AFR on BIG again, page-73

Johnny is on it yet again

Big Un Limited shares suspended from trading

by Jonathan Shapiro

Shares of Big Unlimited, the company behind online video firm Big Review TV, have been placed in suspension after the group asked for more time to respond to queries from the ASX.
On Monday, the company requested its shares be placed in a trading halt because it was unable to respond to questions sent to it by the ASX via an "aware letter", and was scheduled to resume trading on Wednesday morning.

"The company's responses to that aware letter were provided to ASX in advance of the date of the lifting of the original trading halt," company secretary Elissa Lippiatt said in a letter to the exchange.  

Big Un Limited has a market capitalisation of $300 million and was the top performing stock on the exchange in 2017, gaining 1,600 per cent from 20¢ to $3.63. The company had been on the verge of admission into the S&P/ASX 300 index.

While shareholders made stellar gains, questions have been asked about chief executive Richard Evertz's previous run in with the competition watchdog, its decision to change auditors in 2016 and its tendency to frequently issue shares to service providers at deep discounts.

The Australian Financial Review revealed that Sydney based finance company FC Capital had security over Big Review's assets until April 2041. That included the $30 million cash balance disclosed by the company in its year end financial statement.

Earlier this month, the company admitted that FC Capital was providing finance "in relation" to Big's customers, advancing payments that facilitate cash sales. That disclosure to the stock market came after Financial Review asked the company to clarify its relationship with FC Capital.

The Financial Review subsequently discovered that FC Capital had been issued to with over three million shares in Big, during 2017 and 2018 at 20¢ per share, significant to the share price which almost reached $5.00 in late November after the company announced a US acquisition.

The company said the shares were issued to FC Capital as part of an agreement reached with the company in late 2016.

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