Wellnex Life Launches Entitlement Offer in Conjunction with London Listing, Shares Fall Past 16%

MT Newswires Live
02-10

Wellnex Life (ASX:WNX) is set to launch a one-for-one non-renounceable entitlement offer to raise up to AU$22.1 million, in parallel with the Company's proposed listing on the London Stock Exchange, according to a Monday Australian bourse filing.

The entitlement offer is not underwritten and it is on the same terms as the capital raise in the UK for the proposed dual listing on AIM, a submarket of the London bourse.

The offer will open on Feb. 17, the filing said.

It priced the capital raise in conjunction with the proposed dual listing at AU$0.65 per share, in consultation with lead brokers, SP Angel, Orana Capital, and Barclay Pearce Capital, and following feedback from UK institutions.

It plans to use the proceeds to redeem the convertible notes, pay the outstanding deferred consideration for pain away, and fund general working capital, including the cost of the offer and the proposed listing.

The firm began a marketing campaign for its proposed dual listing, the filing said.

The firm's shares fell past 16% on market close on Monday.

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