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Wynyard raises $30 mln in placement to drive growth

Wynyard raises $30 mln in placement to drive growth

March 14 (BusinessDesk) - Wynyard Group, whose shares have soared 158 percent since they listed in July, raised $30 million in a placement to drive growth plans, and will seek a further $5 million in a share purchase plan from existing investors.

The Auckland-based company sold 11.1 million shares at $2.70 apiece, a 5.6 percent discount to the last trading price, to a range of institutional and qualified investors in New Zealand, Australia and the UK, it said in a statement. The shares, which last traded at $2.86, were halted yesterday for the capital raising and will resume trading when the market opens at 10am. The offer was underwritten by UBS New Zealand, which was the sole arranger of the placement.

Wynyard will announce details of the share purchase plan in the coming month, pricing them at the lower of either $2.70 or the average closing price of the five days up to and including the offer’s closing date.

The intelligence software developer 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)


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