Wellington Drive to raise more capital

LAURA WALTERS
Last updated 09:45 10/03/2014
WDT 0.055 0.00 0.00%
WDT

Click for a detailed chart

Relevant offers

Industries

Sex toy thrower's boss won't comment on disciplinary actions New Zealand shares in the red again as global sell-off continues Domino's Pizza launches start-up lab with robots and artificial intelligence in mind ASB chief executive says Auckland housing slowdown would be welcome Hamilton's Forlong's following trend of long-time retailers considering closure New hope for Hawaiki or Bluesky cable after Pacific Island leaders meet in Auckland Competition watchdog says it has purged phone contracts of unfair fine print Foreign tourists just part of NZ shoplifting 'epidemic' MBIE report rates job prospects across industries Banks eye more cost cuts amid global growth concerns

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