New Zealand-listed Wynyard Group is deferring a decision on dual listing on the Australian Stock Exchange (ASX), possibly until mid-2016.
Wynyard, which is currently raising up to NZ$30 million of new capital through a share issue, told investors recent changes to the ASX listing rules provide a cost effective route to dual listing.
"However, Australian law is likely to restrict investors from trading shares issued in the three months following listing on the ASX. This will conflict with Wynyard's capital raise plans."
A resolution to issue of up to 15 million ordinary shares over the next 12 months at a minimum issue price of $2.00 per share was approved by shareholders at a special meeting in Auckland today.
"We are delighted with today's result," Wynyard CEO Craig Richardson said. "We've had strong expressions of interest following our roadshow in October and look forward to starting the capital raise process."
Earlier, Richardson told investors budgets in Wynyard's target markets had increased significantly following recent high profile national security and corporate cyber breaches. The NZ$30 million capital would likely required by Wynyard to capitalise on the opportunity.
Last month, Wynyard signed Telstra as its foundation customer for its Advanced Cyber Threat Analytics (ACTA) system, which discovers cyberthreats inside a network. That deal was valued at AU$3.2 million over three years.