BNN Technology Share Discussion Threads

[nohead] 28/9/2017 22:36

BNN's Chairman is supremely well connected in Silicon Valley. Many of the major tech firms have tried and failed to gain a foothold in China. We don't know how many of the deals signed by DM and Qi are any good. But there is for sure to be some kind of business to be built upon, there is also around £28m of cash, and an application for Nasdaq that has been well developed. This has to be a pretty attractive package for any number of Silicon Valley entities looking for a fast way to get traction in China. Harry ought to look for a senior, and reputable, US tech executive to take over the reigns, and also hire a senior executive in China that has a good relationship with the government there. Then they can get this business going again. With that they could probably get the Nasdaq listing back on track, and start courting a significant US corporate technology partner that wants to get into China. If they get this right BNN could come back strongly. It will take time though.

[newmanontheblock] 28/9/2017 21:09

Better to be a long one, than a suspended one which is worthless! I am just hoping for the share to trade again!!! Then we can all begin to analyse performance etc.

[newbie17] 28/9/2017 21:03

WLA thanks for your thoughts. Winning a contract in any form of business can be seen as a success which raises the company value, but the real success is to renew the same contract after expiry. This contract then becomes "golden" and the company then can claim true historical success which affects its value greatly. For this reason alone I feel my holding will have to be a very long one.

[wla2510] 28/9/2017 20:06

That should have read shareprixe would recover by April 18 not 19

[wla2510] 28/9/2017 20:04

Newbie - I share those fears. I will be amazed if the revenues are anywhere in the ball park of the forecast. If they are the share price should recover by April 19. But I just can't see the revenues from new co tracts being strong, there is a reason the share price fell fell fell. If the contracts are good as we were promised then this juncture whilst trading isnsuspend is a golfen opportunity for BNN and one which it will. It have again IMHO. It must get appointments right, PR right, DMs role right so deal making is maximised but he can't take the p*ss out of us with his remuneration whilst loss makings. One big thing in our favour here is that DM stands to make the most if the share price recovers so it is surely in his best interests to act in the best interests of BNN now?!

[charlesdarcy] 28/9/2017 19:57

Give it a rest Kite ..

[newbie17] 28/9/2017 19:23

I have often suggested that BNN would come to fruition in 2019. If a thorough clean up act is performed after a good investigatory outcome then we must surely be looking at 2020 onwards for meaningful increased share value. I'm concerned that our platform becomes outdated or is superseded by up and coming competitors that are not previously tarnished . Can anyone comment on this as I am only voicing thoughts.

[charlesdarcy] 28/9/2017 18:38

Nohead .
I agree but a comment here this afternoon was spot on .

The two suspended directors are the China end deal makers and if truthful they have done a good job on getting them .

Let's see if they are clean ( I hope so ) and they tidy up their position ( pay cuts , loans fully repaid ) and new name turnaround company directors .
This can all be done within a year with the potential this company has and the MD could have it ready for the NASDAQ in 2019 as a new cleansed PLC .

[nohead] 28/9/2017 18:27

The issue is that companies don't run themselves, particularly in the critical build-up phase. The company has dramatically missed the revenue/profit targets it used to raise capital. And now an interest free loan to the MD has surfaced. Even if the investigation clears the executives, major investors, including those on Nasdaq, will demand a significant strengthening of the board. They would do well to move on this swiftly.

[charlesdarcy] 28/9/2017 18:25

Andy / PC
I agree with your posts .
We have to use the big word IF .

As we just don't know yet .
But if DM has got no where to turn on investigations then his shareholding will be taken into account and frozen .

But I hope this is not the case and he is cleared and he looks at his own position within the company and plays a more professional roll as I stated earlier .

You cannot treat a PLC as your own and use funds for your own benefit

The company first , shareholders 2nd .
That's the way it should be .

[ayesha4] 28/9/2017 18:24

I dont think anything was actually proven a 'lie'. You on the other hand, are something else. You are past saving.

[perfect choice] 28/9/2017 18:09

If Ayesha sources are right and Wei Qi is soon cleared of any accusations I don't think there is any case he should move as he is clearly an innocent party. His management of the China operations will be key and the sooner he can get back to focusing on that the better. Also the appointment of new senior management will be key positive development, if also confirmed from Ayesha sources. Think we all want that.

But if also true DM is still "helping enquiries" then the longer that goes on the more it is damaging to him even if he is cleared. If not quickly cleared as well, then I would agree a new CEO would be the best route and DM moved into a new role focusing on business development in China. Remember DM holds 12.2% of the shares in the company, he is the largest shareholder so unless criminal wrong doing is proven, he is a significant shareholder that has to be accommodated.

Overall though, now feeling positive and we wait the outcome of findings. Sounds like it may all come out as a single decision so we have to wait until the investigations of DM are completed.

