BNN Technology Share Discussion Threads

[sandcrab2] 21/1/2018 19:30

Seems that 200m Chinese investors may have lost $11 billion after founder turned himself in

hxxp://www.atimes.com/article/fears-grow-chinese-investors-snared-11-billion-fraud-probe/

[sandcrab2] 21/1/2018 18:43

Kite still very angry at his VOG losses, I note

[perfect choice] 21/1/2018 16:44

Well you lot have been busy this afternoon, guess nothing to do in view of weather in Uk!

Bang on redhill9 with your posts, nothing actually wrong with leadership page on BBN sites unless you want to read it that way. Its actually correct, that is the leadership team.

One other comment about DM, I have read several sources which have indicated the IIs were insisting on DM remaining during the depths of the suspension. Relationships in China are key, so while he has actually done nothing to justify criminal investigations or being sacked, after all the investigations held (which some just don't want to accept by the nature of their posts), he forms a crucial role to business in China and that is where he is focusing his efforts now anyway. Like him or not, he is actually key to BNNs future in China.

Now sit back and wait for the news over the next 2 weeks. TTFN

[redhill9] 21/1/2018 16:39

sandcrab2, well said.

"Obsessively banging on about it" expresses it precisely. I get the feeling some on here are determined to pillory BNN whatever they do and however comparatively trivial the issue.

balance1, We all recognise BNN need to put their house in order if the company is to survive but posting with some perspective and common sense would be welcome. As you say, that page is "factually correct". It is only "misleading" to anyone who doesn't bother to read it properly.

[sandcrab2] 21/1/2018 16:19

'You could argue it is a small point, and so what'

I agree. It is a very, very small point

But very wrong

So can you stop obsessively banging on about it?

Whether it irks your sense of what is prim and proper, Mercer is very much part of the leadership, and it is quite right to show him as such. In fact it would be misleading NOT to show him

Chinese counterparties would also want to see him as such, as they are the ones he is doing business with

[and11] 21/1/2018 16:10

Charles, l here your concerns, but l still feel it’s down to the Chairman with the executive team that should collectively provide the corporate governance. As you say let’s see what news comes.. cheers

[charlesdarcy] 21/1/2018 16:01

And11.
I respect your posts on here very much .
But I do not agree with you on the Mercer issue .
I repeat it is what he has done within the company and the lack of governance he has shown that he should be put very much in the background even if he is still a deal maker here .

Anyway let’s hope of a RNS next week and some idea of the business that has been going on since the Summer 17 ?

[balance1] 21/1/2018 15:42

Redhill, the Corporate Leadership page is factually correct, but highly misleading. Any newcomer to the website would naturally assume Mercer is a board director of BNN, but he is not. You could argue it is a small point, and so what? But it is all part of a persistent culture of deceit at BNN. The new independent directors were announced with much fanfare as bringing in a new corporate broom to vastly improving corporate governance. Incredibly, they have not even bothered to look at the website to make sure it is Aim compliant, and that speaks volumes. The question is, who is really still pulling the strings in the background?

[redhill9] 21/1/2018 15:13

charlesdarcy, that's a different point. The issue is the website "Company Leadership" page is factually correct.

Whether you believe Mercer should be part of that leadership is separate to whether he currently is, which is what the website is presenting and reflects the RNS on the subject.

[and11] 21/1/2018 15:11

Charles, we are all disappointed with BNN, at this moment, but your comment’s seem to be following the views of a view on here! If DM was, as you say “toxic to large investors” l don’t think he would still be with the business” in my opinion it is quit the opposite.

[highasashite] 21/1/2018 15:06

Kevin Foo of VOG is also a disgrace. Milked the share holder and still milking them.
Anyone who had vog shares will see them worthless.

[highasakite] 21/1/2018 15:01

Mercer should be nowhere near a plc.

He is a disgrace.

[charlesdarcy] 21/1/2018 14:54

I did not read Mercer as a director but I did read him as a member of the leadership and was the 2nd photo .
He has shown us ALL his leadership and we ALL know what investors are thinking .
I know a little about business turnaround and although some see it as only a small issue it is not in fact it is a big problem and is completely giving the wrong message even short term .

He is toxic to large investors and to have his photo and name around this company at this time is completely wrong .

[redhill9] 21/1/2018 14:40

balance1, I was drawing attention to the "misunderstanding" that seems to exist about the Company Leadership page where some are suggesting this describes Board members when clearly it doesn't, and specifically isn't intended to.

Separately there is a Corporate Governance page which does describe the Board but currently doesn't give names. Yes, this page is out of date but in view of the known changes imminent surely that's no big deal in the context of the current situation and other things going on?

