26 Jan 2017 07:00
26 January 2017
BNN Technology plc("BNN" or the "Company")
Conversion of Loan Notes and Issue of Equity
Total Voting Rights
BNN Technology plc (AIM: BNN), the London-listed Chinese technology, content and services company, announces that yesterday it served a notice of conversion in respect of the full outstanding balance of £2,403,288 convertible loan notes issued on 21 April 2016 to Stadium Parkgate (Holdings) Limited (the "Convertible Notes").
The Convertible Notes were capable of conversion into new ordinary shares of 10 pence each in the capital of the Company ("Ordinary Shares") at any time after 31 December 2016 and prior to 31 January 2017 at the lower of 115p and the closing mid-market price of an Ordinary Share on 31 December 2016.
As such, 2,089,816 new Ordinary Shares will be issued at a conversion price of 115p to Stadium Parkgate (Holdings) Limited (the "Conversion Shares").
Total Voting Rights
Application will be made for the admission of the Conversion Shares to trading on AIM ("Admission") and it is expected that Admission will take place and that trading will commence on AIM at 8.00 a.m. on 2 February 2017.
Following Admission, the Company will have 207,362,523 ordinary shares in issue. BNN holds no ordinary shares in treasury. This figure of 207,362,523 should therefore be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
For further information, please contact:
BNN Technology Scott Kennedy, Chief Financial Officer Strand Hanson Limited (Nominated Adviser) Andrew Emmott / Ritchie Balmer Brunswick Group | +44 (0)156 587 2990
+44 (0) 20 7409 3494
+44 (0)207 404 5959 |
Brian Buckley / Diana Vaughton | |
Mirabaud Securities LLP (Broker) | +44 (0)207 878 3362 |
Peter Krens
|
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
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, BNN facilitates mobile payments and other key services 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