Jade's spy software spin-off, Wynyard Group, signals listing

Jade's spy software spin-off, Wynyard Group, signals listing in next 8 weeks

By Pattrick Smellie

May 13 (BusinessDesk) - Jade Corp spin-off Wynyard Group has all but announced it will list on the NZX within the next two months, subject to the fast-growing intelligence software group's shares being accepted by the local bourse.

Chaired by former Treasury Secretary Murray Horn, Wynyard has appointed advisers and a broker to raise funds "to accelerate its international growth strategy and meet the growing demand for its solutions."

Wynyard has global potential with software that pools vast amounts of data and sifts it for clues to criminal and terrorist activities, and spying, and its annual revenues are understood to have contributed around half of Jade's $35 million turnover in the 2012 financial year.

A seven member corporate board was established for Wynyard last month.

The company said in a statement to the NZX it was "considering making an offer of ordinary shares to New Zealand retail and institutional investors" and told BusinessDesk it has appointed UBS New Zealand as lead Manager and organising participant for the offer.

"The proposed offer would take place within the next two months and would be conditional on NZX Limited accepting Wynyard Group’s shares for listing."

Only retail investors registered with a broker and financial institutions will be able to buy shares at listing as there will be "no public pool and no provision for over subscriptions."

Best established in the Australasian markets, Wynyard software is in use by the London Metropolitan Police and the New Zealand and Australian police forces, global banks and corporations, and is making inroads into the huge US market, where its products have impressed the Department of Homeland Security.

Wynyard has a strategic relationship with US defence contractor Northrop Grumman and has been signalling since last year it was planning a great leap forward strategy in 2013 and 2014.

Managing director Craig Richardson told BusinessDesk in January the company was seeking multi-million dollar deals in the US during 2013 and 2014, and would need capital support to support such fast growth.

"No money is currently being sought and no applications for securities will be accepted or money received unless the subscriber has received an investment statement," Wynyard said.

(BusinessDesk)

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