BNN Technology set for AIM delisting on Monday

BNN Technology announced on Friday that it has not appointed a replacement nominated advisor, and as such its ordinary shares will be de-listed on AIM as of 0700 GMT on 12 February.

The AIM-traded firm said it was now at an “advanced stage” of discussions with two US-listed companies, with the objective of closing a deal which, if delivered, should “greatly enhance” shareholder value.

Its board said those discussions currently centred around the acquisition of all or large parts of the group.

It said it had chosen a “leading” US investment bank to assist with that process, and expected to formally appoint them in the coming days.

The board added that it believed that, in pursuing those opportunities, they were acting in the best interests of shareholders and stakeholders alike.

It said it anticipated being able to update its shareholders shortly.

The directors explained that they intended, following the cancellation and delisting from AIM, to set up a matched bargain arrangement to enable shareholders to trade their existing holdings of ordinary shares.

Further details of that arrangement would be provided to shareholders in due course.

“We would like to reassure our shareholders that whilst the process of concluding these deals is complicated, these discussions have been ongoing for many weeks now and I am pleased to report that the considerable progress made to date, gives me the utmost confidence that a deal will be agreed soon,” said BNN chairman Mark Hanson.