Wellington Drive seeks $5 mln from shareholders in convertible note offer

Sun, 09 Mar 2014

By Paul McBeth March 10 (BusinessDesk) - Wellington Drive Technologies, whose annual accounts were tagged by auditor PwC over forecast cash flows, will raise $5 million selling mandatory convertible notes to shareholders to help fund growth aspirations. The notes will be sold in a renounceable pro-rata one-for-five rights issue to existing shareholders at 20 cents apiece, a premium to the last trading price of 18 cents. The mandatory convertible preference shares will pay annual interest of 5 percent, and convert at the end of a three-year...

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