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 Shares Traded Last Trade
  +0.00p +0.00% 42.00p 0 05:30:43
Bid Price Offer Price High Price Low Price Open Price
41.00p 42.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 2.06 -18.21 10.08 4.2 93.7

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Date Time Title Posts
20/10/201819:59BNN Technology plc12,395
17/4/201811:05BNN & FCA1
28/7/201711:33micro app6

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dlm2602: mlf51. The short answer is yes, this is after any dilution. As I see it BNN would pay cash and issue new BNN shares for the 3rd party PaaS company. The enlarged BNN company would then be acquired by MICT on a 1 MICT share for each enlarged BNN share. Even though there would be more BNN shares to be acquired by MICT (due to the thirdy party Paas company being acquired by BNN), the value of the enlarged BNN would increase to reflect the acquisition of the third party. If the market really likes the deal and in particular the third party acquisition, the deal would result could enhance rather than dilute the value to BNN shareholders. And that is what the institutional investors seem to think. This is just my opinion and I could be wrong, but if the deal concludes we'll see!
mlf51: Dim2602 Thanks for your thoughts,when you did your calcs for the bnn share price did you include or think there will be a dilution of our shares
dlm2602: With regards the best guestimate of the value of each BNN share (should the deal conclude), I think it will be $1.65, which equates to £1.29 at the current exchange rate. This is the price BNN paid for their 14.9% stake in MICT and also the minimum price they will pay for the additional 35.1% they will tender for. The deal would then very neatly be 1 MICT share for one BNN share. We don't know the timing of the tender offer for BNN to acquire the additional 35.1% but I think that this would be done after the full details of the deal are announced. The fact BNN have offered to tender for the additional MICT shares for a price in excess of $1.65 indicates to me that this is the price that the II's are happy to pay for their new shares, raising between $26m and $36m for the company. If the tender price ended up at say $2 per share (for example) then this would be the best estimate of the opening price for the new company and the value of each BNN share when relisted. Given there are only around 10m MICT shares in circulation (mkt cap $12.1m) paying another 35c for each share will cost BNN an additional $1.2m for its 35% stake, so it is small beer in the scheme of things. These shares could also be sold back into the market at some future date. Pure speculation on my part and the deal may not conclude, but if I was short BNN I would consider hedging my bets with a long position in MICT. As always DYOR.
dlm2602: PC, It's interesting that the share price of MICT is currently $1.39, nearly 20% below the minimum buy price of $1.65 that BNN offered to buy shares. On the day after BNN/MICT announced the deal, the share price spiked to close to $2 and the volume traded would have satisfied the purchase that BNN needed to make to take its holding above 50.1%. But had they done so, wouldn't BNN have had to disclose to the Nasdaq market that they now effectively control MICT? If so and you believe the deal will conclude, then maybe buying MICT now at $1.39 is a good speculation. Also if you are short it may act as a partial hedge. I'm heavily invested in BNN already so it's not for me. AIMO.
wetwestwales: Hell fire, what has broken out here ? I leave England mid morning, a couple of flights later, and all the euphoria, back-slapping and glad-tidings going on. Has someone won the lottery ? So, we have a BNN spend of £2m on 15% in another firm, going to 50% in time, but now the share price of that firm has risen, so it’s going to cost BNN a bit more per share to get the other 35%, then that firm buys (at this stage I it BNN or a 3rd firm), anyway, eventually the 3rd firm (SaaP or something) is somehow reversed into BNN and is now worth £250m+ and everyone lives happily ever after, can trade their shares, sell at a profit etc. Oh, couple of minor caveats: we now need to find the cash to buy the extra 35% (at the inflated price cost the market has taken it above the $1.65, we need to find a PE to invest in the 3rd party firm, we have no ideas who the 3rd party firm is (is it still that Moxian crowd or was that just another straw to clutch at?), and it all assumes values are accepted and offered greatly received. In the meantime still no BNN accounts (are we into Criminal territory now Perfect Choice?), no trading update, no cash Info (is that why we can only afford to pay £2m for 15% (approx) rather than the whole 50.1%?), and still no detail on the loan repayment and how much the wages/bonuses/travel/entertainment costs have been to BNN to pull this “deal” off. Oh, I forgot, “in due course” of course. And all you lot are whooping at the prospect of between 11p and £1.25 in ‘whenever̵7; time to come. As it stands, this “deal” (thanks Ayesha4 the mouthpiece from Cheshire) is not a deal worthy of #3 on my list, #1 and #2 still need sorting by Friday or my bets are won. And you guys have been thrown off the bad news scent with nothing but “hope”. Ps: What’s this I hear about Nicola Sturgeon injunction? Pps: I hear that the Dublin Authourities have taken drought measures seriously because of the extreme heat and are conserving water.....they have closed lanes 7+8 of the municipal swimming pool. Beer time now....look forward to all your replies.