Anyway, to emphasise - the Company Leadership page isn't the Board of Directors, and anyone suggesting it is either hasn't read it properly or is being mischievous.

As I keep saying, why not wait and see?

[sandcrab2] 21/1/2018 14:27

I understand you have lost a fortune over in VOG High

Quite right to vent your disappointment and anger on this board

[and11] 21/1/2018 13:16

Balance, The online lottery business was suspended at a time when BNN were flying, by the Chinese government due to fraudulent activity by some companies & government officials back in 2015. You really cant tell me that DM & his team are at fault for this or could of done anything about it. By the way it is still suspended, with our competitors burning 100's of million per annum awaiting its lifting.

What did come from that, is DM & his teams ability to change direction, investment structure, drive & the whole business to Chinese internet payments and mobile internet businesses after the disappointment of the Lottery situation, which shows the character of him, his team & employees after 8 years of building the lottery business.

What, I'm very disappointed about is how DM & the executive team allowed a personal situation between him & the ex-CFO to put pi's investment & the business as whole in this current position. As I have stated before the whole executive team is to blame for this not solely DM.

I sincerely hope the chairman can get BNN back onto the markets & moving forward again and manage the expectation's of shareholders, institutions and the markets here on.

GLA....

[balance1] 21/1/2018 13:12

Yes but Redhill once again the "Corporate Governance" page is completely wrong. There are only four board members, not seven. It can't mention who they are because some of them don't exist.

[redhill9] 21/1/2018 12:56

Just been catching-up with recent posts. Some mischievous posters around it seems who are determined to batter away repeatedly with varying degrees of ignorance of the facts.

Better to wait and see? Won't be long now.

[redhill9] 21/1/2018 12:49

The BNN website page that has got some posters so excited is clearly headed "Company Leadership" and when I first saw it that is how I read it. There is no mention that they are directors of the main board.

Having looked again I'd suggest the page is doing what it says in giving profiles and roles of the four senior management people currently running the company (no doubt a new CFO and others will be added to the page as and when appointed).

Importantly, although currently no names are mentioned there is a separate page headed "Corporate Governance" which describes the Board of Directors thus: "The Board of Directors comprises three Executive Directors and three Non-Executive Directors, including a Non-Executive Chairman."

Before the knockers start again, No, I am not just blindly supporting what BNN are doing but it is clear to me that those insisting the Company Leadership page is wrong and needs replacing need to have another think.

There is much about BNN which shareholders may feel aggrieved about (and I agree with some/most of those sentiments) but it seems some people are looking for things to complain about that aren't actually wrong.

[balance1] 21/1/2018 12:28

It is not the fact the Mercer apparently misled HMRC (and us) about the number of days he spent working in China.It is not the fact that he convinced the company to give him a huge personal loan to pay his tax bill, that he twice missed his promised deadlines to pay off, while reportedly living a lavish lifestyle It is not the fact the he and Mancroft apparently cooked up a large secret bonus that they hid from the board and the auditors to offset his personal loanIt is not the fact that he has posted a highly misleading picture of himself on the "Governance" page of the company website that any person would assume meant he was a BNN board director, which he isn't These are all just smoke signals. No, Mercer's true problem for BNN shareholders is the massive amounts of money he has rapidly lost for them through his string of his famous "deals" These involve investing huge sums of money into unknown corners of China, for very little in return. £27m of investment and debt has just been written off from his lotteries investments. Around another £40m has been invested in the series of different Chinese internet payments and mobile internet business that were supposed to have brought in over £80m in revenue last year, but probably only generated just a small fraction of that. They were supposed to have generated well over £100m in profits this year, but may make none. As result in the last six month the share price has collapsed, the CFO has resigned, two consecutive chairmen have resigned, and the Nomad has resigned. Is this someone that the new board should be presenting to us as the man to take the company forward? Should he have anything to do with the company at all?

[delboy39] 21/1/2018 12:14

I getCD point it is hard enough backing a losing share but having someone mid use shareholder funds in a PLC is utterly distasteful .

But I also agree with PC & 11 we have to wait and see .

[perfect choice] 21/1/2018 11:45

Agree and11, certain people seem to be getting worked up about DM being shown on he leadership page, but all web site text is consistent with RNSs issued and right now there is no exec board in place anyway.

One comment on the original suspension. That occurred due to accusations made which from the PWC report were found to be nothing serious or acquisitions necessary to invoke criminal actions or sack Directors. So while after the event this could possibly have been managed internally, the suspension had to be invoked on what was accused, not what was found.

ssc85 had it exactly right in post 9045, lots of wound up posters on this BB recently, chill out and wait.