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Wellington Drive Technologies announces John McMahon is now an Independent Director

The Wellington Drive Technologies Limited Board has determined that Chairman John McMahon is an independent director of the Company. He was previously determined to be a non-independent director under the NZX Listing Rules because he is a director of NZX Limited, the parent company of Smartshares Limited, which was a substantial product holder of Wellington. Smartshares issued a Substantial Product Holder Notice to the NZX on 17 November 2020 advising that they had exited the Wellington share register.