The Wellington Drive Technologies Limited Board has determined that Chairman John McMahon is an independent director of the Company. He was previously determined to be a non-independent director under the NZX Listing Rules because he is a director of NZX Limited, the parent company of Smartshares Limited, which was a substantial product holder of Wellington. Smartshares issued a Substantial Product Holder Notice to the NZX on 17 November 2020 advising that they had exited the Wellington share register.
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