TIDMBNN
RNS Number : 9567C
BNN Technology PLC
21 April 2017
21 April 2017
BNN Technology PLC
("BNN" or the "Company")
Appointment of Non-Executive Chairman
Establishment of Advisory Panel
BNN Technology (AIM: BNN), a London-listed Chinese technology,
content and services company, announces the appointment of Harry
Keiley as Non-Executive Chairman and the establishment of an
Advisory Panel. The current Chairman, Lord Mancroft, will continue
as a Non-executive Director.
Non-Executive Chairman
Harry is Chair of the Investment Committee of the California
State Teachers' Retirement System (CalSTRS), the largest
educator-only pension fund in the world and the second largest
pension fund in the US. The market value of the CalSTRS investment
portfolio was approximately $202.1bn as of 28 February 2017.
CalSTRS has a long-term investment philosophy, aimed at maintaining
a strong stable fund in order to deliver the retirement benefits
for its members, and good corporate governance is essential to the
safety of that portfolio. Harry was first elected to the Board of
CalSTRS in 2007 and re-elected in 2011 and 2015, and has served as
Chair of the Board and Chair of the Compensation Committee. He is
currently also a serving member of the Audit, Risk Management and
Board Governance Committees.
Harry's appointment materially strengthens BNN's board in
preparation for the NASDAQ listing, bringing experience of the US
markets and the US corporate governance environment. In addition,
Harry has significant experience of institutional investment in
technology companies, from their nascent stages to achieving global
scale. CalSTRS' long term investment approach and focus on strong
corporate governance align perfectly with the values of BNN
Technology, and Harry's experience in these areas will be
invaluable to BNN.
Lord Mancroft, the current Chairman of BNN, will continue to
serve on the Board as a non-executive director. We would like to
thank Lord Mancroft for his contribution to the Group during his
tenure as Chairman. Further non-executive director appointments are
anticipated to further strengthen the board and in preparation for
the NASDAQ listing.
Advisory Panel
As we expand into new sectors in China, we intend to develop an
Advisory Panel of industry leaders, whose experience will enable
BNN to accelerate the execution of its strategy and to capitalise
on opportunities in China.
The Advisory Panel will be chaired by Miguel Forbes. Miguel is
the former President of Worldwide Development at Forbes Inc, the
global media group. He was part of the launch group for Forbes.com
in 1996, before leading the expansion of Forbes Media LLC into
financial services, education, television, travel and international
markets through joint ventures and license agreements.
Further appointments to the Advisory Panel will be made and
announced in the coming weeks.
Darren Mercer, Chief Executive of BNN Technology, said:
"I am delighted to welcome Harry to the Board as we enter the
latter stages of the Nasdaq process. He brings to BNN experience of
the US markets and governance of the highest calibre. Harry's deep
understanding of both boardroom best practice and the demands of
global institutional investors, as well as his experience of
engaging with some of the world's largest technology companies,
will prove invaluable as we strive for recognition in an
appropriate peer group on NASDAQ.
"I am also delighted to be working with Miguel, who has
considerable reach into the wide spectrum of industries and
investment funds we are targeting. I look forward to working with
Miguel to build an Advisory Panel of industry leaders with direct
experience of building businesses in the sectors we are targeting
and to benefitting from their experience and guidance as we pursue
our strategy to build a substantial internet portal and database in
China."
Harry Keiley added:
"Having been involved with CalSTRS since 2008, I've witnessed
first hand companies and their CEOs successfully meet the
challenges of transitioning from growth stage to dominant market
positions. I'm very excited about BNN's strategy, its progress to
date and its prospects for building shareholder value as it aims to
develop one of the largest databases in the huge Chinese market. I
am also impressed at the Company's level of preparedness ahead of
its NASDAQ listing and I look forward to working with the team to
ensure BNN is in the best possible shape to enter life as a US
listed company."
Miguel Forbes said:
"I am very excited to have the opportunity to be part of the BNN
story. The Group has the potential to become one of China's leading
technology companies and, through the Advisory Panel, I am looking
forward to building a team of highly relevant and influential
individuals who will be able to help the Board and management to
deliver on their ambitious strategy. I am also very pleased to be
working alongside a Chairman of Harry's background and calibre to
bring the highest quality of independent, value added guidance to
BNN."
Additional information on Mr Harry Keiley
The following additional information is provided in accordance
with paragraph (g) of
Schedule Two to the AIM Rules for Companies:
Harry Matthew Keiley (aged 53)
Past Directorships/Partnerships
Current Directorships/Partnerships (last 5 years)
California State Teachers'
Retirement System
Step Up on Second Inc.
The Line
There is no other information that is required to be disclosed
pursuant to paragraph (g) of Schedule Two to the AIM Rules for
Companies.
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) 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 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 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
NewNet and its partnership with Xinhuatong, 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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