Wynyard Group goes into voluntary administration
Listed on the NZX, Wynyard Group is a cyber security firm with offices in New Zealand, Australia, United States, United Kingdom, Canada, and the Middle East.
Wynyard's solutions are used by Fortune 500 companies, national security agencies and critical infrastructure operators across the globe - but it's just gone into voluntary administration.
The firm informed shareholders in a public company statement.
“The Board of Wynyard Group today regrets to inform shareholders that it has placed the company into voluntary administration. KordaMentha partners, Neale Jackson and Grant Graham, have been appointed as administrators of the company,” the statement read.
Earlier this year the company had secured a short term $10 million loan from a major shareholder.
“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 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.
Wynyard also acknowledged the significance of its decision for shareholders, staff and customers and announced that it will work with KordaMentha to support them through the process.
At this stage, the firm will be making no further comment.