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After more than three months' suspension from trading on the ASX, Big Un Limited (ASX: BIG) has placed its online video subsidiary Big Review TV (BRTV) into voluntary administration.
BRTV today revealed that its financier FC Capital has offloaded its interest in a sponsorship agreement with the company to AS Capital Ventures, a business run by Adam Shepherd of Sydney insolvency firm Farnsworth Shepard.
BRTV plans to restructure its business via a deed of company arrangement and it has confirmed that both FC Capital and AS Capital Ventures will assist in the restructuring process.
The announcement comes as CEO Richard Evertz, father of Big Un's founder and young entrepreneur Brandon Evertz, has resigned from the company amid allegations of criminal conduct.
On 20 March, Big Un responded to a report by the AFR's Jonathan Shapiro that Richard Evertz had previously been convicted and jailed for blackmail yet did not disclose this information to investors.
In 1994, it was reported that Richard Evertz was sentenced to eight months' jail, suspended for seven months, after he blackmailed men in public toilets by impersonating a police officer.
Big Un responded to media reports saying that Richard Evertz does not have a criminal record, and a national police check performed prior to the company's reverse listing in 2014 didn't return any disclosable outcomes.
"The national police check indicated that there were no 'disclosable court outcomes' or outstanding matters in relation to Richard Simon Evertz," said the statement.
While Big Un insisted that Richard Evertz' past convictions did not require disclosure and did not amount to criminal conduct, the company confirmed that it was aware of its chief's past.
"At all times the company was aware of the offences in the media reports but formed the view that at all relevant times they were spent convictions that did not require disclosure," it said.
During BRTV's administration, AS Capital has confirmed it will continue to fund the company.
Big Un will continue to operate its other subsidiaries, BHA Media and Food and Beverage Media, under existing management.
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