TIDMBNN
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THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS NOT
FOR PUBLICATION, RELEASE, DISSEMINATION OR DISTRIBUTION, DIRECTLY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 GBP25 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 GBP25 million (the "Placing").
A total of 31,250,000 new ordinary shares of par value GBP0.10
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 GBP12.5
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 GBP12.5
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:
+44 (0) 1565
BNN Technology plc 872990
Darren Mercer, Chief Executive
Scott Kennedy, Chief Financial Officer
Stephen Benzikie, Communications
+44 (0) 20
Brunswick Group (Public Relations) 7404 5959
Brian Buckley / Diana Vaughton
Strand Hanson Limited (Nominated +44 (0) 20
& Financial Adviser) 7409 3494
Andrew Emmott / Ritchie Balmer
Mirabaud Securities LLP (Broker) +44 (0) 20
Peter Krens 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
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