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
  0.00 0.0% 42.00 0.00 01:00:00
Bid Price Offer Price High Price Low Price Open Price
41.00 42.00 0.00 0.00 0.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Travel & Leisure 2.06 -18.21 10.08 4.2 94
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 42.00 GBX

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Date Time Title Posts
02/7/202019:31BNN Technology plc20,310
24/11/201907:24BNN & FCA2
28/7/201711:33micro app6

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hermanngoring: bossno1 - 20 Nov 2018 - 16:50:03 - 13509 of 19785 BNN Technology plc - BNN DC A few days ago I postulated that the value of BNN in the deal was approx $100M which if you divide by the shares in issue equals £0.35P a share. Reductio as absurdnum if you translate that into dollars you get 45 cents. The MICT share price. Do you get it ?. BN1 OH DEAR. THAT POST HASN'T AGED WELL !!!!!
boovee1999: Herman...I have no reason to go back and forth but your assertions BNN shareholders get nothing is just wrong. This new structure is excellent for increasing the share price of MICT which ultimately everyone involved, including BNN, wants to see happen. Eventually BNN shareholders will monetize the shares. In the meantime, if a BNN shareholder wants to own shares directly, then go into the market and buy MICT.
perfect choice: Ah I see contract speak terms and car salesmen don't go well together, no surprise there then! TDL was answered but you just have to work through the multiple stages of the transaction. Its convoluted I agree but there is a process. Also see there is a bit on confusion on BNN share value today and GFH target price. The BNN price referred to is in £ and pre-dilution, GFH price is in $ and post dilution. From my calculations convert your value of a BNN share today by multiplying by 13.7 (I previously said 6p - others think more - so 82.2p equivalent to me as the opening price for GFH, but this assumes no multiple valuation), then convert CFH target price back to £ from $ (so $7 becomes £5.34 at exchange rate right now)and then you have a comparison. Still an ambitious target for growth I would say at 6.5x but the Nasdaq fintech is accustomed to decent valuation multiples and there are ambitious people involved with GFH (I'm not talking about DM!), with a decent amount of acquisitions and product launches planned. Remember as a proportion of shares owned, BNN is only around 12% of GFH going forward, so think about what the other 88% of holders are delivering in terms of products and services. GFH is the only way any old BNN investors will have a chance of getting some or maybe all of their money back I'm sure, so in support of any BNN share holders who have been hit hard with this situation, I hope GFH does actually make it. All this assumes GFH still gets to market via the merger agreement under MICT, still in SEC right now as far as can be worked out. Don't expect to hear any outcome from SEC now until January, so keep your Christmas hats on and enjoy New Year celebrations, then see what January delivers to us now! Bscuit - that is an interesting point about shares held in an ISA. Not sure if I have the fully correct answer here, but as you say, an ISA can only own listed shares so when BNN became delisted it was no longer eligible to be held, so removed from your ISA and you now have the share certificates yourself. Once hopefully GFH is completed and listed on Nasdaq, you will need to find a broker to convert your BNN shares to GFH shares but will all be outside of the ISA. I am not sure you can claim a loss other than capital loss as this was an issue of eligibility under ISA rules, but definitely get a financial adviser to see what may be possible if worth it. TTFN, back to my Christmas and New Year break!
