BNN Technology Share Discussion Threads

[perfect choice] 04/1/2018 09:45

Yes great analysis from nohead. Understand new NEDs are adding value already with new NOMAN and discussions are ongoing with several prospective replacements. At least this extra bonus situation a snow all in the open and being investigated. The RNS stated "the Board is undertaking to investigate this error" which should allow the bonus to be challenged and as nohead stated "it would appear that the two directors involved, DM and Mancroft, were in breach of their disclosure duties to the rest of the board" Further investigations are certainly required while BNN gets itself back onto AIM first with a new NOMAD on board.

[delboy39] 04/1/2018 08:31

Nohead .
A excellent post which really shows why the loan repayment was so crucial in this disastrous situation .
BNN please read the post by NOHEAD it is not going away and you have just a few weeks .
Transparency is required TODAY on what has gone on and what the board has done to rectify the position

The shareholders deserve to know ALL and not a year after the company emplodes .

The board has had months to put a rescue action in place under the dead line date all along .

We need the truth and NOW !

[nohead] 04/1/2018 02:28

If Lord Mancroft approved a £270,000 bonus to DM in 2016, but did not inform the rest of the Board, how can he continue to hold the position of a director in BNN (or any other public company for that matter)? It is noteworthy that Mancroft's own remuneration package as Chairman that year also rose dramatically from £66,000 to £174,000. He was paid all this money as Chairman to protect the interests of ordinary shareholders. Yet, it is also noteworthy that there were a significant number of board meetings in 2016 that were held solely between DM and Mancroft, with no other directors present. Why were other directors not included in these so-called "board" meetings?

It would appear that the £270,000 bonus was approved by the remuneration committee within the "terms of the agreed policy" of the company. But how come a separate £180,000 bonus to DM was revealed to the board in 2016, but this second £270,000 bonus was kept secret? If nothing else, it would appear that the two directors involved, DM and Mancroft, were in breach of their disclosure duties to the rest of the board (and by extension to shareholders). As such, they are no longer appropriate to serve as directors of a public company.

Then comes an examination of what was the "agreed policy" of the company that allowed delegated powers to the remuneration committee to award two bonuses of £180,000, and then another (hidden) bonus of £270,000, in 2016 at time of significant losses and plunging revenues? Why was the board not consulted, or even seemingly informed, of this second bonus and can the bonus be justified as a part of a previously "agreed policy". Today's announcement still seems to imply that this large secret undeclared bonus is valid and can be used to partially pay off a secretive loan to the CEO. Really?

Given the resignation of the CFO and now the Nomad, with the backdrop of a report by PWC, this now all needs to be explained to regulators and shareholders in detail by the new board.

We now have two new NEDs in the form of William Ramsey and Mark Hanson. They need to step up the plate to clearly explain these events of 2016 and suggest appropriate action.

They also have an urgent job to find a new Nomad to keep BNN listed, as their duty is to us shareholders, who they have been engaged to represent. If they fail shareholders in this regard, this is certainly not a story that will go away (hello Private Eye).

It is time to lay everything properly on the table, as it should have been 18 months ago.

Message to the BNN board: you have mucked around with our hard-earned investment money. Now you have an opportunity to get your house in order. We will be watching you.

[vegpatch] 03/1/2018 22:44

I really hope Harry Keiley is working overtime as Chairman to get the show back on the road. Heavyweight Chairmen like him are gold dust in situations like these. As I pointed out at the time his knowledge and experience of an AIM listed, UK based, China focused business will be invaluable at this time. Especially from his classroom in Santa Monica. I wonder if he has finished teaching his 12th grade economics class yet ? Or maybe he is still on school holidays...

hxxps://www.calstrs.com/profile/harry-m-keiley

[wetwestwales] 03/1/2018 21:55

Jeez, u are (almost) all still looking for a ray of hope instead of being livid at who put u in this mess. No wonder Mercer has lived like a king from all the money you naive muppets have thrown at him. Like taking sweets from a baby. Think Bernie Madoff.....

[charlesdarcy] 03/1/2018 21:38

Thanks PC .

It’s a little light at the end of the tunnel ‘ perhaps ‘

[highasakite] 03/1/2018 21:26

This is what the useless Mark Walters said on 30th Jan 2017 about BNN and I quote


"Not sure what games might be going on with the share price, who is long and who is short, but the word is that the company itself is going great."



Going great down the toilet. The mans a fool and people who still quote his bullish nonsense deserve all they get.

[perfect choice] 03/1/2018 20:40

MW update tonight, definitely not a case of all is lost, comments above on NED activity and new NOMAD progress already underway seems valid and replacement is being pursued. PWC audit also valid so ignore some comments above. Main danger I see right now is time, 30 days for new NOMAD and 4th March for new execs and suspension removal. Still a difficult situation it has to be said and high risk, but out of our control with shares suspended. Lets hope they do get it sorted on time, thats all we can hope for right now.

[charlesdarcy] 03/1/2018 20:04

Interesting posts by MY& Ripplevale

I hope they are right for sure , but they both don’t make much of what Mercer has been doing in the company .
It is clearly mid use of his position and mid use of funds in a PLC .
I do agree that this is not hot news for Harry and he may well have a new nomad lined up ?
I expect we will start to get lots of RNS towards the end of the month

[wetwestwales] 03/1/2018 19:30

Thank you.

[highasakite] 03/1/2018 18:39

well said my welsh friend.

[andy] 03/1/2018 18:00

myaltereogo,


If what you say about the NOMAD is correct, why have Strand stepped down now? By Strand resigning urgency has now been created, the clock is ticking.

This makes no sense, IMO.


"save for some irrelevant minor corporate governance issues"

In light of the RNS today, I don't know how you can make that statement.

The much maligned CFO resigned for a reason, people don't give up well paying jobs on a whim, IMO. I suspect at least part of that reason was reported today.

[highasakite] 03/1/2018 17:54

"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!"



Well said Andy.

[ripplevale] 03/1/2018 17:47

Just come of the slopes and picked up todays RNS's.

Some people seem to think the NOMAD resigning is an acceptance of BNN being delisted. This is simply not the case (and I dont know where Ayeshas contacts come from but I am confident in mine); it is actually the opposite. It is an acknowledgement that cash burn needs to be curtailed.

Some interesting appointments in the near future and the PWC audit was surprisingly satisfactory given Mercers cavalier attitude to corporate governance.

[myalterego] 03/1/2018 17:22

As someone who cannot be bothered engaging with the keyboard warriors and trolls on here I normally just look and smile. I don't have the time for all of the "it will never relist" comments - it is currently listed but suspended. Rule one of being too clever for your own good is to get your facts right. I have no interest whatsoever in any feedback - if you don't believe what's written below then simply keep silent until the news proves me wrong.
I hear that the NOMAD was seriously conflicted and was charging the Company over 60k/month by taking advantage of the current situation. The Company has been in discussions for some weeks with a replacement - the going rate is apparently some 50k/p.a.
Furthermore the new capable non-execs appear to have investigated this hence the old NOMAD is going. And it seems that there are Board changes afoot imminently.
It will all come out in the wash - remember PWC have been all over this Company at enormous cost and given it and the formerly suspended Directors a clean bill of health save for some irrelevant minor corporate governance issues. When you read back over the hysterical comments and rumours written on here: including I recall, stolen money, Mercer's run away to Portugal, fake contracts, phantom employees in China etc etc All false.