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Wynyard extends trading halt

NZN 19/10/2016 Jonathan Underhill

Intelligence software developer Wynyard Group is looking into how it can tap a stand-by loan facility agreed in August with major shareholder Skipton Building Society, saying it needs the funds for working capital as it extends a trading halt in its shares.

Wynyard, which posted a wider first-half loss in August while slashing its full-year guidance, has seen its shares plunge 88 per cent this year before being halted on Monday. It has had it extended it to Ocotber 25.

The company has revamped its board and restructured into two units, while embarking on a cost-control strategy to address its disappointing performance.

In August Wynyard said it had secured a $10 million revolving credit facility with major shareholder Skipton which would help it manage "revenue timing risks".

"Due to Wynyard's current working capital position, the company will need to make an initial partial draw down on this facility in early November," it said on Thursday. "Certain conditions must be met in order to draw down on this facility. The board is investigating a number of strategic options so that Wynyard can meet these conditions".

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