Market Update - Finstro
Sydney, Feb 8, 2018 AEST (ABN Newswire) - Big Un Limited (
ASX:BIG) (BGGNF:OTCMKTS) (or 'the Company') is pleased to provide an update to the market following enquiries relating to details of its partnership with FC Capital and Finstro.
FC Capital & Finstro
FC Capital through its Finstro platform enables SME businesses to invest in growth by managing their cash flow and providing working capital facilities to pay suppliers.
Brad Prout, CEO of FC Capital explains "Since 2014, BIG has been a valued partner of FC Capital, providing referrals to a large number of businesses that are aspiring to grow and can benefit from our cash flow management solutions. For clarity, Finstro advances payments in relation to BIG's customers. Like many major retailers, by partnering with Finstro, BIG is able to offer its customers interest free payment terms, and no upfront cost of production."
Richard Evertz, CEO commented "BIG does not loan money to SME's nor currently earn commission from Finstro on any loan subsequently taken up by SMEs. BIG values its ongoing partnership with Finstro which allows us to offer our customers alternate payment solutions for their video marketing packages. This has proved to be very popular with our customers and we are currently exploring the ability to offer similar options to our overseas customers. The ability to make it easy for customers to take up BIG products is key to market penetration and leveraging our first mover advantage."
BIG will continue to explore ways to add value to its customers including provision of alternative financing solutions. This may include greater use of the Company's own financial resources in future.
Accounting Principles
Following international accounting standards, the Company has, since inception of its business model, adopted conservative accounting methods. This has been reflected in the unqualified audit reports that have been issued by the Company's auditors. There has been no alteration to the accounting method and standards the Company's auditors have employed.
Graham Swan FCA senior audit partner at Rothsay Auditing commented, "Since our appointment to the audit of Big Review TV Ltd for the year ended 30 June 2013 and our subsequent appointment to the ASX listed parent in 2016, we have issued unqualified audit reports. The change in auditor at the 2016 AGM was a normal occurrence for a company and the rotation of auditors is mandatory under Australian Corporate Law." Mr Swan went on to say, "All of our audits are conducted in accordance with the Australian Auditing Standards and our opinion on the 2017 financials was unqualified stating the financials gave a true and fair view of the company's financial position and performance in compliance with Australian Accounting Standards and the requirements of the Corporations Law. As auditors of BIG we are satisfied that the company have in place an adequate system of internal control and operate the high standard of accounting practices required of any publicly listed company."
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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