Thursday 13th March 2014
|Text too small?|
Wynyard Group, 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.
No comments yet
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes