Friday 7th September 2018
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Wynyard Group shareholders whose investments were all-but written off when the intelligence software company went bust two years ago may get a "very small" respite, say the firm's liquidators.
In their latest six-monthly report, KordaMentha's Neale Jackson and Grant Graham said they "anticipate there may be a very small amount of funds available to be distributed to shareholders" once the software developer's creditors are paid. In May, the High Court upheld a $171 million creditor's claim by the liquidators against related party Wynyard (NZ), the group's New Zealand trading entity.
Once that unit has resolved its own outstanding issues including claims against subsidiaries in Australia and the UK, Wynyard Group will be in a position to make a payment to its creditors, the liquidators said. Wynyard Group received claims from unsecured creditors totalling $423,000.
A separate report on Wynyard (NZ) says that unit's last asset is $5.9 million receivables from its subsidiaries. That unit paid $2.1 million of preferential claims in full and has received almost $7 million of claims from unsecured creditors. It's closing bank balance as at Aug. 7 was $777,000.
Because "a small distribution for shareholders is now foreseeable," Jackson and Graham want investors to provide them with updated contact details.
Wynyard Group shares were delisted on May 31. It listed on the NZX in 2013, with investors paying $1.15 a share. The stock closed as high as $3.12 in March 2014 but shares were worth just 21.5 cents when the company eventually went under.
The KordaMentha pair were appointed voluntary administrators in October 2016 after failing to secure emergency funding from UK lender Skipton Building Society. Creditors voted to put the company into liquidation at a watershed meeting last February.
The liquidators' report said they investigated the trading and financial affairs of the companies, including potential voidable transactions, and "were not aware of any insolvent and/or breaches of legislation occurring".
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