jaknife: dlm2602, your 11332 "BNN want to acquire 50.1% of MITC so that it effectively controls the company. This means that when MITC announces the recommended takeover, for example to buy BNN for say $125m and the third party company for say $125m it knows it will have support from at least 50.1% of MITC's shareholders so it will be passed. BNN shareholders will likely accept the deal too as it gives them an opportunity to at least trade their shares again. Finally the deal also requires the support from the 3rd party company which I assume is a given too. It is a typical but complicated reverse takeover." I've never seen a reverse takeover like this before. If I think about it carefully it strikes me that: 1. A substantial amount BNN's cash is going to leave BNN and go to the existing shareholders who will be delighted because they've got the opportunity to sell their shares for cash at a material premium to the current share price. 2. A substantial amount of BNN's cash is going to leave BNN. But hey, it must be a good deal because peoples here say so. JakNife
redhill9: Andy, are you deliberating misunderstand my posts or just being obtuse? For the final time, the point I was making is that whether the BNN share price goes up or down on lifting of suspension depends on an individual's perspective or point of view. I used those actual words. Let me explain again: As I have written down the value of my BNN shares to zero in my portfolio (based on not being able to ascribe any value) then anything above 0p is an increase in value (to me). If anyone is still reflecting c.40p as the latest share price and therefore current value then anything below that on lifting of suspension will be a decrease (to them). Do you get that? Incidentally, recognising 40p just because it was the last traded price makes no sense at all to me. It is a share price that is over 4 months old. You might just as well compare the share price on resumption to a share price of 6 months or a year ago. One thing perhaps we can agree on is that the "value" of BNN will, on resumption if it happens, prove to be something higher than 0p. Like you, I'm not convinced by the recent emergence of comments about the cash having been spent. As I recall the RNS after suspension reflected a reasonably encouraging cash at bank position suggesting operational trading post-June hadn't been too bad, and presumably since then cash outflow should have been reasonably controlled, plus hopefully there should have been some continuation of income. But until at least that is demonstrated and the market recognises it by ascribing a market share price at which my shares can be traded I shall consider the current share price to be 0p. You are free to consider the current share price to be whatever you choose. I did say in a post earlier that all opinions are valid, but comments do need to be in context. Regarding my comment about you being pompous, apologies if that's upset you.
balance1: Thanks mfelt for pointing out the Brookfield Interactive account filing at Companies House, it is quite enlightening. Brookfield is a wholly owned subsidiary of BNN. It looks like Brookfield has written off its £10.2m investment in Beijing Interactive Science and Technology Ltd which in turn controls half a dozen Chinese companies for BNN, including Beijing New Net. The investments, and most of the £17m debt that was also written off, looks to date back to 2013 and 2014 and the lotteries business BNN was promoting itself on (when it was called DJI). In fairness, the company had more or less dropped the lottery "story" as part of it new business thrust last year, but these write-offs will puch a hole in the balance sheet. The 2016 Brookfield filing basically ducked its "Strategic Report". The auditor's state that "material uncertainty" exists in the ability of the parent (BNN) to continue as a going concern. It needs to refinance £6m of loan notes due in July 2018 and also needs to "materially reduce" the group cost base so it can execute new revenue streams over the next 12 months. This would imply there has been a serious shortfall in revenue streams expected in the second half of 2017. This is backed up by a note deep in the accounts "On September 4, 2017, the parent company (BNN) announced the resignation of the Group's CFO which led to the suspension of trading of the parent company's shares on Aim. The impact of the suspension has had a material impact on the execution of new revenue streams in the period between December 2016 and the approval of these financial statements (14 December 2017) resulting in a deterioriation of the results forecast." We know that the company only brought in £4.6m revenue in the first half of 2017, and the Brookfield account have now informed us of a material deterioration of results forecast from Septemebr 2017. So what was that forecast? The 2017 interims stated that the company has been targeting an operating profit in the second half 2017. Given that costs in the first half were around £15m, simplistically, we could suppose that the company had hoped to make about £15m revenue in the second half, although it had already stated this could be "challenging". This was the