• Wellnex Life commences marketing campaign for proposed dual listing on London Stock Exchange
• Strong interest received from UK institutions and sophisticated investors
• Entitlement Offer launched to ensure shareholders have first right to subscribe on same terms as UK investors

Wellnex Life (ASX: WNX) has commenced its marketing campaign for the proposed dual listing on the London Stock Exchange's AIM market, with strong interest received from UK institutions and sophisticated investors. The company has priced the capital raise in conjunction with the proposed AIM listing at $0.65 per share, an 8.6% discount to the 30-day VWAP. Wellnex Life has resolved to launch a 1:1 non-renounceable entitlement offer to ensure shareholders have the first right to subscribe for shares on the same terms as the proposed placement to UK investors. The entitlement offer will raise up to $22.1 million, with the funds to be used to redeem the convertible notes, pay the outstanding deferred consideration for Pain Away (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 is still subject to the company meeting all regulatory requirements and admission criteria. The entitlement offer is not underwritten, and eligible shareholders will have the opportunity to subscribe for shares above their entitlement under a shortfall offer.

Wellnex Life expects to save approximately $1.4 million in annual costs through the redemption of convertible notes and payment of deferred consideration for the Pain Away acquisition.

Wellnex Life has commenced its marketing campaign in the UK for its proposed AIM listing, with the board deciding to proceed with an entitlement offer to ensure existing shareholders are not disadvantaged and can subscribe for shares on the same terms as other investors.