Wynyard Group plans Australian listing
New Zealand forensic analytics software developer Wynyard Group has announced plans to list on the Australian Securities Exchange (ASX).
The move, which has been approved by the Wynyard Group board, would see the Auckland-headquartered company dual listed both on the New Zealand Exchange (NZX), where it has been publicly listed since 2013, and on its Australian counterpart.
The company expects that the ASX listing process will be completed during the third quarter of the 2015 calendar year.
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Wynyard will not raise any cash from the listing, and will keep its NZ incorporation and principal listing on the NZX Main Board.
"With a significant part of our revenue and growth coming from the Asia-Pacific region and a growing number of Australian investors, seeking an ASX listing is a logical strategic move for the company," said chief executive Craig Richardson. "Listing on ASX will enable more Australian and foreign investors to hold Wynyard stock, participate in the company's growth, and increase the attractiveness of Wynyard shares."
The company was spun out of Jade Software prior to its listing on the NZX, raising NZ$65 million in capital to fund its international growth plans.
The crime analytics and risk assessment software is in use by the London Metropolitan and New Zealand Police, and global banks and corporations, and is making inroads into the US market.
At the beginning of 2015, the company signed a NZ$3.2 million contract with an unidentified national security bureau.
In February, it reported a near doubling in its annual loss as its push for large global contracts helped boost revenue 62 percent in its first full year as a listed company.
Shares of Wynyard Group last traded at NZ$1.80, down 7.7 percent since the start of 2015.
The move to publicly list in Australia remains subject to regulatory approval, and the company expects to make further announcements in the coming months.
With AAP