UPDATE: Wynyard's Cognevo division sold

Tuesday 22 November 2016 02:36 PM

UPDATE: Wynyard's Cognevo division sold

(Update to include administrator statement to NZX)

By Edwin Mitson

Nov. 22 (BusinessDesk) - The administrators of crime-fighting software company, Wynyard, have sold its Cognevo division.

In a statement to the NZX, Grant Graham and Neale Jackson of Kordamentha said the deal was expected to complete within the next ten days and is subject to a number of termination rights. The Cognevo division was focused on business customers, rather than local and national governments.

Earlier today Fairfax Media reported that the buyer was Australian telecoms giant, Telstra. No detail of a buyer was given in the statement, and neither administrator was immediately available to clarify the situation.

Christchurch-based Wynyard went into voluntary administration last month after failing to secure emergency funds to keep it going from UK lender Skipton Building Society.

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 administrators also today warned investors that "it is already apparent that there will not be any returns for shareholders arising from the administration."

(BusinessDesk)

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