Wellington Drive Technologies (Wellington), a leading provider of Internet of Things (IoT) solutions and energy efficient motors to the retail food and beverage industry, is pleased to advise that it has repaid its loans from Onimeg Investments Limited (Onimeg) and Meta Capital Limited (Meta).
The original $2.5m loan from Onimeg was partially repaid on 17 September. The remaining $1.0m became repayable on the earlier of 31 March 2020 or the completion of any rights issue. This $1.0m loan balance was repaid on 2 December 2019 out of rights issue proceeds.
The Meta loan of US$0.6m was repayable on 31 March 2020 with interest payable at 12.5% pa. Meta is a company associated with John McMahon, a director of Wellington. Meta has agreed to an early repayment of the loan without penalty to Wellington. Repayment was made on 3 December 2019.
Wellington CEO Greg Allen commented “Wellington appreciates the support of Onimeg and Meta in providing these loan facilities. The repayment and completion of these facilities will reduce the company’s reported finance costs and improve bottom line profitability”.