Wellington Drive Technologies (Wellington) recognises that many of its shareholders do not have a relationship with a sharebroker and the cost of brokerage is a disproportionately high relative to the value of their shareholding. To assist those shareholders, Wellington is today issuing notice that on 1 July it will exercise the power of sale of individual holdings on Wellington’s share register of less than 5,870.
Shareholders shall receive sale proceeds based on the volume weighted average price of Wellington’s shares calculated based on either 20 days prior or 5 days prior to the acquisition date (1 July), whichever is higher. Wellington will meet the expenses of the sale and buyback.
If shareholders do not want Wellington to acquire their shares pursuant to this notice, they must before 30 June 2022 either:
• increase their shareholding above the minimum number of shares.
• dispose of their shareholding; or
• Give notice that they wish to retain their shareholding.
The notice (attached to this announcement) and supporting documents shall be mailed to shareholders today.