Wynyard Group, the intelligence software developer, is looking into how it can tap a stand-by loan facility agreed in August with major shareholder Skipton Building Society, saying it needs the funds for working capital.
Auckland-based Wynyard, which posted a wider first-half loss in August while slashing its full-year guidance, has seen its shares plunge 88 percent this year before being halted on Monday.
The company has revamped its board and restructured into two units, while embarking on a cost-control strategy to address its disappointing performance. Today it obtained an extension to the trading halt until the start of trading on Oct. 25.
On Aug. 10, Wynyard said it had secured a $10 million revolving credit facility with major shareholder Skipton which would help it manage "revenue timing risks".
The one-year facility, secured over the assets of the company, includes arrangement and commitment fees, drawdown fees of 8 percent, and an annual interest rate of 15 percent on any amount drawn down.