Have just spent a few hours, in between doing other things, reading every post on this thread.
I have been offline today, due to being at my local raceway (Baskerville, Hobart) where they held a race meeting with the brilliant Aussie Race Cars headlining.
I take a lot of interest in BIG threads, due to this being my largest holding at present.
I want to acknowledge the amazing analysis of
@Ryzie and
@Thanky that was posted at the start of the thread.
This thread epitomises what HC should be about. Where you get detailed analytical discussion from holders and non holders alike. This is where those non holders who have a detailed interest in analysing the information can be located.
I have been involved in the stock market for 26 years, but have never seen a situation like this to require such in depth analysis to try and nut out the facts.
The research of Ryzie and Thanky helped me on a few fronts (apart from understanding the deal better).
There were numerous posts on Friday relating to the figure of $18,084,000 quoted by BIG in its announcement in regards to Q2 cash receipts (no, I am not disputing the figure as it was on that BIG provided) being completed through Finstro (90%~).
I didn't have any strong immediate thoughts around this.
My immediate thoughts were then how did BIG get Q1 cash receipts of $15m and q4 receipts of $9.3m.
It is not possible to know what limits may have been in place at various times for the sponsorship pool with Finstro. I would guess it was increased on August 9, 2017 when a new sponsorship agreement was signed. (Agreement signed 9/8/17, "executed" 1/11/17).
I want to add to the discussion on a couple of other points.
ARPU has been mentioned a couple of times here. My immediate thought that it may be cumulative (based on renewals), but is an annual figure (refer screenshot below). Latest quoted AUD figure was $7.5k in 31/10/17 investor presentation.
11 videos have been uploaded during the past 2 hours (refer screenshots below), and there are 2 particular examples where the client has purchased more than 1 package (1 with 2 packages and 1 with 3 (looks like they are 3rd version takes though)).
I want to add one more topic, and perhaps the one that may get the most discussion as I don't think this has been touched on much as yet.
In 1 of the questions BIG was asked about any other FCC like deals in place at present.
In Point 41 the company advised "the company is beta testing the Finstro sponsorship model in the US".
Annexure 2 paints the picture.
Item 53 provides details on the issue of shares to First Class Capital (1/11/2016) in relation to the 3,030,303 shares under the reason of "sponsorship agreement". We all knew about this.
So what, you might say.
Scroll down to item 81 (from memory, it's the bottom one anyway). This item provides details of issuing 2,200,000 shares (plus another 1,600,000 (far right) subject to shareholder approval) to CAIVIS Investments (2/2/17) under the reason "sponsorship agreement" (at $2.37 per share).
And who is the founder of CAIVIS Investments, none other than David Steinberg.
So CAIVIS (David Steinberg) is, it would seem, going to be providing the same Finstro model to BIG's US customers.
So, in the Feb 1 announcement, it's says David will be taking a small shareholding in the company. It looks like it will be his investment company doing that, by BIG giving him "free" shares for "services rendered" (App3B 5/2) via him being the US equivalent of Finstro in Aus.
I wonder if BIG see the reply to the ASX query as the announcement of it. (I would hope not based on what we are going through now).
You can draw your own conclusions about what "services" you think CAIVIS will be providing BIG by viewing the 1/2 announcement.
Screenshots below.
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(20min delay)