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Wellington Drive Technologies Ltd Completes Capital Raising


Sunday, 10 Mar 2013 06:57pm EDT 

Wellington Drive Technologies Ltd announced that it has completed a Capital Raising Program designed to support the Company's financial improvement plans, product roadmap investments and new growth strategy. The first issue of 16.0 million shares is being made by way of private placement (under NZSX Listing Rule 7.3.5) to institutional and professional investors (including existing investor SuperLife Investments Limited) and will be at a price of NZD 0.13, raising NZD 2.08 million. This tranche represents 19.8% of the total shares on issue and is expected to be completed by March 14, 2013. The second tranche of 14.769 million shares will be to institutions, professional investors, directors and management and will be at a price of NZD 0.13, raising NZD 1.92 million. In addition, the Board is committed to ensure that investment opportunities are provided to all shareholders and has therefore decided to proceed with a Share Purchase Plan (SPP) at NZD 0.13 per share for a total of up to AUD 1 million. The SPP will allow current shareholders to subscribe for shares up to a value of NZD 15,000 each. 

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