A company which helps European football clubs promote themselves in China on mobile phones has asked for trading in its shares on London's Alternative Investment Market to be suspended while it investigates "serious allegations" against two top executives.
BNN Technology, which says it has partnerships with a number of football clubs, including Barcelona and Arsenal, said on Monday its chief financial officer, Scott Kennedy, had resigned, making a number of allegations against the chief executive Darren Mercer and the chief operating officer Wei Qi.
The company said a committee of board members has suspended Mr Mercer and Mr Qi while it investigates the allegations. Mr Mercer and Mr QI could not immediately be reached for comment.
"The decision to suspend two of our senior team was not taken lightly and should not be taken as an assessment of the validity, or otherwise, of these allegations," said the chairman Harry Keiley.
"However, given the serious nature of these allegations and the source from which they have come, the independent committee feels it has no choice but to suspend the relevant individuals at this time."
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BNN Technology declined to comment further on the nature of the allegations and said trading in the shares would remain suspended, "pending the appointment of suitable executive management to oversee the company's operations, particularly those in China, whether interim or permanent".
The suspension comes amid increased scrutiny of companies who are listed on AIM which have Chinese operations.
The company originally listed on AIM as a gambling business in 2014, changing to become a provider of technology for online and mobile phone transactions after China banned the online sale of lottery products in March 2015, according to its website.
It also now helps to distribute news and runs competitions for fans of its client soccer clubs through a partnership with China's Xinhua News.
Shares in the firm last traded at 42p on Friday, down nearly 70 per cent this year and valuing the company at just over £100 million (Dh475.7m).
BNN raised £25m from investors in May, and reported a loss of £15.5m for the six months ending June 30 in its latest set of results.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
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Killing of Qassem Suleimani
Hydrogen: Market potential
Hydrogen has an estimated $11 trillion market potential, according to Bank of America Securities and is expected to generate $2.5tn in direct revenues and $11tn of indirect infrastructure by 2050 as its production increases six-fold.
"We believe we are reaching the point of harnessing the element that comprises 90 per cent of the universe, effectively and economically,” the bank said in a recent report.
Falling costs of renewable energy and electrolysers used in green hydrogen production is one of the main catalysts for the increasingly bullish sentiment over the element.
The cost of electrolysers used in green hydrogen production has halved over the last five years and will fall to 60 to 90 per cent by the end of the decade, acceding to Haim Israel, equity strategist at Merrill Lynch. A global focus on decarbonisation and sustainability is also a big driver in its development.
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The specs
Engine: 3-litre twin-turbo V6
Power: 400hp
Torque: 475Nm
Transmission: 9-speed automatic
Price: From Dh215,900
On sale: Now
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
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Price: Dh329,000 (base model 4.0L EXR Dh215,900)
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
Kanguva
Director: Siva
Stars: Suriya, Bobby Deol, Disha Patani, Yogi Babu, Redin Kingsley
RESULT
Arsenal 2
Sokratis Papastathopoulos 45 4'
Eddie Ntkeiah 51'
Portsmouth 0
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Monday
Real Betis v Levante (11.pm)
Company%20Profile
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
