Wellington Drive raises $3.15 million

Electric motor manufacturer Wellington Drive Technologies has raised $3.15 million by issuing six million new shares to Hunter Hall Investment Management.

Hunter Hall is Australia's largest dedicated ethical fund manager with A$1 billion under management.

It is NZX-listed Wellington Drive's second large share placement with Hunter Hall in recent months - having raised $4 million in August last year through the placement of 9.75 million shares at 42.5c each. The latest placement is equal to 52.5c a share.

That month also saw the company report a $2.94 million loss for the year to June, compared with the previous year's $2.33 million loss.

Shares in Wellington Drive were 57c yesterday, having ranged between 41c and 71c over the past year.

The company now has 154.45 million shares on issue.

Having spent several years developing highly efficient motors, the Auckland-based company now manufactures a range and supplies large international companies including European whiteware components group Aweco, household appliance manufacturer Arelik and air conditioner producer Seeley.

At the annual meeting in November, managing director Ross Green the company was not able to meet customer demand and planned to triple production capacity.