Milford sells down stake in Wynyard as shares slump

Wednesday 28th September 2016

Milford Asset Management has reduced its holding in crime fighting software company, Wynyard Group, taking its ownership to 5.7 percent from 7.6 percent in December last year.

Milford sold 2 million shares in Auckland-based Wynyard on Sept. 26, getting between 21.5 cents and 22 cents a share, NZX and Reuters data shows. It now holds 4.8 percent of Wynyard in its Milford Active Growth Wholesale Fund and 0.9 percent of the company in its Milford NZ Equities Wholesale Fund.

Since Milford's previous substantial holding notice was published on Dec. 15, Wynyard's share price has fallen sharply from $1.82. Milford sold 100,000 shares on March 29, when the share price had fallen to 89 cents, reflecting a rights issue that took place earlier that month and disappointing annual results in February.

The fund manager continued to sell the stock in April, selling 200,000 on April 14 at 85 cents a share, amidst a series of smaller sales. After April 19, there were no further sales until Sept. 26.

In August, Wynyard more than doubled its first-half loss and halved its full-year guidance to between $27-to-$30 million from a previous range of $54-to-$65 million.

Wynyard shares fell 4.4 percent to 21.5 cents. They've dropped 87 percent since the start of the year.

BusinessDesk.co.nz

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