Wellington Drive to raise more capital
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.