Wellington Drive rights issue closed 40% oversubscribed

®
is a registered Trade Mark of Wellington Drive Technologies WT 9278

Wellington Drive Technologies Ltd
P: +64 9 477 4500 E: info@wdtl.com
21 Arrenway Drive, Rosedale, Auckland 0632
PO Box 302-533 North Harbour, Auckland 0751, New Zealand
www.wdtl.com
27 November 2019

Market Announcement
For immediate release

Wellington Drive Technologies rights issue closed 40% oversubscribed



Wellington Drive Technologies, a leading provider of Internet of Things (IoT) solutions and energy efficient
motors to the retail food and beverage industry, is pleased to advise that its pro rata renounceable rights
issue of new ordinary shares, which closed on 25 November, was oversubscribed.

Eligible shareholders were entitled to subscribe for 1 new share for every 5 existing shares held at an issue
price of 10 cents per share, and also to apply for additional shares under a shortfall facility. The result of the
acceptances is summarised as follows.

Acceptances of rights were received for 49.2m shares out of 53.2m available under the Offer. In addition,
applications for additional shares in excess of rights (under the oversubscription facility) were received for
24.9m shares. As the applications for additional shares exceeded the shortfall of 4.0m shares, there will be
a scaling which will be completed in accordance with the process set out in the Offer Document. The
shares to be issued, including additional shares, will be allotted on 29 November.

Greg Allen, Wellington CEO commented “The Wellington team is delighted with the strong show of support
from our shareholders and underwriters and sees this result as an endorsement of the company’s growth
strategy. As well as repaying high cost debt, the rights issue proceeds will be used to advance the
company’s Connect IoT Ecosystem and EC motor product range and to access new markets.”

About Wellington Drive Technologies:


Wellington is a leading provider of IoT solutions, cloud-based fleet management platforms, energy-efficient
electronic motors and connected refrigeration control solutions. It serves some of the world’s leading food
and beverage brands and refrigerator manufacturers and offers proximity-based marketing for Smart Cities
to the Australian market. Wellington’s services and products improve sales, decrease costs and reduce
energy consumption. Headquartered in Auckland with a global reach, Wellington is listed on the New
Zealand stock exchange under the ticker symbol NZ:WDT. For further information visit
www.wdtl.com

WT 9278



Contact:
Greg Allen Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone +1-778-238-6494 +64 27 587-0455