RNS Number : 4233C
BNN Technology PLC
13 April 2017
 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE, DISSEMINATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.

 

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY, NOR SHALL THERE BE ANY SALE OF THE SECURITIES REFERRED TO HEREIN, IN OR INTO ANY JURISDICTION WHERE SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.

 

13 April 2017

 

BNN Technology PLC

("BNN" or the "Company")

 

BNN Successfully Raises £25 million

 

BNN Technology (AIM: BNN), a London-listed Chinese technology, content and services company, is pleased to announce the successful completion of the proposed placing, as announced earlier today, raising gross proceeds of £25 million (the "Placing").

 

A total of 31,250,000 new ordinary shares of par value £0.10 each in the Company ("Ordinary Shares") (the "Placing Shares") have been conditionally placed at a price of 80 pence per Placing Share.

 

The Placing was completed with support from existing and new institutional investors.

 

Mirabaud Securities LLP acted as Sole Bookrunner. Strand Hanson Limited acted as Nominated & Financial Adviser.

 

 

Details of the Placing and Notice of GM

 

The Placing Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the Placing Shares.

 

The Placing Shares are to be issued in two tranches, the second of which is conditional, inter alia, on the approval of BNN shareholders:

 

First Tranche

 

A first tranche of 15,625,000 new Ordinary Shares (the "First Placing Shares") will be issued and admitted to trading on AIM on 21 April 2017, raising gross proceeds of approximately £12.5 million.

 

Second Tranche

 

A second tranche of 15,625,000 new Ordinary Shares (the "Second Placing Shares") will be issued and admitted to trading on or around 15 May 2017, raising gross proceeds of approximately £12.5 million, subject to, inter alia, the receipt of shareholder approval of the necessary resolutions to enable the issue of the Second Placing Shares.

 

 

The Company will shortly be posting a circular to Shareholders convening a general meeting of the Company to be held on 11 May 2017 for the purpose of considering, inter alia, the necessary resolutions.

 

 

Admission to Trading and Total Voting Rights

 

Application has been made to the London Stock Exchange for the First Placing Shares, which rank pari passu with the Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 21 April 2017. Following the issue of the First Placing Shares, the Company will have 222,987,523 Ordinary Shares in issue and there are no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Rules and the Transparency Rules.

 

 

This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In addition, market soundings (as defined in MAR) were taken in respect of the Placing with the result that certain persons became aware of inside information (as defined in MAR), as permitted by MAR. This inside information is set out in this Announcement. Therefore, those persons that received inside information in a market sounding are no longer in possession of such inside information relating to BNN and its securities.

 

 

For further information, please contact:

 

BNN Technology plc

+44 (0) 1565 872990

Darren Mercer, Chief Executive

Scott Kennedy, Chief Financial Officer

Stephen Benzikie, Communications

 


Brunswick Group (Public Relations)

+44 (0) 20 7404 5959

Brian Buckley / Diana Vaughton


Strand Hanson Limited (Nominated & Financial Adviser)

+44 (0) 20 7409 3494

Andrew Emmott / Ritchie Balmer

 

Mirabaud Securities LLP (Broker)                                                           

Peter Krens                                                          

 

 

 

 

+44 (0) 20 7878 3362

About the Group

BNN Technology plc is a Chinese technology, content and services company that builds long-term partnerships to deliver China's citizens with value-added services, content and evolving opportunities.

Listed on AIM since 2014 the Group principally engages in providing technology to partners to facilitate fulfilment of payments online and on mobile apps through partnerships or affiliate agreements with corporate and key government partners, and, developing digital content, both online and mobile. Through its partnership with Xinhuatong and NewNet, BNN facilitates mobile payments, through its technology platform, on the Xinhua News mobile app in 12 provinces in China. The Chinese consumer shift to 'life on mobile' is only just beginning and BNN's platform technology enables urban and rural communities across China to access exclusive content and pay for more services online.

The Group employs nearly 300 professionals throughout China.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCSFWSMDFWSEIL