Far East Associated Traders subscribed to 25M SNK at 0.5c
The issue price was satisfied by the payment of $125k by FEAT to Snakk. Derek Handley is a director of FEAT
and SNK issued 100M SNK shares at 5c in settlement for 100% of the share Capital of Agent M Group,
The counterparty to the Share Sale Deed, as vendor of the Agent M Shares, was Agent M Holdings Limited (“AMH”), a company in which Mr Handley is a shareholder and director.
It finishes by saying:
The directors of Snakk did not receive or rely on any independent advice in determining the 5 cent per share valuation; and..
The final value attributable to the Agent M shares was largely theoretical.
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