Biz briefs: Honey mix up

Last updated 11:25 13/06/2014

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Terms change on honey deal

Comvita's deal to buy honey business New Zealand Honey from the New Zealand Honey Producers Co-Operative has been changed.

It was announced on May 22 that the composition of the purchase price of $12.3 million would comprise $7.3m in cash and $5m in Comvita shares issued at $3.50 a share.

The settlement now comprises $10.3m in cash and $2m in Comvita shares issued at $3.50 a share.

All other terms of the agreement are unchanged.

The acquisition is now expected to be completed on July 1 rather than mid-June, as previously indicated.

Revnue up but loss expands

NZAX-listed mobile advertising company Snakk Media has almost doubled its revenues to $7 million and expanded into Asia, opening an office in Singapore.

Its net loss for the year to March rose 58 per cent to $1.8m, and it ended the year with $6.3m in cash and equivalents.

Snakk said two weeks ago that it was on the verge of launching a service that would let businesses in Australia and New Zealand flash up advertisements or "special offers" to smartphone owners when they approached their stores or those of their competitors.

Businesses will be able to define rectangles on a map that might, for example, be blocks around their stores or around suburbs, and then push out advertisements through thousands of popular smartphone apps when smartphone users entered those zones.

Snakk is valued on the NZAX at $29m.

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