Wellington Drive to raise more capital

LAURA WALTERS
Last updated 09:45 10/03/2014
WDT 0.100 0.00 0.00%
WDT

Click for a detailed chart

Relevant offers

Industries

Kensington Swan says Grozovsky brothers offended by portrayal Swamp kauri case continues in Auckland High Court Auckland Airport accounts clerk pleads guilty to fraud charges The meaning of Starbucks' new employee dress code Live with Deloitte's Ian Fay on the Deloitte Fast 50 Auckland Council will no longer buy land for parks in established suburbs Magnate Hugh Green's family urged to settle differences over family trusts Unison Networks defends price hike for consumers with solar panels A timely lesson from our Aussie supermarket cousins Several possible reasons for Countdown closures, says First Retail Group

Wellington Drive Technologies plans to raise a further $5 million to fund regional expansion, customer growth and new product development.

The Auckland-based, NZX-listed maker of energy-efficient electric motors said the money would be raised through a pro-rata rights issue to shareholders.

Major shareholder, SuperLife and other institutional shareholders had committed to take part in the capital raising, with SuperLife underwriting the balance of the issue.

Wellington Drive Technologies has carried out several capital raisings in the past.

Chief executive Greg Allen said the company now had a ''stable platform'' on which to win new customers and grow.

Wellington Drive Technologies shares have plunged nearly 28 per cent on the announcement today, to 13 cents in afternoon trading. 

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content