Derek Handley's Snakk to list next month, boosts 1H sales 48%

The Auckland-based company will list on the NZAX on March 6 in a compliance listing, allowing future capital raising.

Snakk Media, the latest brainchild of Hyperfactory co-founder Derek Handley, will list next month on the stock exchange's small-cap bourse as a pre-cursor to a capital raising.

The Auckland-based company, which aggregates publishers' ad space on mobile devices and matches it to advertisers' demand, will list on the NZAX on March 6 in a compliance listing, allowing future capital raising, it says in a statement.

More than $750,000 was raised at the tail-end of last year.

As part of the listing, Snakk has appointed Jucy rentals co-founder Tim Alpe and Telecom general manager of market strategy Michelle Kong as directors, joining Mr Handley on the Snakk board.

Xero chairman Philip Norman and Sean Joyce, who sits on the board of controversial Snakk shareholder SeaDragon, resigned as Snakk directors last month, according to Companies Office filings.

The announcement comes after Snakk posted a 48 percent gain in sales to $1.22 million in the six months ended September 30. The mobile ad company made a net loss of $610,000 in the year ended March 31 last year on sales of $1.99 million.

Snakk is on a growth strategy for the next 12 months with a focus on grabbing Australian market share, where the total spend on mobile advertising is projected to reach $A177 million by 2017.

Mobile device advertising firm The Hyperfactory was sold to US media firm Meredith in 2010.

(BusinessDesk)

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