Big Un Misses Half-Year Deadline, Court Case Looming
Big Un could be heading to court after failing to meet its deadline put in place by the Australian Securities and Exchange Commission where the media company was required to lodge its half-year statements by July 3.
ASIC has told Big Un it intends to commence NSW court proceedings against the company which will be listed in mid-August.
According to the company, its auditor is overseas and will return in the middle of this month. ASIC declined an offer by Big Un to withdraw the notice.
Company secretary, Francis Farmakidis resigned leading to this move.
Big Un says, “To date, Big Un has not been served with any court documents and has reserved its rights in respect of any such application.”
In a statement posted on the ASX the company says, “The half-year report was substantially complete. It was not in a position to lodge the half-year report by 3 July 2018, as its auditor was overseas returning to Australia in mid-July 2018; and BIG’s auditor had confirmed that he would be in a position to finalise the half-year report in the week following his return to Australia.”
Big Un shares are suspended at $2.22 following a trading halt placed in February.
Big Un CEO resigned in late May following the collapse of its online video subsidiary, Big Review TV which was put into voluntary administration days after its financier, FC Capital, offloaded exposure to an insolvency expert.
In March, Big Un had attempted to forge a relationship with The Intermedia Group – publisher of several national titles including ‘Appliance Retailer’.