Derek Handley is becoming the Terry Serepisos of tech

Derek Handley

Derek Handley

Derek Handley, the sustainability show pony, has some grim news for his shareholders at Snakk Media.

It seems the business may not be sustainable.

Auditors have highlighted a “material uncertainty” as to whether Snakk Media can carry on as a going concern, as it scraps plans for an ASX listing and plans to raise more money from shareholders.

The NZAX-listed digital advertising agency, which matches advertisers with mobile users, released its annual report to the stock exchange late Friday afternoon.

In the report, management says the company’s ability to operate as a going concern depends on its ability to achieve budgeted revenue and gross margins, whether it can finalise a financing agreement and receive continuing support from shareholders.

Auditors Staples Rodway highlight this, saying: “These conditions indicate the existence of a material uncertainty that may cast significant doubt about the group’s ability to continue as a going concern.”

The auditors suggest that if the company is unable to continue its operations, assets may need to be revalued and bank debt may need to be reclassified as short-term.

Handley and Snakk thought they might get away with releasing their annual report late on a Friday, hoping it might get ignored. I guess the NBR is wise to that trick.

According to the NBR, it looks like some of Snakk’s non current liabilities might look more like current liabilities if these uncertainties should continue.  That sounds a lot like code words for the bank calling its debt in.

Derek Handley is the Terry Serepisos of tech, all piss and wind. After all, it’s not the first company he’s struggled with. He ran his old company Feverpitch, a failed online gambling company, into the ground back in 2003. The NZX wreckage mutated into a reverse listing before that in turn got delisted.

Investors in Snakk and believers of Handley’s hype spraying might want to read the annual report very closely to make sure they are happy with Snakks big picture.

SkyTV will be sure to ask questions as well of Derek, since they, for some unknown reason, thought it a good idea to put Derek on their board of directors.

One things for sure, we won’t be seeing Derek updating his own Wikipedia page with the news he might ruin his second listed company unless he finds some cash, pronto. Maybe instead of lecturing others he might listen to some wiser old hands about what business sustainability is all about.

 

– NBR

Oh look, the Green Taliban’s Delahunty lied. Is anyone surprised?

Catherine Delahunty has been busted lying about Gloriavale school.

No surprises there, these are the same tactics she uses against charter schools she has never visited.

Gloriavale’s Christian Community School has hit back at claims it is teaching a “sexist curriculum”.

The school’s principal Faithful Pilgrim said most female students chose to follow traditional and biblical roles because of their own faith, love for children, and “respect for their mothers”.

Claims of sexism and domestic servitude were levelled at the school in yesterday’s Herald on Sunday.

Green MP Catherine Delahunty said she was concerned the school’s narrow curriculum – believed to be based on an American fundamentalist Christian course – prevented pupils, especially girls, from going on to tertiary study, and instead steered them towards domestic roles within the secretive West Coast community.

She also questioned how the Education Review Office, which recently gave Gloriavale a pass mark, could rubber-stamp a school that appeared to be in breach of human rights legislation.

Mr Pilgrim refuted those claims tonight in a statement.

“Our school is not in breach of human rights legislation,” he said.   Read more »

Does IRD have bent staff? – A Whaleoil special investigation

THERE’S nothing more certain than death and taxes, but what can we say for sure about the Inland Revenue Department?

Over the next few weeks we’ll be turning our attention away from Colin Craig and Dirty Politics to reveal what really goes on inside the IRD.

You’ll be stunned at what we’ve managed to uncover.

Here’s the thing. If, like most law abiding New Zealanders, you thought the IRD was a governmental institution free from treachery and corruption, then it’s time to think again.

If you thought a framework was in place to stop the payment of bribes and kickbacks to public officials prepared to violate the law, then you were sadly mistaken.

The taxman may be regarded as the grim reaper of small business, but as we’ve discovered with the right connections he can also be a real friend in your time of need.   Read more »

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The continued defamations by Colin Craig

Colin Craig called a press conference last week. At that press conference he hurled all sorts of accusations live to media, and handed out a booklet at the same press conference.

That booklet contains many defamatory allegations, none of which are true. Colin Craig repeated those defamatory allegations on all media outlets including Radio NZ, TVNZ, TV3, Radio Live and NewstalkZB.

The Conservative party hosted that document, and the defamatory press statement of Colin Craig and Helen Craig.

They were notified that continued hosting of the document would expose all of their office holders and the party to an action that is being contemplated against Colin Craig. The document has been removed and the press statement as well.

Other media have likewise removed the document.

Colin Craig has, it appears, mailed out that booklet or distributed to an unknown number of households, and the proof was furnished in a tweet by Toby Manhire.

craig-defamation Read more »

Whaleoil General Debate

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Face of the day

Shanelle Curtis, partner Tangi Roi and  son Xarien. Photo / Peter Meecham

Shanelle Curtis, partner Tangi Roi and son Xarien. Photo / Peter Meecham

Today’s faces of the day, Shanelle Curtis and her partner Tangi Roi, have a great story to tell their son Xarien about his speedy arrival into this world thanks to Constable Errol Diprose.

Giving birth on the side of a motorway during rush hour with a policeman playing midwife is not how Shanelle Curtis expected to welcome her first child.

But that’s how it happened – in the back of her sister’s van with traffic speeding past and motorists on the Southern Motorway peering in.

Ms Curtis, 19, went into labour five days before her due date. When her contractions became closer together, she left her Otahuhu home with her mother and her sister, Julie Moleu, and drove towards Auckland City Hospital, where her midwife was waiting.

Her partner, Tangi Roi, was working in Warkworth and he also headed for the hospital, expecting to meet the women there.

But the baby had other ideas.

Read more »

Word of the day

The word for today is…

persiflage (noun) – 1. Light good-natured talk; banter.
2. Frivolity or mockery in discussing a subject.

Source : The Free Dictionary

Etymology : 1757, from French persiflage, from persifler “to banter” (18th century), from Latin per- “through” + French siffler “to whistle, hiss,” from collateral form of Latin sibilare “to hiss,” possibly of imitative origin. Said to have been introduced in English by Chesterfield.

Daily Proverb

Proverbs 3

18Wisdom is a tree of life to those who embrace her; happy are those who hold her tightly.

Monday nightCap

Ever want honey this badly? I would go without

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