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Wynyard Group raises $40m, brings on new US distie

Wynyard Group raises $40m, brings on new US distie

Wynyard Group confirms successful completion of a targeted placement to raise NZ$40 million to position the company for continued future growth.

Wynyard Group has confirmed the successful completion of a targeted placement to raise NZ$40 million to position the company for continued future growth.

According to the growing security specialist firm, the placement was ‘well received” by a range of institutional and other qualified investors in New Zealand, Australia and Asia with 22,346,369 shares to be issued at a price of $1.79 per share.

Settlement of the placement is expected to occur on 12 June 2015 with UBS New Zealand Limited acting as sole arranger and underwriter of the placement.

In addition to the institutional placement, Wynyard will also offer each eligible New Zealand registered shareholder (on the record date expected to be on or around 23 June 2015) the opportunity to subscribe for up to NZ$15,000 worth of shares through a NZ$5 million Share Purchase Plan (SPP).

All new shares issued by way of the placement and SPP will rank equally with existing Wynyard ordinary shares currently on issue.

The price of shares offered through the SPP will be the lower of $1.79, being the institutional placement price, or the average closing price of the five days prior to and including the closing date of the SPP.

Further details of the SPP and the SPP booklet are expected to be sent to shareholders later this month.

The company is also in the final stages of securing an “important distribution partner and agreement” for Wynyard Advanced Crime Analytics solutions across the United States and global law enforcement markets.

Wynyard has now executed this partnership agreement which is expected to increase Wynyard’s serviceable market in the United States to more than 12,500 law enforcement agencies and departments.

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