Wellington Drive Technologies secures new $2.5m loan

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: o It has a 12 month term, to be drawn on 17 September 2018 and repaid on 17 September 2019; o 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". For further information visit www.wdtl.com Contact: Greg Allen Chief Executive Officer Phone +1-778-238-6494 Howard Milliner Chief Financial Officer Phone 027-587 0455 End CA:00323264 For:WDT Type:MKTUPDTE Time:2018-09-03 14:02:46