WDT
12/05/2015 12:54
RIGHT
PRICE SENSITIVE
REL: 1254 HRS Wellington Drive Technologies Limited
RIGHT: WDT: Wellington Drive raises $2.43m in successful share issue
Wellington Drive Technologies Limited is pleased to announce that it has
raised $2.43m from its underwritten five for six Renounceable Rights Offer.
The issue has seen strong support from most existing shareholders, including
its strategic partner East West and interests associated with Wellington
directors and management. With the balance being underwritten by SuperLife,
subject to shareholder approval, the issue will raise a total of $3.159m.
SuperLife agreed to underwrite the issue, providing important fundraising
certainty for the Company. The subscription to the ordinary shares by
SuperLife (in the results above) has been restricted to a level that
maintains Superlife's proportionate interest in Wellington. The balance of
the shares not taken up in the Offer (to a value of ~$730k) are subject to
the underwriting arrangements with SuperLife, which are conditional upon
shareholder approval that will be sought in the Annual Shareholders Meeting
on 11 June 2015.
Those shareholders that applied for additional shares will receive the number
of shares they applied for. Further details of the issue of shares will be
announced in accordance with NZSX Listing Rule 7.12.1, once the shares have
been issued. The Company will be allotting the ordinary shares on or before
the close of business on 15 May 2015 and securities transaction statements
will be sent to investors next week.
Wellington will invest the capital raised from this issue to complete the
commercialisation of the ECR2 and SCSConnect products, set up manufacturing
capability for those products, develop marketing programmes and launch the
products; all of which are expected to be completed by the end of first half
2015. We also plan to invest in the development of further new EC Motor and
Smart Controller products, currently being sought by our customers, as part
of our product strategy for revenue growth.
Tony Nowell, the company's Chairman commented "the board and management team
would like to thank shareholders for their continuing support of the Company.
We continue to see interest from customers in our new ECR2 motor and
SCSConnect 'cloud connected' controller product. The successful launch of
these new products and the sales of those products in new geographical
markets is an important part of the company's business plans and these new
funds will help support those plans."
Contact:
Greg Allen
Chief Executive Officer
Phone +1-778-238-6494
Howard Milliner
Chief Financial Officer
Phone +64-9-414-6590
End CA:00264211 For:WDT Type:RIGHT Time:2015-05-12 12:54:12
