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Redflow substantial shareholders increase stake

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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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Quick facts: RedFlow Ltd

Price: 0.026 AUD

ASX:RFX
Market: ASX
Market Cap: $31.22 m
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