Story image

Wynyard Group goes into voluntary administration

26 Oct 2016

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.

TechOne bringing solar lights to students in need
The company is partnering with charity SolarBuddy to bring solar-powered lights to children in energy poverty to alleviate study stress after dark.
Universal Robots aims for A/NZ growth with new hire
Peter Hern takes on the role of leading customer support, sales and partner development for Universal Robots in Australia and New Zealand.
Microsoft urges organisations to tackle data blindspots
Despite significant focus placed on CX transformation, over a third of Australian organisations claimed that more than one in five of their projects failed.
Raising the stakes: McAfee’s predictions for cybersecurity
Security teams and solutions will have to contend with synergistic threats, increasingly backed by artificial intelligence to avoid detection.
How big data can revolutionise NZ’s hospitals
Miya Precision is being used across 17 wards and the emergency department at Palmerston North Hospital.
Renesas develops 28nm MCU with virtualisation-assisted functions
The MCU features four 600 megahertz CPUs with a lock-step mechanism and a large 16 MB flash memory capacity.
Exclusive: Ping Identity on security risk mitigation
“Effective security controls are measured and defined by the direct mitigation of inherent and residual risk.”
CylancePROTECT now available on AWS Marketplace
Customers now have access to CylancePROTECT for AI-driven protection across all Windows, Mac, and Linux (including Amazon Linux) instances.