Wynyard to raise $35m through placement, share purchase plan to fund growth

Craig Richardson, chief executive Wynyard Group
Wynyard Group 12-month price history (NZX.com)

Wynyard Group [NZX: WYN], the intelligence software developer, plans to raise $35 million through a placement and a share purchase plan to fund its global growth strategy. Its shares have been halted for the capital raising.

The Auckland-based company said it would raise $30 million via a placement to institutional investors and $5 million via a SPP. The placement is underwritten at $2.70 a share by UBS New Zealand, which has been hired as arranger.

Shares of Wynyard last traded at $2.86 and have soared 158 percent since they began trading in July last year. The NZX 50 Index rose 12 percent in the same period.

"Wynyard will accelerate new user and revenue growth by doubling its direct sales and professional services team and expanding its partnership programme with technology partners and technology systems integrators," the company said in a statement.

"This expansion will be across all key regions, but weighted towards significant opportunities the company sees for its products in the US justice sector," it said.

The company is also bringing forward "new advanced crime analytics product features" and will expand its Crime Science Research Centre, it said.

Wynyard raised $65 million in an initial public offer last year of which $25.8 million was used to fund growth, with the rest paying former parent Jade Software for intellectual property listing costs, and intercompany debt.

Last month Wynyard posted a pro-forma loss of $11.2 million for calendar 2013, just above the $10.1 million shortfall forecast in its June prospectus. Revenue more than doubled to $21.7 million, beating its forecast of $21.5 million and the company said it expects to beat its 2014 sales forecast of $27 million.

(BusinessDesk)


Got a question about this story? Leave it in Comments & Questions below.

This article is tagged with the following keywords. Find out more about MyNBR Tags

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7202 -0.0028 -0.39%
AUD 0.9369 -0.0003 -0.03%
EUR 0.6807 -0.0024 -0.35%
GBP 0.5765 0.0006 0.10%
HKD 5.5899 -0.0201 -0.36%
JPY 80.8300 -0.6780 -0.83%

Commods

Commodity Price Change Time
Gold Index 1251.4 11.930 2017-02-23T00:
Oil Brent 56.8 0.750 2017-02-23T00:
Oil Nymex 54.5 0.860 2017-02-23T00:
Silver Index 18.1 0.170 2017-02-23T00:

Indices

Symbol Open High Last %
NZX 50 7090.4 7099.6 7089.5 -0.44%
NASDAQ 5802.3 5828.1 5835.5 -0.26%
DAX 11920.9 11934.6 11947.8 -1.20%
DJI 20751.9 20795.9 20810.3 -0.27%
FTSE 7271.4 7271.9 7271.4 -0.38%
HKSE 24115.6 24121.9 24114.9 -0.62%
NI225 19232.1 19381.1 19371.5 -0.45%
ASX 5784.7 5784.7 5784.7 -0.79%