Company restructure

Company restructure On 19 October 2020, the then-liquidator of Snakk Media Limited (the Company) advised NZX that the Company had been removed from liquidation pursuant to an order of the High Court dated 9 October 2020. As signalled then, this step was part of a broader restructure of the Company with a view to seeking reinstatement of the Company's shares on the NZX Main Board. The Company is currently discussing this restructure with NZX Regulation and expects the current suspension of trading to be lifted in due course. The purpose of this announcement is to set out further details of the restructuring. Following restoration of the Company from liquidation on 19 October 2020, Sean Joyce (Chair), Roger Gower and Angus Cooper have been appointed as directors and Peter James (the then-sole director) has resigned. The new board arranged to change the name of the Company to Goodwood Capital Limited with legal effect from 20 October 2020. The new name and a new ticker code (GWC) will become effective on NZX's systems from 4 November 2020. The new board has also arranged to transfer management of the Company's share registry from Computershare Investor Services Limited to Link Market Services Limited, which should be completed by 6 November 2020. The focus of the new board going forward is to identify a suitable business opportunity to invest in and/or acquire through a reverse takeover transaction. Currently, there are no initiatives being investigated given the early stage of the restructuring process but the Company will provide the market with any updates as to material developments in due course. It should be noted that, although the board intends to undertake a reverse listing in the next six to 12 months, there can be no guarantee that such a transaction will occur. In order to put the Company on more stable footing, the Company will undertake a capital raise of $52,669 through an issue of 2,633,453 new ordinary shares to wholesale investors at an issue price of 2 cents per share. The capital raise will be made as a 15% placement conducted in accordance with NZX Listing Rule 4.5.1. To facilitate the Company coming out of liquidation and provide some financial stability, Mounterowen Limited (Mounterowen) (a company associated with new director Sean Joyce) had acquired all outstanding debts of approximately $250,000 and agreed to defer the terms of such debts. Separately, Mounterowen has also made several loan advances amounting to $100,000 in aggregate to the Company to assist with costs associated with the application made to the High Court to terminate the liquidation, liquidators' costs, and accounting and administration costs. These advances are repayable at the earlier of 12 months from the date of the loan advances, provided the Company is solvent at the time, and the date upon which the Company enters into a major transaction. Company's financial position Following the restructuring, the Company has assets of approximately $70,000 comprising cash of approximately $50,000 an NZX bond of $20,000, and debts of approximately $350,000 owing to Mounterowen Limited. Financial statements for the year ended 31 March 2020 have also been prepared by the Company and will be audited shortly. The audited financial statements and annual report are expected to be made available to shareholders shortly. The Company will also prepare an annual report for this period and hold an annual meeting of shareholders in early December 2020. In the interim, the Company will be releasing half year results. These are expected to be made available to shareholders around 15 November 2020. End CA:00362261 For:SNK Type:MKTUPDTE Time:2020-10-30 08:30:39