Announcement says that their Australian subsidiary is in administration.
So Snakk Media Limited survives for now, but I guess it will follow suit in due course.
SEA sold it's Snakk shares many years ago.
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Announcement says that their Australian subsidiary is in administration.
So Snakk Media Limited survives for now, but I guess it will follow suit in due course.
SEA sold it's Snakk shares many years ago.
https://www.nxt.co.nz/companies/SNK/...cements/330263
He of Viking Capital & ICP Bio throws in the towel :D
And guess Mr Marvin Yee who invested $55,000 will simply have to treat his investment as a 'look-see' fee?
Dust to dust eh Handley, more govt advice in the offering on how not to do things ?
https://www.stuff.co.nz/entertainmen...ig-yellow-taxi
To give the Handley devotees their fix. :D
It seems to mean that a week ago the company went into liquidation and they didn't announce it to the market, and all shareholders are fecked unless they apply as a creditor, which they are not, for recompense on any moneys retained or recovered. The option is left open to sell the company as part of the recovery but as the receiver alludes, the recoveries are slim to none (paraphrased).
In plain english, it's 'over rover'. Your investment in this dog, which you should have seen coming a long time ago, has vanished.
Ultimately their product was caught in a squeeze with the growth of social media use, they were having to fight with the crumbs.
Cost base (277k in director salaries, 400k leases and millions in salaries...) caught up with their inability to grow past 10M