be exercised by holders, in whole or in part, by
    31 December 2003.

    It is the intention of the directors that the options be separately
    quoted and capable of being traded on the Australian Stock Exchange.

    In summary:

    * This issue means that for every new share acquired by subscribing
    for shares under the rights issue, shareholders will receive a free
    option to acquire another new share in EnviroStar for a price of 15
    cents.

    * The option will be valid until the 31st December 2003, which means
    that shareholders who have received these options will have until
    that date to acquire the new share.

    * EnviroStar will apply to the Australian Stock Exchange to have
    these options listed. In the event such listing is approved, option
    holders will be able to trade their options prior to the expiry date.
    The directors consider that the options are likely to qualify for
    listing.

    FINANCIAL STATUS OF THE COMPANY

    EnviroStar has sufficient Working capital to meet its day-to-day
    requirements. In addition the Company has secured a Seven Million
    Dollar ($7,000,000) convertible facility with the US based GEM Global
    Yield Fund. The first draw down notice issued under this facility
    occurred on 5th June 2002. Further draw downs are subject to
    shareholder approval, which is being sought at the EGM dated 22 July
    2002.

    Shareholders will recall that the GEM facility is linked to the share
    price in that the draw down conversion price is calculated over a
    period of 15 days following the notice.

    In view of the convertible nature of the GEM facility, EnviroStar's
    directors initiated the rights issue, which closes on 19 July 2002,
    so as to give shareholders the opportunity to acquire new shares in
    the company to minimise dilution. The rights issue, if fully
    subscribed, would raise $5.76 million.

    In summary there are 2 sources of funds currently available to the
    Company, namely:

    1. Draw down under the $7 million GEM facility

    2. Funds from shareholders subscribing to the rights issue (maximum
    $5.76 million)

    In addition to these funding sources, Envirostar is in advanced
    negotiations with substantial financial institutions for debt
    finance.

    The funds from these will be advised directly to EnviroStar's green
    power generation projects.

    For further information, see our website
    (http://www.envirostar.com.au or contact Malcolm Carson.

    Telephone Number: (02) 9232 0788
    Facsimile Number: (02) 9232 0799
    Email address: malcolm.carson@envirostar.com.au


    C Coudounaris
    EnviroStar Energy Limited.


    SUPPLEMENTARY PROSPECTUS
    ENVIROSTAR ENERGY LIMITED

    NATURE OF THIS SUPPLEMENTARY PROSPECTUS

    This is a Supplementary Prospectus which supplements the Prospectus
    dated 17 May 2002 relating to the 1 for 2 rights issue by EnviroStar
    Energy Limited ACN 004 119 304. This Supplementary Prospectus is a
    supplementary prospectus for the purposes of Part 6D.2 of the
    Corporations Act 2001. It is dated 8 July 2002 and was lodged with
    ASIC on that date.

    This Supplementary Prospectus must be read together with the
    Prospectus and terms defined in the Prospectus have the same meanings
    in this Supplementary Prospectus.

    OFFER OF OPTIONS

    The Company announced on 5 July 2002 that the board of directors of
    the Company had approved the issue to subscribers under the Company's
    Rights Issue of 1 free option for each share subscribed.

    The directors also reserved the right to issue an appropriate number
    of options to shareholders who have traded their rights to subscribe
    shares in the Rights issue, to compensate those shareholders to the
    extent of any loss they may have suffered.

    The issue of the options will be the subject of approval at the
    Companys next annual general meeting, which is anticipated to be held
    in November 2002.

    The options will be issued to qualifying persons following the close
    of the Rights Issue and shareholder approval and will be
    accompanied by a prospectus as required by the Corporations Act 2001.

    The options will have the following terms:

    1. Each option will entitle the holder to subscribe for a fully paid
    ordinary share in the company.

    2. Each option is to be issued for no consideration and will have an
    exercise price of 15 cents per share.

    3. The last date to exercise the options, in whole or in part, is 31
    December 2003.

    It is the intention of the Company that the options be separately
    quoted and capable of being traded on the Australian Stock Exchange.

    EFFECT ON THE PROSPECTUS

    The proposed issue of the options has no direct effect on the Rights
    Issue or the Prospectus. However, were some or all of the options to
    be exercised that would have the effect of increasing the number of
    shares on issue in the Company. By way of example only, if
    subscribers were to take up all of the shares offered under the
    Rights Issue (being 28,809,945 shares), and no shareholders were
    entitled to any compensatory options, then 28,809,945 options would
    be issued allowing the holders of the options to subscribe for that
    number of shares in accordance with the terms of the options.

    INVESTOR RIGHTS

    In accordance with the Corporations Act 2001, applicants for shares
    under the Prospectus at the date this Supplementary Prospectus is
    issued have one month to withdraw their application and be repaid
    their subscription monies.

    FURTHER INFORMATION

    For any further information concerning this Supplementary Prospectus
    or the offer generally, please phone EnviroStar on (+612) 9232 0788
    or by email on info@envirostar.com.au.

    Signed in accordance with section 351 of the Corporations Act 2001
    and in accordance with a resolution of the directors of EnviroStar
    Energy Limited by:



    C Coudounaris
    DIRECTOR





    ENVIROSTAR ENERGY LIMITED 2002-07-08 ASX-SIGNAL-G

    HOMEX - Sydney

    +++++++++++++++++++++++++
    Mr James Kwok has today tended his resignation as Chief Executive
    Officer of the company. Mr Kwok is now in a position to spend more
    time with Energy Equipment Australia, EnviroStar's EPC contractor at
    Stapylton and Morwell. In this regard he will be directly involved in
    the completion and further development of the Company's green energy
    projects.

    Further enquiries please call EnviroStar on:
    Telephone Number: (+612) 9232 0788
    Facsimile Number: (+612) 9232 0799

    Email address: info@envirostar.com.au

    C Coudounaris
    CHAIRMAN


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