[andy] 28/9/2017 17:25

nhead,

Well with the money in the bank, and 'IF' trading is ongoing more or less in line with expectations, there is certainly no crisis, and no need to panic at all.


BNN are well funded, very unusual, as you rightly say.


I suspect the issue is the (alleged) actions of the individuals, so BNN can take their time, and await the outcome of the investigation, IMO.


The cash position is crucial, and it looks very healthy, so I believe this company will trade again

[nohead] 28/9/2017 16:31

Am not sure we can draw revenue specifics from this snapshot of the bank balances. This is because of timing differences between booking revenue and actually receiving it. However, the RNS numbers do broadly suggest that revenue build-up is not as robust as the market was expecting. It is also weird that details of the loan to DM suddenly popped up at the bottom of the Interim statement. I don't think the market was aware of it. Perfect Choice makes a good point that it is useful in a general sense that PW is now going through the accounts. A more pressing problem is that we now have an AIM company with just a two man board! Neither of our board members have a track record in running and building significant companies. However, if you take on the role and salary of Chairman (which in this case both have), you have to be prepared to stand up to the plate in a crisis and sort things out. They have the luxury of ample cash in the bank (unusual in such circumstances) and so should immediately hire at least one, if not two, directors with relevant operational experience in areas such as turnarounds, China and mobile technology. What they shouldn't do is blow a load of money on crisis-management consultants. It will just waste time and tie the company up in riddles. If DM and Qi were smart they should just quit anyway, take a clean break, and let a new team come in and work up the value of their shares. Unfortunately for them, the reputational damage has already been done at BNN, whatever the outcome of the investigation. The company needs new leaders and finding them has to be primary and immediate duty of the remaining board.

[lowerp] 28/9/2017 16:02

Charles.you make very valid points but we are innocent until proven guilty.if anything comes to light then I'm sure appropriate action would be taken,but it wouldn't alter the fact that losing either of our main contract makers would be disastrous.regards

[charlesdarcy] 28/9/2017 15:40

Lowers :
If CEO gets all clear ( IF ) and he repays loan before end of year .
And takes a salary cut until company is into profit !

Then yes I agree they have been instrumental in deals and hopefully have been truthful on what BNN has to take on over next few months .

However that is a lot of IF and any black marks on any board members and it's out for me .

The directors loan is totally unjust ( although not illegal ) a very poor show of company management of funds .

And for that reason DM should go or at the very least step down and take a deal making position only .

And a new CEO comes forward with flare and company compliance at heart .

[credock] 28/9/2017 13:30

I just happy we are still here and have a chance at it still listing again. when I clicked on the RNS yesterday morning I expected it to say BNN was all over. So yes good luck all us long termers.

[lowerp] 28/9/2017 11:53

Morning all, better news yesterday but I believe as a long term holder that we need both mr mercer and wei chi to remain pivotal to this business. They develop the contacts and the contracts,which I believe are in place or awaiting sign off once pwc hopefully give clean bill of health. Good luck to all holders.

[ssc85] 28/9/2017 10:53

Pleasing RNS with positive indicators as already discussed by many of you. I think we can be fairly confident that all is not lost and that this will relist, obviously still a lot of questions to be answered though.

Hopefully Q3 results are stable and this all can be sorted, not expecting this to turn around over night with the current drama but fundamental business model hasn’t changed as far as we know... and that is a great one. New PR team really need to earn their coin over the next couple of months.

[perfect choice] 28/9/2017 10:41

If both Directors are cleared of any wrong doing, the detail of the accusations will never be made public, its a legal process here and anybody who disclosed will be liable for action by the Directors. Its just how the process is.

I think it is far more positive that PwC declare they have done a thorough job and have either identified the underlying issue and identified the action required (which could be dismissal or legel action) or no issue is found from the accusation.

Having somebody like PwC going through BNN with a fine toothcomb is far better than actually knowing the accusation IMHO. Saying that, if something is found then I do expect it to be declared with the action taken so we should at get some detail if that is what will happen.

[wla2510] 28/9/2017 09:53

maybe the Directors Loan was for the wedding - £500k for a lavish wedding in the states to a model finance is not out of the question....

[redhill9] 28/9/2017 09:34

It occurs to me that if both execs are cleared by the PWC review of whatever they have been accused then it's quite likely we will never know officially what the accusations were. Of course there will be posters on here who claim to know but that's not the same thing.

That situation of both of them being reinstated without detail of why they were suspended won't help shareholder sentiment towards either BNN or the two execs as both will have been tainted by the process. I suspect Mercer, as figurehead of the company, is in a no-win situation - either he's guilty of something as claimed by Kennedy or he's innocent but mud sticks and people won't trust him to run the company again.

Incidentally, if he can afford to have planned a lavish wedding this month as has been claimed, why couldn't he repay the loan (or at least some of it) to BNN on time?

[newmanontheblock] 28/9/2017 09:33

Ayesha and PC. I wish I had your confidence!!!