picture painted before the CFO resigned. Putting all this together, we might deduce that the company only achieved perhaps around £5m in the second half. This means that BNN 2017 revenues may (at a guess) have only been around £10m for all of 2017, with maybe an operating loss of £20m+. In contrast, the company Brokers Mirabeau had been forecasting revenes of £85m for 2017, with strong profits, when it raised all that money back in 2016. So there will be some pretty grumpy insitutional shareholders at BBN. It is becoming very clear that everyone has been seriously misled, and large amounts of money poorly invested, by the previous management. On suspension, the company had a market cap of £100m. Looking at these numbers, the only way for the share price on re-listing is south. Given that a certain amount of financial information, and clues, are now in the public domain thanks to the Brookfield accounts, it would be apropriate for BNN to provide a detailed update on the company prior to re-listing, so shareholders can figure out what roughly the floor for the share price should be. We should be told how mch cash is left in the bank and how quickly that is running down. The fact that Mark Hanson has agreed to to chair the company, however, leads to some hope. There should still be a certain amount of cash in the pot, with dead wood, in terms of investments, debts and people being shed. Despite the auditor's comment, the company will most likely remain an on-going concenrn if operating costs are cut, hinted-at new revenues are forthcoming and institutional investors are prepared to throw good money after bad. The new team also has some work to do in convincing the market that remuneration and incentives will be tied to operational performance, and there will be an end to the era of kung fu goverence.
ayesha4: In line with what was reported by the Chairman and Board at the AGM, much of the new trading activity had not started by 30th June 2017. Despite this, the gross transaction volume for the six-month period had multiplied in to £900m and commission increased to BNN £4.6m. The loss for the period of £15.5m incorporates a significant amount of investment cost (c.£5m) relating to the development of BNN’s technology platform, the interfaces with the Xinhua News App and the football microsite activities, as well as more than £1m of NASDAQ listing costs. Importantly, the overall loss is in line with expectation. The trading update that accompanied the results includes a number of key statements, which I have summarised as follows: The Company reconfirmed its strategy, as a technology company at the forefront of China’s consumer shift to ‘life on mobile’ that enables its partners to access valued added services and fulfil payments online and on mobile apps, enabling both urban and rural communities across China to transact and pay for more services via digital means. BNN also develops exclusive content and offers such content online and over mobile apps with the aim of attracting customers to utilise its services, as well as facilitating the sale of advertising and the collection of consumer data. As one of its many key partnerships, BNN facilitates mobile payments on the Xinhua News App in 12 provinces across China (these provinces account for c.70% of China’s GDP) Despite some uncertainties around timings the Board is confident it can achieve an operating profit in the second half of 2017 and also in early 2018. The uncertainties they are referring to relate to the launch dates of several of the new activities and platforms. These uncertainties typically exist due to the fact that a number of key partners and government bodies are required to give approval, as a result of which delays can sometimes arise. It shouldn’t be ignored that it will be an impressive feat for a fast-growth technology company to achieve profitability in such a relatively short space of time; for example, it took businesses such as Facebook, Instagram, Twitter, LinkedIn, Google, Snapchat, Tencent, Baidu and ANT Financial significantly longer. Furthermore, all these companies have market valuations for more than £10bn and in many cases more than £100bn. This fact should be picked up by the market and factored into valuation and share price once BNN is listed on NASDAQ. B2B mobile top up transaction were tracking at £1.9bn per annum during the first half of 2017. As mentioned within the AGM Statement on 28th June 2017, the Company recently signed a significant new contract with one of the largest Telco’s in China. Trading under this contract commenced in July 2017 (i.e. after the end of the reporting period), generating a material increase in both revenues and margins. The Company has reconfirmed that it aims to transfer as much as possible of its B2B sales over to its higher margin B2C platforms. A key focus of BNN has been to collect the consumer data of its B2B customers to enable it to achieve this conversion and also cross-sell its other services. To date, the Company has obtained valuable consumer data from more than 50 million mobile telephone customers. The B2C fuel card top up platform was launched over the Xinhua News apps in July 2017 (which now has more than 200m