Pricemaker Acquisition Update
Sydney, June 1, 2017 AEST (ABN Newswire) - Following the process of due diligence, Big Un Limited (
ASX:BIG) ('the Company') wishes to advise the market that it will not proceed with the proposed acquisition of Pricemaker Ltd through the staged transfer of 15.5m shares at $0.20 as previously announced on 22nd November 2016.
The parties have enjoyed a good working relationship over the last 8 months and intend to continue to investigate possible joint business opportunities in New Zealand and internationally.
BIG To Build Internal Development Team
IT Development to Focus In-House
Following consistent and continued business growth, Pricemaker has helped smooth the internalistaion process of BIG's development team, and will continue to work closely with BIG to develop this team on a consultancy basis during Q4 2017.
Outlook
In the Best Interest of Shareholders
Commenting on the decision for the business, CEO Richard Evertz says "We have now completed the process of due diligence for the proposed acquisition of Pricemaker. Since the agreement was structured in November of last year, BIG has grown significantly in Australia and further abroad. We have a good ongoing relationship with the Pricemaker team, however, it is in the interests of our shareholders to ensure that the Company's investment in IT is diligent, and structured accordingly to remain focused and keep pace with the Company's strong growth trajectory."
About Big Un Ltd
Big Un Ltd (ASX:BIG) is the parent company of Big Review TV Ltd. Big Review TV are innovative disruptors in the online video space delivering subscription based video technology products and services. The Company has operations across Australia and in New Zealand, the United Kingdom and the United States, Hong Kong, Singapore and Vancouver and was listed on the ASX in December 2014.
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