Wellington Drive Technologies secures new $2.5m loan

3 September 2018

Wellington Drive Technologies Limited (NZX:WDT) advises that it has secured a $2.5 million loan from Onimeg Investments Limited, a company owned and controlled by the family interests of Michael Chamberlain. Michael also has a private shareholding in WDT.

The key features of the loan are:

· It has a 12 month term, to be drawn on 17 September 2018 and repaid on 17 September 2019;

· It is an unsecured loan, with interest payable at 16% p.a. on a quarterly basis in arrears;

WDT’s CEO Greg Allen commented “Michael Chamberlain has been a supporter of WDT for many years and we are grateful that his support continues. WDT shall use the loan to repay the Smartshares Limited’s $2 million loan, which is due for repayment in March 2019, and for general working capital purposes”.

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