Stakeholder Update 27 March 2018, page-73

Currently unlisted. Proposed listing date: 09 APRIL 2025 11:00 AM AEST ##

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wewill

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29/03/18

19:44

Post #: 32131330
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Originally posted by skyva ↑

Every asx listed company engages lawyers, often several different firms, for all sorts of reasons, but few announce it as a feature. And a company cannot "outsource its responsibility". You can only outsource advice.

Typically you should be compliant from day one, and when you want to try something new, you may need to get advice on whether it is allowable and how to do it. You then follow that advice. Same with accounts. The treatment of revenues and expenses shouldn't be changing on a regular basis. You don't need to consult lawyers weekly for this stuff if you are competant.

BIG have engaged a new company secretary who has corporate governance experience. The company directors should have that experience as well if they are directors of a listed company. That's part of the job requirement. Its what everyone else does. But hey, a partner of DLA Piper will happily advise you for $800+/hr of shareholders money for as long as you want.

This is a problem that happens when you have a twentysomething CEO and a company founder with a history of not following the rules (as per the previous company).

As an analogy, imagine you walk into hospital to check on a dear friend who has been in a nasty incident. You can't find out any information, but they say "don't worry, we have engaged the best brain surgeon available to deal with the issue"

Whether that makes you comforted or worried depends on what you thought was wrong in the first place.

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And for the record, BiG did not announce that they had appointed PIPER on the ASX. It was released on their website.

And i also think that given the current suspension, it makes sense to appoint a gun team for governance and to have this mentioned on their website.

All IMO.

BIG Price at posting: $2.22 Sentiment: Hold Disclosure: Held
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Stakeholder Update 27 March 2018, page-73

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