Wellington Drive to raise more capital

Last updated 09:45 10/03/2014
WDT 0.075 0.00 5.63%

Click for a detailed chart

Relevant offers


Auckland hotel rates will continue to rise, Hospitality Association says Transport agency to fix Raynes Road intersection Jetstar's first Napier to Auckland regional flight touches down early Construction starts on new Kawarau Falls Bridge at Queenstown entrance Miriama Kamo's builder pleads guilty Air New Zealand cops flak for poking fun at Jetstar Police taking right steps on payroll problems says minister Michael Woodhouse Dick Smith cuts the value of its stock Why Scentre sold three NZ Westfield shopping malls Neighbourly website hits 200,000 users

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