I was trying to look into Simon Grover. He was the owner of Intermedia Group Pty Ltd which was sold to BIG with shares still to be issued totalling 3,261,595 at an issue price of $0.30. This happened on the 21/11/2016.
Later in the share issuance list I can see a contractor agreement with the party Tatmarni Pty Ltd. There are 2,416,667 shares provided for services plus another 1.2 million shares in lots of 300,000 issued as unquoted options at $0.20, $0.25 and $0.30. The comment says that there are still 500,000 shares to be issued that were approved in the AGM.
A bit of a background search identified Simon Grover as the owner of Tatmarni Pty Ltd. Tatmarni has an address in co-lo offices in Sydney at 100 Harris street (space for hire, not actual offices) and the company Tatmarni has no website presence indicating its probably a shell company with Simon as a single director and shareholder.
In the sale of Intermedia Group to BIG did BIG hold onto Simon Grover on some sort of retainer for services paying him in a further bucket load of shares?
I don't like the fact that BIG is providing shares for services as it impacts on share value for other holders in the company. If they want their money they'll sell the shares rather than being a long term investor in the company.
BIG Price at posting:
$2.22 Sentiment: Sell Disclosure: Held
