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Wandisco investigation latest as firm set to rebrand


Wandisco is likely to be renamed as part of the data firm’s “Turnaround Plan.”

The listed Sheffield group has also revealed the latest update from an independent investigation into $115m of false sales bookings.

It has previously said that the “irregularities” were the actions of “one senior sales employee only.” Today it has confirmed that there were 8 companies from which Purchase Orders “transpired to be false.”

“The findings of the independent investigation confirm that there are no recent contracts, revenues, Proofs of Concept, technical engagements or sales relationships between any of these eight companies and WANdisco,” read the statement to the Stock Exchange.

It said that it would continue to cooperate with the authorities.

This morning’s update follows Wednesday’s news that 97.7% of its shareholders had voted in favour of resolutions to raise up to $30m in equity and lift the current suspension of its shares.

That AIM suspension is expected to be lifted at the end of the month, when the fundraise has been completed and its audited accounts for the year to 31st December have been released.

Wandisco said that it was also anticipating a rebrand, including a new name.

“The change to the company name is part of a broader update to the Company’s overall brand to best reflect the values and vision embodied in the Turnaround Plan, including but not limited to improvements in disclosure, governance, and the Board’s future ambitions for the Company.

“Further details on the proposed change will be shared as appropriate.”

It’s expected that it will be discussed at its Annual General Meeting.

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