Redflow (ASX:RFX) has received a notice of initial substantial shareholding from Wotif.com founder Graeme Thomas Wood with a 5.65% interest.
Non-executive director and NBN Co. director Simon Hackett (and interests associated with him) has increased his interest up to 13.37% from 9.68%.
Wood had on 24 April 2015 acquired 4,017,650 shares in the company for $803,530, taking his total holding up to 19,017,650 shares.
In March, he invested $3 million to subscribe for 15 million shares under the $9.7 million placement.
Hackett subscribed for 2,777,545 shares worth $555,509 under the recent pro-rata non-renounceable entitlement offer priced at $0.20 per share.
He now has 44,997,959 shares in Redflow.
The recent placement and entitlement offer raised around $16 million.
Proceeds will fund:
- Funding a higher level of inventory;
- Placing demonstration systems of both individual batteries and containerised solutions in selected regions. These demonstration units will be available for immediate sale; and
- Investment in new machinery to facilitate higher volumes and reduce costs through automation of some key processes in manufacturing.
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