Wellington Drive shareholders approve $2.1M placement, guidance affirmed

Tue, 18 Dec 2012

Dec. 19 (BusinessDesk) – Shareholders of Wellington Drive Technologies, the unprofitable maker of efficient electric motors, approved a $2.1 million placement to SuperLife Investments, giving the company more cash to see it through the next 12 months Shareholders yesterday approved the placement on Oct. 5 of 13.4 million shares at 15.5 cents per share to SuperLife, a kiwisaver and insurance provider owned by closely held Aventine Group. That amounts to about 16.6 percent of the enlarged group. A further 0.38 percent is held directly by Aventi...

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