Wellington Drive Technologies Limited


Transaction Type: Company meeting (Allotment)

Allottee: SuperLife Limited

Independent Adviser(s): Simmons Corporate Finance (Rule 18)

Date of meeting: 16/06/2014


Wellington Drive Technologies Limited (WDT) proposed to raise approximately $5 million through the issue of mandatory convertible preference shares which would be underwritten by SuperLife Limited (SuperLife), a substantial shareholder in WDT.

The underwriting arrangements would result in SuperLife and its associates holding or controlling more than 20% of the voting rights in WDT. Accordingly, WDT sought shareholder approval for the purposes of rule 7(d) of the Code.

At a shareholders meeting on 16 June 2014, WDT shareholders approved resolutions in respect of any increase to SuperLife’s voting rights as a result of the underwriting arrangements.

The Panel approved Simmons Corporate Finance to prepare an independent adviser’s report for the purposes of rule 18 of the Code.


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