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Manji family ups stake in Snakk Media

NZN 2/05/2017 Jonathan Underhill

A family trust associated with Raf Manji, the Christchurch City councillor challenging Gerry Brownlee for the seat of Ilam at the next election, has become the largest shareholder in Snakk Media.

The Manji Family Trust will buy 550,000 shares at 20 cents apiece, raising $110,000 and lifting its holding to 17 per cent from 13.3 per cent.

Snakk Media, which aggregates publishers' advertising space on mobile devices and matches it to demand, announced the share issue with its final business update for the year ended March 31. Under small-market NXT rules, companies put out a series of metrics each quarter rather than the more detailed financial statements published every six months by NZX main board listed companies.

Estimated advertising revenue in the latest year was little changed at $10.6 million, from $10.5m in the 12 months ended March 31, 2016.

It said revenue in its fourth quarter was lower than budgeted and combined with the timing of Snakk's return on its investments, had resulted in a level of working capital which was less than required to prudently manage its business.

The company said it was pleased that the Manji family had shown support for its prospects by committing the additional capital at a value significantly higher than implied by recent market trading.

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