Wellington Drive to raise more capital

Last updated 09:45 10/03/2014
WDT 0.158 0.01 5.33%

Click for a detailed chart

Relevant offers


Receivers to close seven NZ Pumpkin Patch stores, 57 job losses Cathay Pacific A350, world's newest airliner, lands in Auckland Charges laid in US over India-based phone scam won't stem tide for Kiwis - NetSafe Friends-themed cafe in Singapore causes outrage with $1000 membership The young Kiwis making millions Edendale milk silo collapse cost set to hit $45 million - Mercer Money tool for the blind released by Reserve Bank Software from failed firm Wynyard underpins sex offender register and major police investigations The Warehouse swings pose risk of 'serious injury' Qantas ratchets up excess baggage fees by 75 per cent

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