ASX Incompetent?, page-166

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Fernzy

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28/11/19

23:28

Post #: 41697268
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Originally posted by misterS: ↑

Is there some significance to owning 5.6% of something? I noticed the coincidence of the same 5.6% figure in relation to another ASX Director (and the Moore family) when the BIG thing was a big thing, in the following excerpt from an afr story from 2018:

Big Un revelations as ASX market darling goes into trading halt

JONATHAN SHAPIRO FEBRUARY 19, 2018

...Arm's length?
In a statement to the ASX last week, Big said the shares were issued as part of an agreement struck in late 2016, that FC Capital paid for the shares with cash, and that no further shares would be issued under the current agreement.

"For clarity, Finstro advances payments in relation to BIG's customers," Mr Prout said in an ASX statement issued on February 8.

"Like many major retailers, by partnering with Finstro, Big is able to offer its customers interest free payment terms, and no upfront cost of production," he said.

Big Un also said it was satisfied the relationship was commercial and at arm's length.

FC Capital is a private company. Mr Prout has a 27 per cent stake. In September last year he sold a 5.6 per cent holding to Australian Securities Exchange board director Peter Warne and the Moore family. The filings state there was nil consideration for the share exchange.

Richard Evertz, the chief executive officer of Big, said the company is not dependent on the arrangement for achieving future growth on a sustainable basis.

"The company has and continues to use the Finstro financing arrangement to help accelerate its market share growth."

Big said it would provide further information about its relationship with Finstro at its forthcoming investor roadshow and was due to provide a quarterly update last week....

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Am I reading this right, that a 5.6% stake was essentially gifted to an asx board member? Nil consideration?

ISX Price at posting: $1.07 Sentiment: Buy Disclosure: Held
3 Upvote

0 Great analysis

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ASX Incompetent?, page-166

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