Wynyard Group capital raising?

[bonne vie]

Wynyard Announces Voluntary Administration

8:45am, 25 Oct 2016 | GENERAL

25 October 2016 - 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 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.
The Board acknowledges the significance of its decision for shareholders, staff and customers; and will work with KordaMentha to support these parties as it moves quickly through this process.
At this point, Wynyard will be making no further comment on the voluntary administration process.
Attachments

[BlackPeter]

Game over!

Bugger.

While I think that an incompetent board and management team got exactly what they deserved, and while the signs for shareholders have been for a long time written on the wall - I do feel with the employees, and obviously with the NZ (and Christchurch) economy. We don't really have too many successful technology companies, and this is one more (though not successful) departing from the Christchurch job market. Looks like as well the "Christchurch Innovation Precinct" will need to look for some other flagship building (http://www.innovationprecinct.nz/wynyard/).

Lets hope somebody can pick up the bits and pieces and make something useful out of it.

[Raz]

Bugger.

While I think that an incompetent board and management team got exactly what they deserved, and while the signs for shareholders have been for a long time written on the wall - I do feel with the employees, and obviously with the NZ (and Christchurch) economy. We don't really have too many successful technology companies, and this is one more (though not successful) departing from the Christchurch job market. Looks like as well the "Christchurch Innovation Precinct" will need to look for some other flagship building (http://www.innovationprecinct.nz/wynyard/).

Lets hope somebody can pick up the bits and pieces and make something useful out of it.

Yes waiting hopefully for another instalment although it seems crazy what has happened in Christchurch recently given the young talent resident here...

[RGR367]

We should not start a thread with a prescient warning just like this one. It started with the question on “capital raising” and ended up with the same unanswered question

[blobbles]

Not a good outcome, especially for all employees (minus management).

Lets remember that this was management failure. Lack of financial control, lack of direction and according to glass door, a lack of product focus. Also the customers of WYN must be spitting tacks - there software isn't supported now and they have probably been locked into at least paying for the remaining year.

As an IT guy myself, I feel for all their good IT staff that I know they had. Was quite a big employer in Christchurch for top IT talent, these guys will now flood the job market if they haven't been booted already. Probably lucky if you were pushed out earlier and had received redundancy!

[bmrm]

So, how does one go about joining the class action?

[Schrodinger]

https://www.wynyardgroup.com/en/careers-and-vacancies/open-vacancies/

Still some jobs going gents. Get in quick! No better example of the shambles by management.

[whatsup]

MUCK!! muppets !!

[winner69]

So, how does one go about joining the class action?

http://www.wynyardclassaction.co.nz/

[Leftfield]

Ouch! Lots of holders hurt by this one, Milford, Sam Morgan.... be interesting to see if anything can be salvaged.

Golly even the WYN web site seems to have disappeared or crashed (I was trying to check their latest share register)