Wynyard Group capital raising?

[Ggcc]

http://m.nzherald.co.nz/business/new...ectid=11739250

[JAX]

http://m.nzherald.co.nz/business/new...ectid=11739250

Been lurking here, finally got around to signing up. I saw this article on Linkedin in my feed. https://www.linkedin.com/pulse/my-ha...y-kenny-warren

Its quite interesting for a couple of reasons,

1) It seems to indicate the cuts of staff are far and wider and deeper than the herald article suggests. This guy seems to suggest all the North American staff (Washington/Toronto) have been cut and on the same day. If so, then its international sales prospects such as they were are also had it. Cutting your Washington DC office when you are focused on government sales is not going to be a good look. I would suggest their international sales prospects are close to zero now and its not like there is a big local market.

2) Its a good demonstration of how these bad decisions and management killed the share price, but also really affected the workers - the vast majority of which played no part in its demise. Those workers like the US ones are pretty badly affected with the likes of health insurance being cancelled (probably similar in Dubai), us here in NZ are pretty lucky that worst comes to the worst there is a socialised healthcare system and that losing your job whilst sad and challenging, you dont have enormous healthcare costs dumped on you with no notice and very few options like this guy who is resorting to crowd funding for his daughters needs.

Overall it just makes you a bit angry really. Anyway thought others might find the article interesting.

Cheers

[bottomfeeder]

What a moaner, does he realise that mega millions have evaporated from trusting investors in New Zealand and elsewhere. He can get another job, but we will never get our investment back.

[Yoda]

Hi Jax
welcome to ST .
thanks for your post .

yep its a sad day when businesses basically close up and cause great stress in employees lives.

It has been a good lesson for me and Investors / traders to watch the TA warning signs and sell many months ago . Buy and hold is not the same as buy n shut your eyes and hope.

[barleeni]

So what happens now? Is Wynyard still trading as such? Is the goal to look for a buyer as a gong concern? or.......... haven't seen anything informative for a while....

[iluab]

So what happens now? Is Wynyard still trading as such? Is the goal to look for a buyer as a gong concern? or.......... haven't seen anything informative for a while....

It has gone very quiet, the last news was that the administrators were looking to maximize the intellectual property in the company, I read that as though they would dismantle the co and bundle the software rights and on sell them piece meal, but then Wynyard do still have a lot of staff on the books.

It would be hard to keep trading when large potential customers know the company is in financial trouble and probably may not be able to support the product long term.

The best outcome would be a large tech co coming along and injecting capital into whats now a leaner company, or say some salvage from the Morgan's, they must otherwise be facing an enormous loss.

No takers so far it would seem ay ?

[Harvey Specter]

I think they would be trying to sell the company wholesale to another tech co. Sales teams have been cleaned out but product teams retained as they will be needed to support the product, at least until the acquirer integrates it with their own.

I have been wrong before though.

More likely though is that they cant find a buyer.

I hope I am wrong on this.

[BlackPeter]

I think they would be trying to sell the company wholesale to another tech co. Sales teams have been cleaned out but product teams retained as they will be needed to support the product, at least until the acquirer integrates it with their own.

I have been wrong before though.

More likely though is that they cant find a buyer.

I hope I am wrong on this.

Pretty sure it won't make a difference to shareholders whether they find a buyer or not. Buyers don't seem to queue up - meaning any potential suitor can get in with a low ball offer.

However - yes, would be great for staff and for the Christchurch community, if this company could be sold as a going concern.

[JAX]

It has gone very quiet, the last news was that the administrators were looking to maximize the intellectual property in the company, I read that as though they would dismantle the co and bundle the software rights and on sell them piece meal, but then Wynyard do still have a lot of staff on the books.

It would be hard to keep trading when large potential customers know the company is in financial trouble and probably may not be able to support the product long term.

The best outcome would be a large tech co coming along and injecting capital into whats now a leaner company, or say some salvage from the Morgan's, they must otherwise be facing an enormous loss.

No takers so far it would seem ay ?

There is an paywalled article on the NBR today about the US subsidiaries being bankrupted. Not unexpected, but a little bit of news.

[blobbles]

Not sure why Sam Morgan wouldn't get in there and take it over himself and stump up some dosh, if he believes in the company so much. Likely he would be a huge asset and get them right back on track. Wynyard 2.0. Wynnix (Wynyard/Phoenix)? Wynyard2, with a motto of "Going the extra yard".