perfect choice: BN1, Boovee obtained those percentages from the SEC filings. The 5.27% figure is the holding MICT were due to acquire in the original acquisition agreement found in the MICT SEC filings. They were due to get 9,048,077 shares out of 171,480,775 total GFH shares, that is 5.27% of the shares then. For the merger agreement recently announced, it states "MICT’s current stockholders will own approximately 11,089,532 shares, or 7.64%, of the 145,130,577 shares of MICT common stock outstanding". As it is now a merger agreement into MICT, the percentages apply against the total number of MICT shares versus new GFH shares before under the acquisition agreement, so effectively MICT shares holders have 7.64% of GFH versus 5.27% before. Now BNN holders get their proportion of MICT shares from 2 sources, namely those entitled form the Brookfield allocation and those MICT shares BNN already holds from its original purchase (1.363M) and those from the Convertible Notes. It is that combined total which are the shares available to be distributed to all BNN share holders with 238M shares of old BNN. This is where is gets harder now in that you have to make a number of assumptions on the split of total shares not held by MICT. For that I have 2 figures on the BNN proportion those being 17.4M and 18.8M. I have used the 17.4M figure for now which gives you the 13.7 dilution ratio (238M BNN shares divide by 17.4M MICT shares to be distributed to the 238M BNN share holders - there is your answer Andy). If it is the higher figure then dilution would be 12.6 BNN share:1 MICT share so I'm taking the worst case coalition for now. Notice Kite has used my ratio. It's not quite right on what is stated as the resultant value of the MICT share equivalent from the dilution ratio is dependant on the price of the MICT share, so you cannot compare against the historical suspended price of old BNN shares as it doesn't apply today. Maybe Kite has taken todays MICT share price $0.98-$1, converted it to £ then divided it by 13.7 to get back to a per BNN price in which case yes that would be around 6p(actually Kite stated 4p, see his previous post 18210 prior to today's). But that is todays price for MICT. Whole point of this merger is to grow the price and that is how BNN holders recover their loss, with $1.41 being a useful "starter marker" which applies to the $25M convertible notes "converting automatically at $1.41 per share at the closing of an acquisition by the company of Global Fintech Holdings Ltd (GFH)". But then prospects of GFH are for this price to be higher still and question is by how much? Find that out in 2020! TTFN
wetwestwales: Hey greenarrows: the link clearly states “commonly abbreviated to m”. Just as everyone else does. Hey boovee: glad I provide some merriment (for a few seconds). Ps greenarrows: I am at my best with a small glass of Liebfraumilch or Cinzano in my hand. But in my job never on a school night. Still awaiting news re the DJI/BNN share price. My wager is that the early day investors will be thrown under the bus if this deal goes ahead. Shameful.
perfect choice: I'm a little uncertain of how many shares BNN own of MICT Bovee, do you have view of on that figure? BNN originally owned 1.363M MICT shares but not sure what happens to the "$2M convertible loan facility (the "BNN Note"), the use of proceeds from which are contemplated to be used in part to replace certain existing creditor instruments, with an option to increase the facility to $3M, plus 100% warrant coverage, also exercisable at $1.01." to quote a previous announcement. Trying to work that out to establish BNN proportion of the 11,089,532 shares current MICT holders will have which includes BNN. That will allow me to work out total number of shares BNN may acquire from both routes and so available for distribution to BNN share holders. My own guess is 2M/1.01 so 1.98M shares. If that is correct to assume, then grand total shares to BNN is 19,653,957 shares. So that would mean 12.125 BNN shares receives 1 MICT share and a ratio to use for your legacy BNN holding.
boovee1999: The 10q is out for Mict. No surprises. The preliminary proxy for mict is required to be filed by no later than 11/18 and deal close no later than 1/24. Preliminary proxy likely has fairness opinion which helps put this all in perspective. By my read Brookfield Beijing will get over 16mm shares of MICT. This places a value for transaction purposes of around $23mm for the assets being contributed. I thought someone mentioned that there are 125mm shares of BNN outstanding bc and assuming BNN shares represent all of Brookfield Beijing, perhaps BNN shareholders will get 1 Mict share for every 6 BNN shares. But this is a very crude analysis and could be way off. Perhaps others familiar with BNN can opine. There are also the shares of MICT which BNN already owns snd warrants in MICT at 1.01. So who knows exactly what one BNN share turns into for MICT. Just my rough take on it.
wetwestwales: Ah, PC believes the BNN share price will equate to 10p. For those of you that invested at 60p, 80p, £1, £1.20, £1.40 etc how great do you feel ? But don’t worry, the share price only needs to go up 6x or 8x or 10x etc for you to just get your money back (don’t mention anything about a return on investment or profit !!). And Capt has his hands on the wheel again. Now, where is that $28m (sorry boovee, $28mm) bank cash, what happened to the £900m 6 months t/o in 2017 ? I hope the early day DJI/BNN investors are out celebrating this fantastic news that you have not lost everything, just almost everything ........... Shocking if PC is right.
