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Shares of software company, Wynyard Group, which is a market leader in making crime fighting software, hit a record low when it lifted its one week long trading halt. The company's shares almost halved.
Wynyard's shares dropped about forty percent following the company's disappointing annual result along with majorly discounted rights issue aimed at raising cash.
On February 17, Wynyard went into a trading halt after its planned $30 million share placement was held up and the company was left to move quickly looking for working capital. The software company suspended trading its shares one week ago ahead of the announcements.
On Tuesday, Wynyard said it will offer a rights issue for the entitled shareholders at 85 cents a share for each one in four shares. The company said, it had "a material dependency on raising sufficient further capital by the end of March 2016."
The company reported on Tuesday, that the annual net loss almost doubled to $44 million and the revenues had increased approximately one percent at $26.3million.
Craig Richardson, Wynyard's Chief executive said that the company has made some mistakes but is in good shape with strong channels of sales for 2016. He said, "We're shaping our business plan to bring forward cash break-even, while sustaining reasonable growth."
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