BNN Technology Share Discussion Threads

[andy] 24/10/2017 16:10

Perfect,

The lack of facts actually doesn't look too good, IMO.

Why has DM been moved aside and off the BOD if everything is clean and hunky dory?

Clearly there were issues, it looks like a whitewash, and that might not be good when trading resumes.

[pj 1] 24/10/2017 15:58

and11
24 Oct '17 - 15:07 - 8147 of 8149    0   0
As a non investor PJ1 I’m confused why you still keep posting on this site! Please enlighten us!
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Where does it state you have to be an ''investor'' to post on any BB?

[perfect choice] 24/10/2017 15:12

Full facts are disclosed subject to confidentially agreement with PwC and the fact that such information would not be disclosed if detrimental to agreement with individuals. Put simply PWC report will always be confidential due to threat of legal action if information is publically disclosed.

Overall good RNS today as expected.

[and11] 24/10/2017 15:10

What facts would they be kite...🤡9313;🤡ԍ13;

[and11] 24/10/2017 15:07

As a non investor PJ1 I’m confused why you still keep posting on this site! Please enlighten us!

[highasakite] 24/10/2017 15:06

coz the facts stink the house out thats why.

[pj 1] 24/10/2017 14:44

I'm amazed and confused as to why no Bulls here are demanding that full facts are disclosed.

[ssc85] 24/10/2017 12:26

Yes I agree thoroughly. The key bit out of today is that the board is going to be far better structured and the scrutiny of use of company money will be much better than before. DJI/BNN has grown exponentially from a single focus lottery based firm which DM largely led the build of (credit where its due) but the diversification of business areas over the last 18 months demands better diligence at the top. DM can can focus on what he does best and the board can get the financials in order and focus on that bottom line!

[newbie17] 24/10/2017 11:59

IMO this was always going to be a long hold well into 2019. Recent events will probably add a year on. Mr (marmite) Mercers new role is a very sensible move from the board. I for one I feel more comfortable about the board than I ever did. BNNs tech platform has great potential which has yet to be realised, let's not forget what drove us towards investment in the first place.

[highasakite] 24/10/2017 11:50

ssc85

If this does relist it will tank as trading has been greatly affected by this suspension. Expect a severe rev/profit warning to follow.

[ssc85] 24/10/2017 11:47

You're a busted flush HAAK - you talk nonsense to upset people and now your moronic claims have been exposed as tosh, you just pick up and start making up new claims. Honestly you are a waste of oxygen. Stick with ramping up VOG whilst everyone around you is pointing out its burning cash with no output...

I particularly enjoyed this dose of irony, you asking why someone was posting on the VOG BB when not invested:

"highasakite
23 Oct '17 - 11:30 - 39950 of 39975 0 0

Boraki
Thought you had sold out ? if so why are you so concerned ?"

LOL.

[redhill9] 24/10/2017 11:45

iphone8, very sensible post 8137.

[highasakite] 24/10/2017 11:40

Shareprophets thoughts:

On 4 September shares in AIM listed China, er.. investment, BNN Technology (BNN) were suspended as the FD quit making serious allegations about founder and CEO Darren Mercer and CEO of China Ops Wei Qi. Today came the whitewash. Remember that shareholders not the board own any company.

[iphone8] 24/10/2017 11:34

Sooo..it looks like the allegations against QI and DM weren't so serious after all. While the allegations focused on corporate governance, compliance, and culture, they apparently didn't stray into fraud, or misappropriation of funds. The loan to DM seems to have been an issue, as possibly were the lavish remuneration packages at a time when the company was losing money.

The company has clearly decided it needs a new CEO. It looks like the board wants to make that appointment independently of QI, which is why they are keeping him off the board for now. That would imply there are some culture/compliance issues within Qi's operation that need better oversight. How much of a role DM really has going forward will depend on the new CEO, who will need to be a robust character. It is often difficult for two alpha males to co-exist in a company, we shall see.

It looks like they have identified a new CFO, who they want to test out before making him Finance Director. It's good news that they want to properly flesh out the board so that the company is better controlled.

They said they were already aware of many of these issues before the CFO left, and it does beg the question as to whether it was necessary to suspend the stock to make one senior management change and hire some more board members. The company had been remiss in not strengthening the board earlier in the year, particularly in not hiring the key audit chair, who would probably also have kept governance and compliance in closer check.

