BNN Technology Share Discussion Threads

[gemstar2] 03/1/2018 16:32

Sold out as soon as Walters flagged up the Mercer loan

Showed a contemptuous insouciance that was shocking

Nomads resigning on the spot without giving a notice period to allow time for a new nomad,is rarely anything but very bad news

[kemche] 03/1/2018 13:42

kemche - 04 Sep 2017 - 23:48:33 - 6941 of 8628 BNN Technology plc - BNN
ayesha44 Sep '17 - 20:38 - 6926 of 6940 0 0
"Kemche

Thanks for rubbing it in today. Shows your true nature. Im sure it made you felt good."

I'm sorry - but was I posting all the £5 nonsense, the supposed nods and winks, the repayment of the loan and more that no one else knew about bar you good self?

Have a look in the mirror son.

[nohead] 03/1/2018 13:06

Yes, all very curious....


According to the 2016 annual report DM was paid £400k salary and benefits, plus a bonus of £180k (ie £580k in total). This remuneration report was approved by the Board of Directors. It now appears that another bonus of £270,000 was approved for DM, but not disclosed to the Board. This means his overall package in 2016 was £850k. Given that the entire revenue of the loss-making company in 2016 was just £2.2m, this would seem an extraordinary amount. The bonus would have to have been approved by the remuneration committee, which was Lord Mancroft and Robert Lerwill (who left at the end of that year). While the committee could have plausibly approved the bonus under its delegated powers, the remainder of the Board would claim they had been misled in that the second bonus was not disclosed to them, and so not included in the 2016 Director's Report. Given the size of the bonus, and the fact it wasn't disclosed, shareholders would imagine the current board would want to review the validity of this bonus.

What is even stranger is the fact that the bonus was never actually paid. Obviously, if it had been paid, it would have been picked up in the accounts. This may further suggest there may have been an attempt to hide the bonus from the rest of the board and shareholders. It is not clear when the loan was extended to DM, but there was a loan to "related parties" in June 2016 of £295k. By the end of 2016 DM had borrowed £438k from the company. This begs the question as to whether the bonus was actually created to pay off the loan? In other words, the whole package amounted to a sort of deferred bonus that didn't appear in the 2016 accounts?

As Perfect Choice points out, how come the board did not then disclose this bonus to shareholders in the 2017 interims (when it revealed to us the existence of the loan to DM)? The board had known about the 2016 bonus for some months before the interims were released. Given that the Nomad has resigned this morning, there has to be a strong implication that the resignation is linked to this non-disclosure,

The Board now has a duty to act in the interests of shareholders to find a new Nomad without delay. This should not be an issue, given that there are new and prestigious individuals coming onto the board who are not tainted by these past errors. Also the company has plenty of funds with which to pay an incoming Nomad.

[delboy39] 03/1/2018 13:01

I am afraid the Mercer game looks like it is closing the gates on us

It is a disgrace the way this guy has conducted himself in this PLC

It’s very difficult to see any future in this stock unless the Chairman has a new Nomad lined up

I agree with others here PWC report should be made public .

Shareholders might well have a case here in a few weeks time .

Hope I am wrong !

[perfect choice] 03/1/2018 12:56

Its AIM rules I expect.

[krammy1] 03/1/2018 12:55

Hi , can someone enlighten me . Has the company been forced to say

. Should a replacement nominated adviser not be appointed prior to 9 February 2018, the Company's AIM admission will be cancelled.

Or is it their own words ?

[mlf51] 03/1/2018 12:44

Andy at this point I would rather read about how the company will recover and move on than the who,what,and why we got here, I already know why, what I don't know and neither does anyone else in our position is will it survive. So anyone with a cup half full can come to my party.

[wla2510] 03/1/2018 12:33

All this DM loan business is not good but the debt is diminishing one way or another and if BNN has a future the loan fiasco won't be repeated with the new II led governance in place. Also I don't think DM would squander his 20 Million odd shares lightly so he still wants this to succeed. Worrying times for sure but just to add a potential ray of hope, and perhaps perspective, here it strikes me that perhaps the NOMAD is being replaced for one more suitable for NASDAQ? Lets hope so. Next 4 weeks will be enlightening

[perfect choice] 03/1/2018 11:52

Re undisclosed bonus I correct my comment in that it was known in Q2 2017 but not accounted for in 2016 end year and subsequent results, RNS states "The board of directors of the Company (the "Board") became aware of the agreement to pay Mr Mercer the Bonus in Q2 2017 and it is acknowledged that the Company failed to account for this sum in its annual report for the year ended 31 December 2016, or any subsequent disclosure and the Board is undertaking to investigate this error."

