BNN Technology PLC Announcement of F-1 submission (7143N)

TIDMBNN

RNS Number : 7143N

BNN Technology PLC

28 October 2016

28 October 2016

BNN Technology plc

BNN Technology Announces Confidential Submission of Draft Registration Statement to the U.S. Securities and Exchange Commission

BNN Technology plc ("BNN" or the "Company"), a Chinese technology, content and services company, publicly listed on the London Stock Exchange's AIM market (AIM:BNN), announces that it has confidentially submitted a draft registration statement on Form F-1 (the "Registration Statement") with the United States Securities and Exchange Commission (the "SEC") in relation to plans to register American Depositary Shares ("ADSs"), representing our ordinary shares, for sale by selling shareholders ("the Offering").

The number of ADSs proposed to be offered and sold has not yet been determined. The Offering is expected to commence after the SEC completes its review process, subject to market and other conditions.

This announcement is being made pursuant to and in accordance with Rule 135 under the Securities Act of 1933. This press release does not constitute an offer to sell or the solicitation of an offer to buy ADSs or any other securities, nor shall there be any sale of ADSs in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Shareholders and potential investors should note that the potential Offering may or may not proceed, and accordingly are advised to exercise caution when dealing in the securities of BNN Technology plc.

- ENDS -

For further information, please contact:

 
 BNN Technology plc                      [phone] 
 Darren Mercer, Chief Executive 
  Scott Kennedy, Chief Financial 
  Officer 
  Stephen Benzikie, Communications 
                                             [phone] 
 Brunswick Group (Public Relations)                     5959 
 Brian Buckley / Diana Vaughton 
 
 Strand Hanson Limited (Nominated            [phone] 
  & Financial Adviser)                                  3494 
 Andrew Emmott / Ritchie Balmer 
 
  Mirabaud Securities LLP (Broker)           [phone] 
  Peter Krens                                           3362 
 
 

About the Group

BNN Technology plc is a Chinese technology, content and services company that builds long-term partnerships to deliver China's citizens with value-added services, content and evolving opportunities.

Listed on AIM since 2014 the Group principally engages in providing technology to partners to facilitate fulfilment of payments online and on mobile apps through partnerships or affiliate agreements with corporate and key government partners, and, developing digital content, both online and mobile. Through its partnership with Xinhuatong, BNN facilitates mobile payments and other key services on the Xinhua News mobile app in 12 provinces in China. The Chinese consumer shift to 'life on mobile' is only just beginning and BNN's platform technology enables urban and rural communities across China to access exclusive content and pay for more services online.

The Group employs nearly 300 professionals throughout China.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve risks and uncertainties, including statements regarding the proposed Offering. Actual results may differ materially from those projected or implied. More information about potential factors that could affect BNN Technology's business and financial results is contained in the draft Registration Statement filed with the SEC. Any forward-looking statement made by BNN Technology herein, or elsewhere, speaks only as of the date on which such statement is made. BNN Technology does not intend, and undertakes no duty, to update any forward-looking statements after the date hereof to reflect future events or circumstances.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 28, 2016 02:00 ET (06:00 GMT)