Mr Massie confirms that he has disclosed his interests in the Company. Further, Mr Massie has confirmed that Gajah Investments Pty Ltd [Coddington Investment Account] is not a related party to Mr Massie, is not controlled by Mr Massie and Mr Massie does not have any beneficial interest in BIG shares held by it. Further, Mr Massie transferred ownership, control and beneficial entitlement in Coddington Nominees Pty Ltd [Coddington Investment Account] to Gajah Investments Pty Ltd prior to becoming a director of the company. Further, the company secretary and share registry were notified of the ownership changes prior to Mr Massie becoming a director. Therefore, Mr Massie has not controlled these accounts since becoming a director and does not have any beneficial interest in shares held by them.
FC Capital and Finstro
The board confirm the purchase of a total of 3,030,303 BIG shares by FC Capital was negotiated in November 2016 at a premium price of $0.20 when the Company's share price was $0.16. The Company's directors remain confident that the purchase of and payment for stock made by FC Capital remains commercial, at arm's length and satisfies corporate governance requirements. These are the only shares issued to FC Capital, and no further securities will be issued pursuant to this agreement. Financing arrangements with FC Capital remain in place for BIG customers.
The Company has and continues to use the Finstro financing arrangement to help accelerate its market share growth. However, the company is not dependent on the arrangement for achieving future growth on a sustainable basis.
Further information about the Finstro arrangements will be provided in the investor roadshows taking place this coming week.
In relation to the Company's historical issuing of shares for services, Mr Hugh Massie stated, "The issue of script in return for services has been carefully considered and taken to ensure the best outcome for all shareholders. When BIG embarked on its growth strategy post listing, the strategy of the board was to use script as a method of payment for strategic suppliers. Examples include technology suppliers, strategic and corporate advisors. It is the view of the board that this strategy has bought better alignment with BIG in the long term."
The board has been reviewing candidates to be appointed as non-executive directors and will make further announcements on this in the future.
Richard Evertz CEO said "The Company is continuing to experience strong growth both here and in the US, and the board confirm that the fundamentals of the business remain unchanged and strong. We will provide the usual quarterly update to the market later this week as planned, along with undertaking an investor roadshow."
About Big Un Ltd
BIG (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.
Link: Shareholder Update