Sorry for the delay, I have been with my kids school holidays. I...

Sorry for the delay, I have been with my kids school holidays. I simply didn’t have time to give a detailed response to my meeting with Nick Jordan until today.

Firstly let me start off with saying that this guy is a serious operator, his background is incredible, if you haven’t already done so check out his LinkedIn profile and research him, I also advise meeting with him, it was very easy to co-ordinate.
I’m going to keep this a brief as possible. These were some of my questions and the answers he gave me:

1. Why are you here? (Apparently everyone has asked this and he’s a bit over it) He said it was an easy decision based on the company’s business model and studying what actually what went wrong (his words). He believes that a social media video review platform is and was a very good idea. He liked pillar one but really loved pillar’s two and three and could see enormous potential especially if pillar three could engage (as we all did!). Moving forward they are focused on very carefully building the new video content library, to catalogue it and monetise it.
2. What DD did he do? (Remember that he joined BIG in the middle of the s**tfest after the AFR RE blackmail article) He said he interviewed the company lawyers and accountants and understood the issues the company faced and he believed he could turn it around.
3. Was there a Ponzi scheme or fraud? Apparently not, he claimed that he couldn’t afford to tarnish his reputation at this stage of his career so he spent the first two weeks reviewing the company documents and accounts with legal teams and was satisfied that there was no malfeasance (but there were definitely some bad management decisions) and that basically the two issues are related to: A) disclosures around the issuances for shares for services and B) the financial revenue reporting, but that these were governance and accounting issues.
4. When are the accounts being lodged, why so long? He said that after the February AFR articles the new lawyers advised the board that they thought they should get a second opinion on the accounts. This required engaging a top tier firm and starting the accounts from scratch which would normally take about three months, but its been longer due to the many issues the company continues to face. For example, the need of recalculating value of shares issued on those 3B notices, and the VA of the BRTV. He said they will be lodged ASAP.
5. What has been the biggest challenge? The biggest challenge was gaining or maintaining support with FCC, but he said the AFR articles destroyed the relationship with FCC (as already published by BRTV in the Doca report) not the business model and he said the constant negative AFR articles has damaged the business. It has made it very difficult, he is looking for two new local directors and a C-suite. He was upset that there was no positive article or news when BRTV came out of VA as it was a real challenge, the Doca had overwhelming support to continue the business.
6. What about the ASIC investigation? This one was a no-go. Apparently it can’t be discussed. I guess that if NJ satisfied himself enough to take the exec chair we’ll just have to wait and see what ASIC find.
7. When will we re-quote? He didn’t have an answer here, he said they must address the issues and continue to re-build the business, but he couldn't give me a timeline.
8. Has he got support? He say's that he has a lot of support from the shareholder base, basically everyone wants to see the company re-quote

So thats it in a nutshell. I left feeling more informed but no more confident in getting re-quoted shortly. It's a shame we didn't have this guy in last year I believe he would have prevented this mess! The guy is doing his best to turn this mess around!


also I finally met with Andy Corner last week, the CFO I will update on that one when I get more time.

I hope this helps