Below is what ASIC has said about Big Un in its ASIC Integrity Update that was issued today:
We have restricted Big Un Limited from eligibility to issue a reduced content prospectus until 2 May 2019.
Our decision follows Big Un’s failure to lodge certain reports within the timeframe required by the Corporations Act 2001
The decision means Big Un will not be able to rely on reduced disclosure rules and must issue a full prospectus to raise funds from retail investors.
The ability to use a reduced disclosure prospectus is a privilege that is dependent on compliance with other aspects of the law, including companies meeting their ongoing disclosure obligations.
Where a company fails to comply with its periodic disclosure obligations in a full, accurate and timely manner, we will intervene to make sure that retail investors are protected. Any subsequent fundraisings should provide a full prospectus to make sure there is adequate disclosure of a company’s prospects and financial position.
Our inquiries into Big Un are continuing. Big Un remains suspended from trading on the ASX.
Big Un is a company managed by a convicted criminal that has made a mockery of just about every aspect of listed company regulation – there has been a major failure by both ASIC and ASX with respect to this matter – in these circumstances, it is not apparent how ASIC could even contemplate that Big Un could attempt to raise money from the public in the future.