Following a long-running media saga, recent reports reveal Big Un Limited Chief Executive, Richard Evertz, has resigned – news which follows the collapse of online video subsidiary, Big Review TV, which has entered voluntary administration.
As previously reported, Big Un had attempted to forge a relationship with The Intermedia Group – publisher of several national titles including ‘Appliance Retailer’.
According to afr, Big Review TV entered administration only days after its financier, FC Capital, offloaded exposure to an insolvency expert.
The news follows Big Un’s recent ASIC investigation, and over three month suspension from the ASX.
It also succeeds the resignation of Big Un Chairman, Hugh Massie, in March this year. Mr Massie was replaced by American banker Nicholas Jordan.
In conjunction with financier, FC Capital, the Board claims recent events will “help the group to restructure and preserve value for shareholders”.
FC Capital previously provided funding to Big via a controversial sponsorship deal.
Big Review TV asserts it received notice from FC Capital, stating it assigned claims to ‘AS Capital Venture’ – an entity controlled by an external insolvency expert.
In an ASX statement, Big affirms AS Capital will fund Big Review TV during the administration. Big is reportedly in talks with AS Capital to release itself from all claims.
As per afr, Big Review TV staff were today told to not take leave without pay, as the Board seeks to find a resolution.
Big Un Limited’s ‘BHA Media Pty Ltd’ and ‘Food and Beverage Media Pty Ltd’ businesses will “continue to be run by existing management”.
