Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email [email protected] in the first instance.

 Information  X 
Enter a valid email address

BNN Technology PLC (BNN)

  Print      Mail a friend

Friday 21 April, 2017

BNN Technology PLC

Annual Report & Accounts and cash position update

RNS Number : 9221C
BNN Technology PLC
21 April 2017
 

21 April 2017

 

BNN Technology PLC

("BNN" or the "Company")

 

Posting of Annual Report and Accounts and Update on Group Cash Position

 

BNN Technology (AIM: BNN), a London-listed Chinese technology, content and services company, confirms that the fully audited Annual Report and Accounts for the year ended 31 December 2016 were posted to shareholders today.

 

A copy of the Annual Report & Accounts is also available on the Company's website: http://bnntechnology.com/financial.php

 

A Notice of AGM will be sent to Shareholders shortly and a separate announcement confirming the date of the AGM will be made in this regard.

 

The report describes, inter alia, our strategic vision and key business areas.  Our vision is to be a leading Chinese technology portal with three key business areas: payments, content and value added services.  Recent announcements have outlined a clear portfolio of sectors and revenue streams in which BNN will continue to grow and invest over the coming months and years.

 

Group Cash & Debt Position

 

In the Annual Report and Accounts, cash balances comprise an unrestricted balance of £28m and a restricted balance of £14.2m (see the group consolidated balance sheet and note 21 to the financial statements) at 31 December 2016.  Accordingly, cash and cash equivalents at the year end were £42.2m in total, which exceeded our short and long term of borrowings of £19.7m by £22.5m.  The directors were of the opinion that this represented sufficient cash resources to expedite the Group's strategy prior to the student platform and credit services initiatives, and the associated fundraising to execute on these opportunities, announced on 13 April 2017.

 

Loans at the year end of £19.7m in total comprised secured bank loans of £11.6m and unsecured loans of £8.1m (principally the convertible loan notes, of which £2.4m has since been converted in to equity in January 2017) (notes 23 and 32 to the accounts).  The secured bank loans are secured by restricted cash deposits (note 21) and reflect the mechanisms through which cash is transferred from the parent company to our operating companies in China.  This funding model, where onshore loans in China are secured by offshore deposits, is a common funding model for foreign incorporated companies operating in China.

 

Since the year end, £8m of cash has been utilised in the first four months of the year reflecting annual provincial Xinhua payments, as part of the Xinhuatong/Xinhua News Agency agreement, working capital for the mobile phone business, NASDAQ listing advisory costs, year-end audit fees and ongoing company administrative and capital expenses.

 

The placing announced on 13 April 2017 raised a further £25m (before expenses), subject in part to shareholder approval, specifically to fund new initiatives in a student platform and credit services.  Those funds, together with existing funds, are anticipated to be sufficient to deliver on all of the initiatives announced to date.

 

As stated in earlier announcements, we expect the motorist platform to launch in the second half of 2017, and thus, along with our mobile top up business, support cash generation for the business.  

 

 

END

 

 

 

 

 

 

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 3167 7221

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 and services 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
 
 
MSCFMGZDLGMGNZM

a d v e r t i s e m e n t