Wellington Drive to raise more capital

LAURA WALTERS
Last updated 09:45 10/03/2014
WDT 0.290 0.00 0.00%
WDT

Click for a detailed chart

Relevant offers

Industries

No visitor levy but other sweeteners possible - Steven Joyce Union pushes for tighter lift safety rules following death of Wellington man Brendon Scheib Building consents top $2 billion for the first time 'Perception' the problem as super changes bring ageism into sharper focus Chart of the day: Sharp drop in value of exports from Port Taranaki Wellington's Amora Hotel says it is closing for up to 12 months TVNZ outlines newsroom cuts to staff No fine but demolition company director pleads guilty over asbestos danger Fletcher Building is a target for bored investment banks, fund says Budget will bump up NZ's infrastructure spending, finance minister signals

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