BNN Technology PLC Confirmation of Financial Position (8993R)

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RNS Number : 8993R

BNN Technology PLC

27 September 2017

27 September 2017

BNN Technology plc

("BNN Technology", the "Company" and, together with its subsidiaries and entities that are controlled by the Company, the "Group")

Confirmation of Financial Position

Further to the Company's announcement on 8 September 2017, the independent committee of the board of directors of the Company (the "Board") (being Harry Keiley and Lord Mancroft) (the "Independent Committee") announces that together with external advisers, Ernst & Young LLP, it has confirmed the cash position of the Group by way of a review and confirmation of its bank accounts in the UK, Hong Kong and China.

As at 25 September 2017, the Group's UK bank accounts contained c.GBP14.2 million in cash and the bank accounts in Hong Kong contained c.GBP6.7 million in cash (the majority of which is in GBP). As at 19 September 2017, bank accounts in mainland China and other relevant associated territories contained c.GBP7.0 million in cash (GBP equivalent). Total cash therefore held in Group bank accounts amounted to GBP27.9 million equivalent.

These amounts are consistent with the Company's own financial records and expectations.

The PwC Investigation, announced on 8 September 2017, remains ongoing with the full cooperation of the suspended executives. The Independent Committee will update shareholders as to its findings and recommendations as soon as it is in a position to do so.

BNN Technology is continuing to discharge its commitments in relation to outstanding commercial contracts.

The Company's shares remain suspended from trading on AIM.

This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").

ENDS

For further information, please contact:

 
                                          [phone] 
 BNN Technology plc                                  2990 
   Harry Keiley / Lord Mancroft 
    (Independent Committee) 
 
 Tavistock Communications (Financial      [phone] 
  PR)                                                3150 
   Jos Simson / Jeremy Carey 
 
   Strand Hanson Limited (Nominated       [phone] 
   & Financial Adviser)                              3494 
   Simon Raggett / James Harris 
    / Ritchie Balmer 
 
    Mirabaud Securities LLP (Broker)      [phone] 
    Peter Krens                                      3362 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 27, 2017 02:01 ET (06:01 GMT)