Wynyard Group says it's meeting disclosure requirements despite share price plunge
The NZX said the price of Wynyard's shares had decreased from 60 cents on Aug. 1 to 48 cents.
Wynyard Group [NZX: WYN], the crime-fighting and security software developer, says it's continuing to comply with continuous disclosure obligations after a 'please explain' letter from the NZX following a 20 percent drop in its share price this month.
The NZX said the price of Wynyard's shares had decreased from 60 cents on Aug. 1 to 48 cents, prompting it to seek an assurance the company was adhering to its disclosure obligations. The shares closed at 47 cents, down 9.6 percent today.
Wynyard replied it had indicated at its June annual meeting in Auckland that "initiatives were under way to manage the potential of revenue timing risks".
While it has nothing further to disclose at this time, progress is being made on those initiatives and it will continue to keep the market informed, said chief executive Craig Richardson.
The revamped board said at the AGM that restructuring the business into two units and tight cost control should turn around the disappointing 2015 performance.
The share price has fallen since a disappointing annual result in February, where revenue of $26.3 million was well below the forecast $40-to-$45 million, followed by a heavily discounted rights issue in March to raise working capital.
The division into two lines of business sees Richardson heading the 'government' segment, focused on the criminal intelligence market, while the 'commercial' segment headed by Paul Stokes focuses on Wynyard's new cyber security product, ACTA (Advanced Cyber Threat Analytics).
Revenue guidance for this financial year stands at $54-to-$65 million.
(BusinessDesk)
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Fiona Rotherham
Wed, 10 Aug 2016
Wed, 10 Aug 2016
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Wynyard Group says it's meeting disclosure requirements despite share price plunge
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