So if bonus was known in Q2 2017, why didn't the previous CFO include it in the interim 2017 results as a previous year amendment when interims were published on the 21st August 2017? Finger of suspicion points in more than one direction to me.

[charlesdarcy] 03/1/2018 11:44

PC ;
This is correct for what we know so far the light is shinning not just on Mercer but others too including old CFO and accountants for not seeing or getting all the information .
This is very serious and I have a feeling Harry is not able to move on this how he would like .

As the word investigation into unknown other bonuses etc really spells this company cannot re-list with clouds hanging over it like this .
Clarification should be made NOW on Q3/4 as a lot of company money has been used since the stock stopped trading .
It questions now WHY the PWC report should not be put into the Public view ?

[marmar80] 03/1/2018 11:34

Hope this is all like pre Christmas house cleaning and new Santa will arrive with gifts some time in January. Dreaming, I know.

[perfect choice] 03/1/2018 11:28

"can see the reason for the CFO resigning now" - incompetence by the CFO is also an option for that, this "undisclosed bonus" should have been picked up by the previous CFO. But agree all this loan game should never have happened in the first place and expect new CFO will enforce that for the future.

[andy] 03/1/2018 11:14

mlf51,


Well you would say that because he's saying what you want to hear, rather than how it actually is.


People that claim to have "sources" and insider information are very dangerous on these BB's, in my humble opinion. Some people take their word as gospel, when in fact they have no idea if they're being honest or just making it all up!


Remember the NASDAQ listing posts? You had a different poster quoting "far eastern sources" for that one. And how did that turn out?



Sadly, the "doom mongers" can often see what holders can't, having an open mind is very useful when making investment decisions, IMO.

[charlesdarcy] 03/1/2018 11:11

Jaknife .

I have been around long enough to stand on my own and yes you are right my little birdie was not that little in this case but even they sit here today with very burnt fingers by Mercer .

The Aim market thrives on tips & rumour long or short but sadly it also has far too many characters like Mercer .
It’s not the first time I have been caught by a guy like this and you hope it will be the last but you never learn I guess .
What annoyed me with this is guy is his track record is very similar to the last trickster who caught me with Horse racing debts galore and warned off the Course .

Always prepared to lose money on Aim investments but not nice when you feel cheated by someone not running the books straight .

It can never be by just one person though ?
IMO

[mlf51] 03/1/2018 11:04

Give me a choice between ayesha and the doom mongers I'll take ayesha and anyone who has a positive spin anytime, plenty of time to castigate people, if you so choose, if/when the end happens.GLA

[andy] 03/1/2018 11:02

PJ1,

Exactly, it's quite incredible that people are still asking him to refer to his "sources"!


Clearly the "sources" had no idea about these RNS!

Not exactly well informed are they?


I think we can see the reason for the CFO resigning now...............

[charlesdarcy] 03/1/2018 10:52

Ayesha , you have only ever put forward what has been communicated to yourself .
I for one say thanks for any snippets you get .

Kite ; I know feelings are running high but control your personal comments please .
Hopefully your earlier remark to Ayesha was more a old saying rather than a meaning .

[highasakite] 03/1/2018 10:52

PJ 1

Well said.

The likes of Ayesha4 has no shame.

He/She should be put in front of a judge and jury for their lies on here.

[pj 1] 03/1/2018 10:48

newmanontheblock
3 Jan '18 - 10:01 - 8597 of 8606
0 0 0
Ayesha4. Can you find out more from your contacts?
ayesha4
3 Jan '18 - 10:03 - 8598 of 8606
0 0 0
Contacts say wait for further news on new appointments, trading and New NOMAD.

It aint over yet.
====================================================================================
Ayesha4 You should be ashamed of yourself. You may want to believe your own ''make believe'' but giving people false hope on lies is disgraceful conduct

[highasakite] 03/1/2018 10:47

Ayesha4

Not one apology from you for all your misinformation on here and downright lies from your so called contacts.

You are as bad as mercer and hope you lose everything on BNN.

[ayesha4] 03/1/2018 10:24

Lets talk when its either delisted or when a new Nomad appointed. I will leave you to carry on the banter.

[newmanontheblock] 03/1/2018 10:22

Hey peeps. I am not over relying on anyone. I just want to hear if anyone is hearing anything. Does not mean I fully believe it. In any case, I cannot do anything but wait...

[perfect choice] 03/1/2018 10:20

If new MONAD appointed then this is not the end and its back on for commencing on AIM again, but a "big" if it feels right now despite Ayesha snippet from "sources". Proof can only be the RNS stating a new NOMAD.

Also note " further amounts which were not included in the Loan are also being investigated by the Board, in light of the findings of the PwC Report" Does that mean the level of the repayment liability for DM may also go up, be it this undisclosed bonus now covers an element.

Its going to be an interesting and active January I feel!