Wynyard Group has today announced that it has applied for a trading halt to undertake a targeted placement of new shares with the halt expected to be lifted immediately following the completion of the placement process.
The Auckland-based company is seeking to raise NZ$35 million by way of a NZ$30 million share placement to institutional and other qualified investors and a NZ$5 million Share Purchase Plan (SPP) to eligible shareholders.
"Wynyard will deploy this new capital to bring forward key initiatives in the company’s global growth plan," an official statement on the NZX reads.
"Wynyard will accelerate new user and revenue growth by doubling its direct sales and professional services team and expanding its partnership program with technology partners and technology systems integrators.
"This expansion will be across all key regions, but weighted towards significant opportunities the company sees for its products in the United States justice sector."
In addition, Wynyard will invest in bringing forward new advanced crime analytics product features and expand its Crime Science Research Centre – both initiatives will extend Wynyard’s innovation pipeline and product leadership position.
Wynyard has appointed UBS New Zealand Limited to act as sole arranger and underwriter of the placement. The placement will be underwritten at $2.70 per share.