We are pleased to share Wellnex Life (ASX: WNX), owner and developer of some of Australia's leading health brands, has recently released a key ASX announcement.
Wellnex Life Limited (ASX: WNX) (“Wellnex” or “the Company”) is pleased to announce that, after receiving significant interest form UK based institutions and sophisticated investors, it has received initial conditional binding commitments through its Lead Brokers of A$9 million to cornerstone the raise for the proposed dual listing on AIM at $0.65 per ordinary share.
Announcement Highlights
- Wellnex Life Limited (the Company or Wellnex Life) through SP Angel, Orana Capital and Barclay Pearce Capital (Lead Brokers) has received initial conditional binding commitments of A$9 million to cornerstone it’s capital raise at $0.65 per ordinary share (Placement) for the proposed dual listing on the AIM Market of the London Stock Exchange plc (AIM).
- As announced on 10 February 2025, to ensure eligible shareholders have the first right to subscribe for ordinary shares at the same price as the Placement, Wellnex Life has launched a 1:1 non-renounceable entitlement offer (Entitlement Offer) with Reach Markets, as lead manager. The Entitlement Offer is not conditional on the completion of the AIM listing.
- The Lead Brokers will continue the marketing and book building processes during the period of the Entitlement Offer which closes at 5:00pm (Melbourne time) on 26 February 2025, with the shortfall from the Entitlement Offer to be used to place the ordinary shares for the Placement and conversion of the convertible notes.
- Funds raised will be used to redeem the balance of the convertible notes at AIM admission (minus any conversions of the convertible notes at AIM admission), pay the outstanding deferred consideration due by the Company to the vendors of the Pain Away business (saving the Company $1.4 million in annual costs) and fund general working capital requirements, including the costs of the Entitlement Offer and the proposed AIM listing.
- The proposed dual listing of Wellnex Life on AIM remains subject to, inter alia, the Company meeting all regulatory requirements for admission, including the completion of the capital raise, and consequently completion of the AIM listing is not guaranteed.
Wellnex Life's CEO and Joint Managing Director George Karafotias said:
"Wellnex Life would like to thank the Lead Brokers for securing A$9 million in initial binding commitments for the proposed AIM dual listing. Recapitalisating the balance sheet by the settlement of the outstanding deferred consideration for Pain Away and the elimination of the convertible notes will save the company $1.4 million annually and will also provide a strong platform for revenue growth in domestic and international markets. This is a pivotal and transformative period for the Company that we expect will enhance both Company and shareholder value."
Congratulations to George Karafotias, Zack Bozinovski, the board and the team at Wellnex Life for reaching this significant milestone.
Read the full Wellnex Life ASX announcement here.
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