BNN Technology PLC Announcement re: Director's Loan (7809A)

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RNS Number : 7809A

BNN Technology PLC

03 January 2018

3 January 2018

BNN Technology plc

("BNN Technology", the "Company" and, together with its subsidiaries and entities that are controlled by the Company, the "Group")

Announcement re: Director's Loan

BNN Technology (AIM: BNN), a London-listed Chinese technology, content and services company announces that, further to its announcement on 24 October 2017, it is continuing its discussions with Mr Darren Mercer relating to the repayment of the outstanding loan of circa GBP450,000 due to the Company by him (the "Loan"). GBP270,000 of the Loan has now been offset by a bonus owed to Mr Mercer which was agreed by the Company in June 2016 (the "Bonus") and which had not been paid to date.

The board of directors of the Company (the "Board") became aware of the agreement to pay Mr Mercer the Bonus in Q2 2017 and it is acknowledged that the Company failed to account for this sum in its annual report for the year ended 31 December 2016, or any subsequent disclosure and the Board is undertaking to investigate this error.

The Company has recently been presented with information which Mr Mercer believes could reduce the amount of the remainder of the Loan. This is now under review and a revised balance of the Loan, together with a revised repayment schedule is expected to be agreed with Mr Mercer shortly.

Additionally, further amounts which were not included in the Loan are also being investigated by the Board, in light of the findings of the PwC Report.

A further announcement will be made in due course.

This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 ("MAR").

ENDS

For further information, please contact:

 
                                         +44 (0) 156 587 
 BNN Technology plc                                 2990 
   Harry Keiley / Lord Mancroft 
    (Independent Committee) 
 
                                         +44 (0) 207 920 
 Tavistock (Financial PR)                           3150 
   Jos Simson / Jeremy Carey 
    / Andrew Dunn 
 
   Strand Hanson Limited (Nominated      +44 (0) 20 7409 
   & Financial Adviser)                             3494 
   Simon Raggett / James Spinney 
    / Ritchie Balmer 
 
    Mirabaud Securities Limited 
    (Broker)                             +44 (0) 20 7878 
    Peter Krens                                     3362

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 03, 2018 02:00 ET (07:00 GMT)

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