Wellington Drive raises $10.7m in share sale

Wellington Drive Technologies chief executive Ross Green. Photo/ Kenny Rodger

Auckland-based maker of energy efficient motors Wellington Drive Technologies (WDT) says it has successfully raised $10.75 million through the sale of shares.

A rights issue which closed on Friday raised $9.1m of the $11.4m sought, the company said today.

In addition, WDT said it had agreed a placement of 16.5m of the 23m share shortfall to a major institutional shareholder at the issue price of 10c, lifting the total amount raised to $10.75m.

The company was talking to a potential investor about buying the remaining 6.5m shares.

WDT said its directors and management considered the result to be "exceptional" in the current financial environment.

WDT shares were up 0.3c to 11c in early trading today, having ranged between 10c and 39.3c in the past year.

- NZPA