In light of the rumours regarding missed payroll and administration, it appears that this ruling by ASIC was the dagger to the heart of BIG. It appears that BIG needed to raise funds quickly (I wouldn’t be surprised if the new Russia-connected financiers were intended to facilitate that raise) but ASIC wouldn’t allow them to proceed without restating accounts first. From there is was only a couple weeks until the cash cupboard was bare.
Was RE suspended from being a company director due to his record at Imagine? He should have been as this has apparently turned out to be the exact same behaviour. Perhaps he was. I wouldn’t be surprised to see legislative changes that restrict people from being corporate offers in listed companies out of this, in addition to restrictions that already exist about directorships.
BIG Price at posting:
$2.22 Sentiment: None Disclosure: Not Held
