Wynyard Group capital raising?

[sb9]

Hmmm - 8% drawdown and 15% pa interest

Hope like hell seems to be the new strategy

Wow, that's very high rate of interest at a time when the OCR is record low @ 2%. And the facility is from their major shareholder Skipton, which if you put your cynical hat on looks like they are making sure to protect their investment one way or other.

If I were to be shareholder in this company, would have serious concerns..

Discl - Got out at 135 a while ago with small loss.

[sb9]

Wonder what a 'month at a time' means

If rolled over another 8%?

Whatever pretty desperate stuff

On the bright side it is only a facility - a backstop - might ever be taken up

C'mon winner you've been in the market for a long time, its not backstop its desperate in my opinion. And what changed the company to disclose this just a day after price enquiry notice??

[winner69]

C'mon winner you've been in the market for a long time, its not backstop its desperate in my opinion. And what changed the company to disclose this just a day after price enquiry notice??

Thought exactly the same

Governance?

[Scooter]

my take on it is: It is a very expensive line of credit, and I would have expected that the due diligence would have been completed and seen these guy's as very high risk of falling over hence why the fees and interest is high. The company themselves would see this as a life line by probably one of the only providers of credit left. It is not looking good for Wynyard

[trackers]

Its ok guys, because as per AGM just last month their costs are $57mil p.a less $17mil in savings = $40mil p.a .... vs revenue guidance of $54-65mil (plus conditional contract $14.3M) - So they're wildly profitable........right guys? Guys?

[blobbles]

Oh boy. Hopefully they can trade their way out of the hole they have fallen into. Understand their lack of desire for a cap raise as the SP is so low. Could be the beginning of the end though...

To think not long ago they pretty much said no to a share issue at what? $1.80? I can't remember exactly...

[moimoi]

""...with drawings available for a month at a time"... :-(

Financing the receivables. You have to wonder how much is left of the $30M cap raised in late March.

Thank you NZX for the "Please explain" as it appears to have prompted this "Update".

At least there is support from the largest shareholder in Skipton, seemingly not lot else to hang ya hat on here.

[lastmoa]

Its ok guys, because as per AGM just last month their costs are $57mil p.a less $17mil in savings = $40mil p.a .... vs revenue guidance of $54-65mil (plus conditional contract $14.3M) - So they're wildly profitable........right guys? Guys?

Very soon time will tell. Rev guidance in the lower $50mill range could change a few things. Admittedly not a good loan facility deal .here's hope they don't need to utilize it.

[mayday]

From I read on Glassdoor, "mistakes" had been mentioned several times in some of current/former employees' reviews lately. I'm wondering what kind of mistakes those were referring to and what consequences were?

[RupertBear]

So what happens to the kiwi saver funds of Milford Asset for example who I believe are significant shareholders?? They cant sell down right? So they must take a massive hit? Do they continue to hold and hope for the best?