Wellard

A$52m Capital Raising

April 2017

On 3 April 2017, Wellard Limited (Wellard, ASX:WLD) announced a fundraising transaction to raise approximately $52 million (before costs). The fundraising comprised of:

• a placement of 25 million new shares to sophisticated and institutional investors at $0.24 per share to raise $6 million (Placement);
• a fully underwritten non-renounceable pro rata entitlement offer on a 1-for-4 basis at an issue price of $0.185 per share to raise approximately $19.7 million (Entitlement Offer); and
• the issue of US$20 million in convertible notes in 2 tranches to raise approximately $26.3 million (Convertible Notes).

Azure acted as financial adviser to Wellard with regards to the fundraising and managed the end-to-end process for the company.

After successfully completing the Placement and issuance of Tranche 1 of the Convertible Notes, the Entitlement Offer is due to close in mid May 2017 with tranche 2 of the Convertible Note due to close in early June 2017 following a shareholder meeting.