This is a video from the Snakk NZAX listing launch party. Max Flanigan is in the thumbnail pic of the video. He comes in the first time at 0:50.
Last week was an exciting week for Auckland BizDojo residents Max Flanigan and Rhonda McHardy from Snakk Media.
On Wednesday 6 March, Snakk Media listed on the NZAX with a bang: Shares went from an opening price of 6.5 cents to 16 cents on a handful of trades within the first two hours, and closed the week at 20 cents on good volume putting Snakk’s market capitalisation at $41.3 million.
“This is a great milestone for us. We have a great forward-thinking team and real opportunity for amazing growth,” Max says.
“Listing on the NZAX is also a mechanism for Snakk to raise capital as necessary to fund the company’s growth strategy, which we will be doing via a Shareholder Placement Plan in the next couple of months,” Rhonda states.
Snakk Media was founded in 2010 by Australia’s Andrew Jacobs and Derek Handley, the company’s executive chairman. The company offers advertisers channels to target and connect with consumers who are using smartphones and tablets. Across the Tasman, Snakk is estimated to hold around 15 to 20 per cent of the money spent on mobile advertising.
Derek Handley at the Snakk Media NZAX launch event:
“In the last century the way people communicate and entertain themselves has transformed dramatically. We’re in the middle of a new way of that kind of transformation, and it’s riding off the back of mobile devices and tablets.
Snakk as a business is built on this wave. It’s built to ride it out for the next five or ten years as it continues to explode. - - We have chosen to list on the New Zealand Stock Exchange, even though we’re small and at an early stage. We think that it’s the right thing to do.”
What can we learn from Snakk’s listing, Rhonda and Max?
“The NZAX is a great option for small growth businesses to consider as an option for fundraising. More NZ startups looking for investors should consider this as a strategy,” Max says.
“The listing process for Snakk was simplified because we already had a large existing shareholder base with 206.6M shares outstanding. We were able to do a compliance listing rather than issue shares via an IPO which significantly reduced both the cost and risk,” Rhonda adds.