Wynyard Group In Voluntary Administration

Software company Wynyard Group has been put in voluntary administration. KordaMentha partners Neale Jackson and Grant Graham have been appointed administrators of the company, which creates security software for use by companies and law enforcement agencies. It's been a difficult year for Wynyard, with its board warning in August that the company's future was in question and signalling uncertainty underlying its assumptions about cash-flow and future sales. The New Zealand firm reported a loss of $36.2 million for the six months ended June, and has struggled to deliver on forecasts of earnings and revenue, while it has burned through its cash in developing products and markets. The company had been looking at how it could meet the conditions to draw on a $10 million loan, which included significant draw down and administration fees and a hefty 15 percent interest rate. In a statement to the NZ Stock Exchange, the company's board said the move to voluntary administration was a significant decision but the right one. Read more.