BIG burrendong minerals limited - withdrawn

Ann: Response to ASX Query Letters, page-259

Currently unlisted. Proposed listing date: WITHDRAWN
  1. 2,519 Posts.
    lightbulb Created with Sketch. 237
    You're correct the percentages wouldn't change.

    The breakdown is the following on submission of a 'job' I guess you call it to FCC

    35% to BIG
    24% commission to FCC
    41% to the bank account controlled by FCC and released to BIG once a video is completed and a customer accepts the $1,000pm package.

    BIG can substitute a customer if they choose not to proceed after video shooting.

    If BIG can't find someone within 120 days for the $1,000 pm package they pay back everything PLUS 24% fee. So being fronted 35% working capital could turn into a 124% cost if they don't find a customer. In fairness 41% is already in the bank account but they would have to pay the original commission and the 24% penalty and their 35% back.

    That's why I'm saying its high risk. If the defaults start, it's lights out imo.
    Last edited by Thanky: 23/02/18
 
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Currently unlisted public company.

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