Wellnex Life Limited (ASX:WNX) Announces Entitlement Offer
Entitlement Offer Details
Wellnex Life Limited (ASX: WNX) has announced a non-renounceable entitlement offer of one new share for every existing share held by eligible shareholders. The offer price is $0.65 per new share, and the company aims to raise up to approximately $22.1 million before expenses. The offer is not underwritten and does not require a minimum subscription.
Use of Funds
The raised funds will be allocated towards redeeming convertible notes issued by Wellnex, paying the outstanding deferred consideration owed to the vendors of the Pain Away business, and general working capital purposes, including the costs associated with the offer and the proposed AIM listing on the London Stock Exchange.
Executive Comments
In a letter to shareholders, Chairman George Tambassis stated, “Wellnex’s ability to sign and execute deals with multi-billion companies like Haleon is testament to its pedigree. Our recent achievements have triggered interest from global investors, which is now resulting in Wellnex’s proposed listing on AIM, a market operated by the London Stock Exchange. This entitlement offer is being launched in conjunction with Wellnex’s proposed AIM listing.”
Future Outlook
The entitlement offer is part of Wellnex’s broader strategy to enhance its portfolio of valuable brands and products. The company is also in the process of marketing its AIM listing, although completion is subject to regulatory approval.
Motley Fool contributor Lauren Surplice has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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