registered users) and is on track to be a key driver of revenues in the second half of 2017. Other motorist services will be added to the B2C platform over the coming months, including motor insurance, car park payments, car maintenance services and traffic fines A B2B fuel card top up platform is expected to launch within the next few weeks, following the recent completion of contract negotiations with a number of high profile e-commerce partners. These activities are also expected to generate significant Gross Transaction Volumes and Revenues during the second half of 2017. The margins on the B2B motorist platform will be significantly higher than on the B2B mobile telephone top-up platform, thereby enhancing revenue growth and cash generation. Having hosted 13 football related competitions since May 2017, BNN has generated more than 350,000 unique user registrations, thereby creating one of the largest football related databases in China Following the success of the initial phase of trialling the football microsites, BNN is in the process of launching other new, complimentary and innovative microsites, with the aim of multiplying the level of registrations within a few months This implies that BNN is aiming to achieve more than 1 million registered users within a relatively short space of time, which should prove to be very valuable for the purposes of generating advertising sales, cross-selling BNN’s services and undertaking various data-mining activities. As part of its marketing activity relating to the football related competitions, BNN’s promotions team has so far visited 160 universities across China, building relationships and brand awareness with those universities The first stage of the student services platform, the recruitment portal, is on track to launch in September 2017, with revenues being generated from Q4 2017. The Company expects to conclude agreements with a number of China’s largest part-time employers, including fast-food restaurants (McDonalds, KFC etc) and super-market chains and high street retailers. Other areas of the student services platform, including the online retail of mobile telephones, mobile data and IT equipment /gadgets is planned for launch by early Q1 2018. The Company’s credit reference platform expects to sign its first partners by Q1 2018 In summary, the trading update and outlook confirms that the Company is broadly on track against expectation and whilst some activities were delayed by a small number of weeks against plan, a number of other areas are ahead. This bodes well in relation to the Company achieving the forecasts published by Mirabaud and reaching their short-term share price target of 208pence. If the Company can remain on track by the end of Q3 2017, with clear visibility of breaking into profit by the end of the year, it can forge ahead with the completion of the NASDAQ listing during Q4 2017. The Company’s share price has fallen further over the summer as several shareholders have decided to sell shares or been forced out of margin positions, without there being sufficient buying activity to match the sales over this seasonally quiet period. It will be interesting to see how the price performs once we move into September and news-flow starts to increase.
newmanontheblock: Just finished some meaningless amateur analysis. My and others opinions has been that there have been some professional shorters taking this share down over the last 6 months. Let's assume we have been correct in this assumption. Now pro shorting works best when the shorter knows something the general market does not. So for this analysis, let's assume the knowledge that the shorter had was that BNN was going to postpone Nasdaq listing. They have this knowledge, and are super confident their bet is going to pay off. The share price is driven down. Now what actually happened in the case of BNN is that the shorter successfully drove the share price down to 45p, but crucially they closed out their bet before the AGM. Why? If they actually knew the truth through insider information, they would not have closed their bets!! After the AGM news about the Nasdaq delay had been released, the share price could have hit 20p, if they had not closed their shorts. Instead, they closed their shorts, the market pre AGM RNS drove the share price towards 70p. Then we heard the Nasdaq delay news, and market quickly reversed through ordinary investors running scared again. Share price drops to 50p. Conclusion. The shorters were taking a complete punt, and had no insider information about the delay in the Nasdaq listing. They bet big and won, but they had no real knowledge that the company was not on track or had something bad to tell the market. Why does this all matter? It matters because we all now know about the Nasdaq delay, and that H2 has the potential to be better than forecasted. Therefore, in theory, this share cannot now be shorted with any confidence. Hence, I think we will see a steady share price rise over the next few months, as general market confidence builds in the strategy of BNN. GLA
BNN Technology share price data is direct from the London Stock Exchange
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