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Issues of shares for iProximity acquisition

Wellington Drive Technologies (Wellington) has today issued 3,307,138 ordinary shares to the vendors of iProximity Pty Limited (iPX) pursuant to the Sale and Purchase agreement announced on 28 February 2018.

The acquisition price consisted of cash payable on signing the agreement and on completion, and consideration, both cash and Wellington shares, subject to attaining certain performance hurdles. These performance hurdles, set out in the February 2018 announcement and Wellington’s 2018 Annual Report, included iPX profitability and the combined business achieving specified SCS Connect product volumes. This issue of ordinary shares is required due to SCS Connect unit sales performance in 2019 reaching the specified hurdle.