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BNN Bnn Technology

42.00
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Bnn Technology LSE:BNN London Ordinary Share GB00BNBNSF91 ORD 10P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 42.00 41.00 42.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

BNN Technology PLC Suspension of Trading on AIM (6677P)

04/09/2017 7:30am

UK Regulatory


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RNS Number : 6677P

BNN Technology PLC

04 September 2017

04 September 2017

BNN Technology plc

("BNN Technology", the "Company" and, together with its subsidiaries, the "Group")

Suspension of Trading on AIM

Immediate suspension of trading

Resignation of CFO

Suspensions of both the Company CEO and the China CEO

The Company announces that, late on the evening of 1 September 2017, Mr Scott Kennedy tendered his resignation, effective immediately, as Chief Financial Officer (CFO) of the Company and as a director of the Board and of the Group's subsidiaries.

Mr Kennedy, as part of his resignation, has made a number of serious allegations with regards to the Company and the actions of Mr Darren Mercer, Chief Executive Officer and Mr Wei Qi, China CEO and Group Chief Operating Officer.

Mr Patrick O'Connor, the current Group Financial Controller, will assume the role of CFO on an interim basis, whilst a suitable, senior level, replacement is identified. Mr O'Connor is not being appointed to the Board, given the requirements of the interim role, at this time.

Given the seriousness of the alleged matters, the independent committee of the board of directors of the Company (the "Board") (being Harry Keiley and Lord Mancroft) (the "Independent Committee") met yesterday, and whilst the Independent Committee does not have sufficient information to comment definitively on the allegations, it has suspended the employment of Mr Mercer and Mr Qi, effective immediately, on the advice of its legal advisers and Nominated Adviser.

This leaves the Company without any executive directors or suitable senior executive management to provide appropriate oversight and control of the Company's operations, particularly its operations in China.

Given this absence of a suitable senior executive management team, as a result of the abovementioned matters, the Company has requested its shares are suspended from trading on AIM with immediate effect and this will take place from 7.30 a.m. today.

This suspension will remain in place, pending the appointment of suitable executive management to oversee the Company's operations, particularly those in China, whether interim or permanent.

Accordingly, the Independent Committee will focus, as a matter of priority, on appointing suitable senior management as soon as possible and expects that, initially, these will be interim appointments.

In addition, the Independent Committee will commission a thorough review of the allegations, such review to be undertaken by a, suitably qualified, independent firm of accountants and/or lawyers, as appropriate, under a scope to be set by the Independent Committee, having taken advice from the Company`s auditors, Nominated Adviser and legal advisers.

At the request of the Independent Committee and in light of the absence of executive Board directors / suitable senior executive management and the suspension of the Company from trading, Strand Hanson Limited, the Company's Nominated Adviser, has agreed, after discussions with the Independent Committee, to remain as Nominated Adviser to the Company at this time.

Further updates will be made as and when appropriate.

Harry Keiley, Non-Executive Chairman of BNN Technology, said:

"The Independent Committee is aware that this announcement will cause great concern to our shareholders. The decision to suspend two of our senior team was not taken lightly and should not be taken as an assessment of the validity, or otherwise, of these allegations. However, given the serious nature of these allegations and the source from which they have come, the Independent Committee feels it has no choice but to suspend the relevant individuals at this time."

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

ENDS

For further information, please contact:

 
 BNN Technology plc                     +44 (0) 1565 872990 
   Harry Keiley / Lord Mancroft 
    (Independent Committee) 
 
   Strand Hanson Limited (Nominated         +44 (0) 20 7409 
   & Financial Adviser)                                3494 
   Simon Raggett / James Harris 
    / Ritchie Balmer 
 
    Mirabaud Securities LLP (Broker)        +44 (0) 20 7878 
    Peter Krens                                        3362 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDDGDCIXGBGRX

(END) Dow Jones Newswires

September 04, 2017 02:30 ET (06:30 GMT)

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