Big Un Faces New Problems Questions Over Ability To Trade
Struggling ASX-listed online video outfit Big Un Limited who has had business dealing with Appliance Retailer publisher Intermedia, has said that they are uncertain whether they will be able to trade again following their recent suspension from the ASX.
Big Un who is under investigation by the Australian Companies and Securities Commission brokered a deal with Intermedia to buy several of their publications.
Big Un, and the contracts it signed with Intermedia along with Big Un statements made in prior Company reports and filings to the ASX are currently under investigation by ASIC and the Australian Securities Exchange. There is no suggestion of any wrongdoing on the part of Intermedia or its offices.
When Big Un listed, its CEO Brandon Evertz was the youngest boss of any ASX-listed company. His father Richard Evertz who is also a director is a convicted criminal who served time in a Victorian jail.
There are also concerns whether the Company is now in a position to post its half-yearly accounts, after missing several ASIC deadlines.
Earlier today the Company told investors today it had missed a key ASIC deadline, leading the regulator to determine the company could not rely on a section of the Corporations Act until May 2, 2019.
“The practical effect of ASIC’s determination is that if BIG wishes to issue a prospectus prior to 3 May 2019, it must comply with the full-form prospectus requirements of the Act,” the company said in a statement.
“The company is currently working diligently towards completion of its reviewed half yearly accounts. At this stage, there remains uncertainty as to when these accounts can be lodged.”
Big Un, and the contracts it signed with Intermedia along with statements made in prior Company reports and filings to the ASX are currently under investigation by ASIC and the Australian Securities Exchange.
This follows revelations the company had questionable finance deals with FC Capital and the admission that the video content business had “inadvertently breached ASX Listing Rule 3.10.3” by not announcing an agreement to issue shares.
Listing rule 3.10.3 dictates company must notify the market of a proposed issue of new shares.
“Big is still in discussions with ASIC with regard to other matters and there is no certainty at this stage as to when the securities will be reinstated to quotation,” the company said today.
Big Un’s share price is stuck at $2.20, giving it a market capitalisation of approximately $380 million.