I am wondering if it was tempting to suspend the stock because revenue growth was (again) falling far short of target, as had been hinted at in the interims. That may also help explain why the CFO decided to leave.

After the dust has settled, we will have to see what kind of shape the business is really in. Hopefully with some kind of guidance will be given in an operational update before the stock is re-quoted to keep trading orderly. Larger institutional investors should not be put in a position of advantage in this regard, with briefings on the state fo the company not also provided to the general market.

The new CEO will also be a critical factor in the fortunes of the company going forward, and will most likely want to re-shape it. Any listing on Nasdaq will be put off until the direction of the company is made clear, and Nasdaq is satisfied with the new compliance and governance culture in the company. That could well be a year away.

The changes that are being made were probably necessary anyway, and will strengthen the company in the long run. It just took a shock to make them happen.

Where will the shares go on re-listing? who knows. But given the £100m market cap, and paltry revenue, you have to suspect the pressure will be downwards initially. Longer-term could be pretty good.

[mrcheeseball1] 24/10/2017 11:02

Ultimately, this is good news, but its relatively good news. As in, we're happy that the company hasn't been accused of serious fraudulent activity and therefore delisted from the stock exchange (unluckly highasakite). However, the facts are, even with the appointment of a good CEO, its still a business that has failed to deliver a) nasdaq listing as promised, b) any real sales figures therefore showing a subsequent share price that is a quarter of its value of this time last year. and c) has now been accused of corporate governance issues which ties into my first two points. This is a company that deals in china, trying to wing its way into a very lucrative market. So ultimately, whilst there is some long term hope in a lucrative Chinese market, lets be realistic about what we are invested in. I for one was not this time last year. Now I am.

But first and foremost, highasakite, bore off you mug.

[krammy1] 24/10/2017 10:51

The cretin is still trying . He will soon realise that his train set and porno collection are now his best options .

[redhill9] 24/10/2017 10:50

wetwestwales. Nine posts on ADVFN since joining, all of them on BNN and all of them negative. I think we can expect more of his incisive subjective analysis over the coming weeks and months.

[ssc85] 24/10/2017 10:31

Yep, glad the info that filtered through to a few of us separately ended up being pretty accurate, albeit taking longer than hoped. I wont fully relax until we have some Q3 figures, have resumed trading and seen the share price hit upon opening. After that all reveals itself we should be in a position to talk less hypothetically and with more substance moving forward.

[highasakite] 24/10/2017 10:30

Expect a profit warning if they come back to market.

Trading will have been badly affected by this suspension.

Looking very grim still.

[ayesha4] 24/10/2017 10:25

This may well fall on trading resumption but I think in time, with the right people to steer, it will give a handsome return. Just be thankful no major skeletons were found in the closet.

[wetwestwales] 24/10/2017 09:34

No chance. Why do you think it was cancelled during his suspension ? What have I been saying ? Always follow the money. And I bet his "business" trips for meetings in NY and Caribbean are over too. Onwards and upwards for BNN as soon as we get a recognised CEO in place. But it's now going to be a longer term investment to get a return. But at least there is now proper governance being put in place. Good news.

[pj 1] 24/10/2017 09:30

charlesdarcy
24 Oct '17 - 09:28 - 8127 of 8128    0   0
PJ1 /kite /

Hang your heads in shame ...
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Why? Because I do not post 'fake' news?

[pj 1] 24/10/2017 09:29

and11
24 Oct '17 - 09:15 - 8123 of 8125    1   0
Very positive rns! Looking forward to the announcement of the new CEO, CFO & new board members... hoping at the same time for positive Q3 results dispite the recent delays due to the suspension...news should imho follow soon..
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Some people can just never learn can they? Still being ramped even though it's in suspension, still burning cash, still jam tomorrow, still requiring another Placing in the Spring imo, full facts not disclosed (I wonder why?). Still a ''sucker stock'' (fact-please note chorus)

There are numerous better 'investments'' out there, unless you have fallen in love with the Company. Isn't that right and11?

[charlesdarcy] 24/10/2017 09:28

PJ1 /kite /

Hang your heads in shame ...