Published 31 December 2010
A listed company looking for a future, CER Group Ltd, changed its name once more on 20 December and announced its first prospective investment under the new name of Claridge Capital Ltd on Christmas Eve.
The new venture is in mobile media network advertising and is to involve the listing (somewhere) of a second company, Agent M Group Ltd, once a series of transactions has been completed.
The restructuring proposal is complicated. In short:
Claridge subsidiary Rec No 1 Ltd will acquire Agent M Group for $5 million-worth of new sharesClaridge will undertake some kind of capital-raising to produce $1 million, investment that in Agent M Group and facilitate Agent M’s application to list, andRec No 1 shares, currently held by a trustee company for investors on the Claridge register at 17 December, will be distributed to that list of investors.
The whole new setup begins at ad agency & mobile marketing creator The Hyperfactory Ltd, formed by brothers Geoffrey & Derek Handley in 2001. Geoffrey Handley quit the company in 2007 and John Handley (St Heliers, but latest address Bangkok) quit in July but remains a director of companies in the Claridge setup. Derek Handley’s main abode is given as Hong Kong.
Derek Handley is the sole director of the company at the centre of Claridge’s new future, Agent M Group, and Agent M Holdings Ltd is its shareholder. Agent M Holdings has 4 directors – Derek & John Handley; Grant Baker, Kohimarama, 42 Below Ltd founder & former director, whose most recent investment is in Dorchester Pacific Ltd; & Richard Frank, Beverly Hills, California.
According to Claridge, Agent M Group is a media & technology company “devoted to the emerging digital, mobile phone & social-media advertising markets. The group is currently in 2 component parts: Snakk Media and Agent-M. “Snakk Media is a mobile media network & analytics business that aggregates mobile advertising inventory for top-tier advertisers in the Asia-Pacific market. The overall objective for Snakk Media is to become a powerful force in the social & mobile media revolution in the Asia-Pacific region, and seen as the premium player in a rapidly exploding space.
“Agent-M is a proprietary technology designed to integrate & automate as many of the processes behind aggregating these transactions as possible in order to increase margin & efficiency.” Claridge said the listing of Agent M Group was to provide funding over the next 24 months to enhance current technological advantages, expand sales & business development capabilities and maximise the early-mover benefits.
Most of the steps to set up the new future are to happen by 31 March.
Before being called CER Group, Claridge went by several names – Certified Organics Ltd, AQL Holdings Ltd, Aquaria 21 Ltd, Queen Charlotte Holdings Ltd and, its first incarnation in 1996, Regal Salmon Ltd. Its directors now are Evan Davies, Remuera; Roger Gower, Remuera; & Sean Joyce, Parnell, and it has several large shareholders.
The company said in its annual report in July it had sold its catalogue & internet sales business, NZ Nature Co Ltd, to former managing director David Warrick, sold its remaining land at Townsville and was looking for a good business to acquire & grow. The group made a $3.5 million loss in the 12 months to March 2010, on top of a $5.65 million loss in the 15 months to March 2009.
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.