| MKTUPDTE: WDT: Wellington Drive Technologies repays loans |
03:22p.m. |
|
| WDT |
| 03/12/2019 15:22 |
| MKTUPDTE |
| NOT PRICE SENSITIVE |
| REL: 1522 HRS Wellington Drive Technologies Limited |
| |
| MKTUPDTE: WDT: 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". |
| End CA:00345369 For:WDT Type:MKTUPDTE Time:2019-12-03 15:22:33 |
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