Menu
​Wynyard Group enters voluntary administration

​Wynyard Group enters voluntary administration

Software company places itself in voluntary administration.

Craig Richardson - CEO, Wynyard Group

Craig Richardson - CEO, Wynyard Group

Wynyard Group has placed itself in voluntary administration, as the software company battles crippling losses and missed revenue forecasts.

Revealed via a statement issued on the New Zealand Stock Exchange, the security focused firm advised shareholders following a difficult period in which the company lost $36.2 million for the six months ended June.

“The Board considered all available options including potentially raising additional capital and drawing on the $10 million loan but concluded that neither raising further equity nor incurring debt was in the best interests of the company, its shareholders or other stakeholders,” the statement said.

“The Board believes this is the right decision under the circumstances, in order to ensure an environment where all options can be fully explored to retain the value in the business.”

As a result of the move, KordaMentha partners, Neale Jackson and Grant Graham, have been appointed as administrators of the company.

“The Board acknowledges the significance of its decision for shareholders, staff and customers; and will work with KordaMentha to support these parties as it moves quickly through this process,” the statement added.


Follow Us

Join the newsletter!

Error: Please check your email address.

Tags security​Wynyard Group

Featured

Slideshows

Sizing up the NZ security spectrum - Where's the channel sweet spot?

Sizing up the NZ security spectrum - Where's the channel sweet spot?

From new extortion schemes, outside threats and rising cyber attacks, the art of securing the enterprise has seldom been so complex or challenging. With distance no longer a viable defence, Kiwi businesses are fighting to stay ahead of the security curve. In total, 28 per cent of local businesses faced a cyber attack last year, with the number in New Zealand set to rise in 2017. Yet amidst the sensationalism, media headlines and ongoing high profile breaches, confusion floods the channel, as partners seek strategic methods to combat rising sophistication from attackers. In sizing up the security spectrum, this Reseller News roundtable - in association with F5 Networks, Kaspersky Lab, Tech Data, Sophos and SonicWall - assessed where the channel sweet spot is within the New Zealand channel. Photos by Maria Stefina.

Sizing up the NZ security spectrum - Where's the channel sweet spot?
Show Comments