Wellington Drive raises $7.7m

Last updated 13:28 21/09/2010
WDT 0.071 0.00 0.00%

Click for a detailed chart

Relevant offers


Expedia's New Zealand boss speaks out on competition fears, tax structure Porirua cbd gets two fibre networks and high-speed wi-fi Former casino magnate and vineyard owner sued for $3.5 million Ferrybank design finalists to go on display at Waikato Museum Architecturally-designed Wellington central building up for sale How Toyota used Nascar to sway loyal US car buyers VW announces cleaning solution for dirty diesels AFT Pharmaceuticals to list on NZX and ASX in December Brokers view: Positivity may be returning for Kathmandu Successful New Zealanders celebrated at Moet event

Wellington Drive Technologies, the manufacturer of electric motors, raised $7.7 million in a share purchase plan and placement to professional investors at a 17 percent discount.

The company raised about $2 million from its share purchase plan, selling some 28.8 million shares at 7.038 cents apiece, and it raised some $5.6 million from a private placement at the same price. The shares were unchanged at 8.5 cents in trading today.

WDT will use the funds to finance ongoing development and expansion plans and is prepares increased sales and the launch of new products, according to share purchase plan document.

The capital injection adds to the $8.5 million raised this time a year ago when Australian ethical fund manager Hunter Hall Investment Manager bought 85 million shares at 10 cents each.

Ad Feedback

- BusinessDesk

Special offers

Featured Promotions

Sponsored Content