Issues of shares for iProximity acquisition
Wellington Drive Technologies (Wellington) has today issued 1,574,196 ordinary shares to the vendors of iProximity Pty Limited (iPX) pursuant to the 2018 Sale and Purchase agreement, as amended in 2021.
The acquisition price included Wellington shares, subject to Wellington achieving specified SCS Connect annual product volumes. This issue of ordinary shares is required due to SCS Connect unit sales performance in 2021 reaching the specified hurdle.
No further consideration is payable in respect of this acquisition.
Chief Executive Officer
Phone + 64 21 938 601
Chief Financial Officer
+64 27 587 0455