Despite its ASX shares being in a trading suspension for a few weeks, video services business Big Un Ltd (ASX: BIG) has continued to deal with the fallout from a Fairfax Media Limited (ASX: FXJ) investigation.
Big Un is a $380 million Sydney-based video services business, providing digital production services to small and medium businesses. Big Un’s main operations are undertaken via its subsidiary, Big Review TV Limited, according to information from Reuters.
Recently, The Australian Financial Review’s Johnathan Shapiro provided a thought-provoking piece into the operating and financial practices of Big Un, ultimately leading to a trading halt in its ASX shares and then a suspension.
In February, Big Un filed a shareholder update with the ASX covering the company’s disclosure of Mr Hugh Massie’s interests in the company, its deal with FC Capital and Finstro, share issuances and corporate governance.
Since then, Big Un announced board changes, including the resignation of non-executive Chairman Hugh Massie and the appointment of William Knowles as an independent director.
Yesterday, Big Un announced the resignation of company secretaries, David Conley and Elissa Lippiatt. They will be replaced by Mr Francis Farmakidis.
Big Un also used the announcement to release an outlook statement, saying:
“The Company continues with its plans to build the board, its international roll-out, tech development and to deliver products and services to meet demand from Australia, USA and UK and will update the market shortly.”
Unfortunately for shareholders, Big Un did not provide an indicative timeline for when or if its ASX shares would return to trade. However, going back to February 23rd, the ASX said:
“The Company’s securities will continue to remain suspended in accordance with listing rule 17.3, pending further enquiries by ASX and ASIC.”
Join Rask’s Investor Club Newsletter Today
You can join Rask’s FREE investor’s club newsletter today for all of the latest news and education on investing. Join today – it doesn’t cost a thing. BUT, you’ll need a good sense of humour and a willingness to learn.