Wellington Drive Technologies repays loans
®
is a registered Trade Mark of Wellington Drive Technologies WT 9281
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
3 December 2019
Market Announcement
For immediate release
Wellington Drive Technologies repays loans
Wellington Drive Technologies (Wellington), 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 it has repaid its
loans from Onimeg Investments Limited (Onimeg) and Meta Capital Limited (Meta).
The original $2.5m loan from Onimeg was partially repaid on 17 September. The remaining $1.0m became
repayable on the earlier of 31 March 2020 or the completion of any rights issue. This $1.0m loan balance
was repaid on 2 December 2019 out of rights issue proceeds.
The Meta loan of US$0.6m was repayable on 31 March 2020 with interest payable at 12.5% pa. Meta is a
company associated with John McMahon, a director of Wellington. Meta has agreed to an early repayment
of the loan without penalty to Wellington. Repayment was made on 3 December 2019.
Wellington CEO Greg Allen commented “Wellington appreciates the support of Onimeg and Meta in
providing these loan facilities. The repayment and completion of these facilities will reduce the company’s
reported finance costs and improve bottom line profitability”.
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
Contact:
Greg Allen Howard Milliner
Chief Executive Officer Chief Financial Officer
Phone +1-778-238-6494 +64 27 587-0455
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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