Wynyard proposes dual listing on Australian bourse
Wynyard Group, the crime-fighting software and services developer, plans a dual listing on the Australian stock exchange.
The Auckland-based company's board has approved plans for the company to list on the ASX, with an expected debut in the third quarter of 2015, it said in a statement. Wynyard won't raise any cash from the listing and will keep its New Zealand incorporation and principal listing on the NZX Main Board.
"With a significant part of our revenue and growth coming from the Asia Pacific Region and a growing number of Australian investors, seeking an ASX listing is a logical strategic move for the company," said chief executive Craig Richardson. "Listing on ASX will enable more Australian and foreign investors to hold Wynyard stock, participate in the company's growth and increase the attractiveness of Wynyard shares."
The company was spun out of Jade Software and debuted on the NZX in 2013, raising $65 million in capital to fund its international growth plans. The crime analytics and risk assessment software is in use by the London Metropolitan Police and the New Zealand and Australian police forces, global banks and corporations, and is making inroads into the US market.
At the start of the year, Wynyard signed a $3.2 million contract with an unidentified national security bureau.
Last month it reported a near-doubling in its annual loss as its push for large global contracts helped boost revenue 62 percent in its first full year as a listed company. The net loss widened to $22.3 million, or 19 cents per share, in calendar 2014, more than twice the level forecast in its share float prospectus, although the result was in line with market expectations, owing to subsequent guidance from the company.
Shares of the Wynyard last traded at $1.80 and have fallen 7.7 percent since the start of the year.