Wellnex Life delays payment, seeks dual listing

Pharmacy supply company Wellnex Life will defer payment for its takeover of natural topical pain relief brand Pain Away as it seeks a dual listing for its shares in London.

Wellnex Life has entered into an agreement with 365 Health, the vendors of Pain Away, to delay the payment of a first instalment of $2.95 million which had been payable on 26 October 2024.

A second installment due would take the total sale price to $5.85 million.

Wellnex Life told investors the vendor had agreed to defer consideration until 20 January 2025 to fit with the targeted timing of the dual listing of the company on the London Stock Exchange (LSE) Main Board.

Wellnex Life has appointed a UK advisory team to drive its dual listing process, according to the company.

“Work streams, including legal and accounting reports, have made good progress and will facilitate the finalisation of the prospectus in November for approval by the FCA.

“Listing on the LSE Main Board is being pursued to aid the company’s retirement of all debts, including the deferred consideration and convertible notes, accelerate our international expansion and be able to access UK based institutional and sophisticated investors.”

Pain Away products are a range of anti-inflammatory sprays, creams and roll-ons for the relief of joint and muscle pain.

Picture: painaway.com.au