Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Sam Morgan builds 5% stake in Wynyard Group

Sam Morgan builds 5% stake in Wynyard Group

By Paul McBeth

Aug. 14 (BusinessDesk) - Sam Morgan, who made his fortune when Trade Me was sold to Fairfax Media, has built a substantial shareholding in security software developer Wynyard Group after buying on-market yesterday.

Morgan's Jasmine Investment Holdings No. 4 Ltd bought 250,000 shares on market yesterday, taking his total stake in Wynyard to about 5.84 million shares, or 5.04 percent of the firm, according to a notice to the NZX. While no price was put on the deal, Reuters data shows 250,000 shares were bought at $1.90 yesterday, for $475,000.

The shares fell 1 percent to $1.90 today, and are up 66 percent this year, having pared bigger gains during a global sell-off of software and biotech stocks.

Morgan was already one of the bigger shareholders in Wynyard, having participated in last year's $65 million initial public offer, and was recorded as holding 2.96 percent as at Feb. 28, according to the company's 2013 annual report.

Wynyard is chasing growth by seeking bigger deals with greater opportunity for expansion, and is also investigating the "potential for targeted acquisitions to accelerate market penetration and capture market share," it said at its annual general meeting.

The intelligence software developer raised $35 million in March in an institutional placement and share purchase plan to fund its growth aspirations.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news