boovee1999: This is what I mean by saying action is imminent. The PR states GFH already owns PGX and the assets of BNN. Not "will acquire"...MICT "will acquire" GFH. Accordingly, this is now going to close very quickly. There is no way GFH is going to operate long separate from MICT. As to the MICT share price (which I fully believe will have a different name and ticker symbol very quickly), we need to know how many shares are going to be outstanding on day one. Under the original plan, this was about 180MM shares valued at $1.65 on paper. This number will likely rise. My guess is around 200-225MM but we will see. Then you ask what will the market cap be on day one. At a Bid of 4, it was expected to be at least $720MM under the original deal. Using that $720MM as the companies have not really changed, and dividing by 225MM shares, you get 3.25/share. HOWEVER, one could argue the new MICT is going to be stronger and the potential greater than before. This is where the market caps of FUTU and WBAI come in. Just take FUTU. $1.2B market cap and GFH seems better positioned. Putting a $1.2B value on GFH with 225 shares outstanding, gets you over $5/share. Then you look at WBAI. The BNN sie of things may get you some comparable values. That is another $2.50/share. One can get to $8/share pretty easily following those metrics. I have also heard about the $10 reports and they make sense as to how to get there. Then if China ever reopens online lottery sales which have been suspended since 2015, the value of MICT soars well beyond any of these estimates. And you can have this all for $1 right now with MICT. You can't buy GFH in the open market. The only way to play this is through MICT if you want in before the closing. My guess is day one after the close will see a price of $3 plus on MICT (or whatever name and symbol is used). Think again. Do you really thing everyone is agreeing to take 1.41 and whatever other number is used only to see the same values used for acquisitions? Of course not. Acquisitions will be done with stock of a much higher share price so as to not dilute all the major players here. And the beauty is you have a stock in FUTU that you can look to that is traded on the US markets and arguably GFH is positioned at least as well if not better. The risk here was a deal never materializing. That still holds true, albeit to a much, much lesser degree, but once a deal closes, the share price now will be a thing of the past. My guess is GFH just acquired the assets of BNN and PGX or else BNN would have had to make some announcement. PGX is private so not necessarily bc GFH is still private as well. BNN shareholders will be in very good shape but they need to hold for a bit. If you sell on day one you may be leaving quite a bit on the table given that so many shares of the new MICT will be subject to lock up making the float available for trading very attractively low for price appreciation.
dlm2602: Newmanontheblock I'm not an expert in company law and the rules governing one company acquiring shares in another especially through a RTO. But the investment bankers and lawyers involved in this deal will have agreed between them a valuation (Enterprise value) for each of the 3 companies before any deal together with a hoped for likely uplift when the 3 companies are merged. In the SEC filings of 2nd July, the enterprise value of BNN was estimated at $130m, the PAAS company (after cash taken out) at $90m and MICT at about $15m assuming a $1.65 share price. If the deal concluded, the shareholders of BNN and the 3rd party PAAS would exchange their shares for new MICT shares (and cash), but at what price would the MICT shares be priced at for this swap? My view is that this should be $1.65, being the same price that BNN acquired the 50.1%. Any MICT shareholders unsuccessful in the tender would then not be too badly affected. If I follow this logic then I would expect the MICT share price to be a lot closer to $1.65 than it is at the moment. There are a number of reasons this could be so. Most obviously, the market may just believe the deal will not conclude, especially as it keeps seeming to miss its deadlines; the market cap of MICT is so small (c $5m) that trading it in any volume is impossible without massively impacting the price, so there is no buy interest; the MM's are walking down the share price, deliberately making it difficult to buy shares whilst building a long position for themselves; or the deal structure could have been renegotiated at a lower MICT share price. This is all speculation on my part from a (worried!) holder of BNN but take comfort from those who have seen some of the finer details that things should turn out well.
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