Mirriad Advertising Share Discussion Threads

[tickboo] 17/5/2024 08:46

*well intentioned

[tickboo] 17/5/2024 08:29

LOTM is well intended but a little naive. GMs are boxing ticking exercises and a Q&A very rare. Mirriad will have approached all large holders to take part in the raise and most seemingly said no thanks but they will have been asked to vote through the raise. The choice is to vote against and the co runs out of cash before end of August so they of course agrees. The BoD know this and will not be taking questions of pesky retail investors. Some of the nonsense posted on LSE shows why so many AiM punters lose a lot of money. I've lost along the way of course but some of the comments particularly on finance embarrassing. Mirriad will need to pump a lot before the next raise H1 next year. The broker note doesn't make for pretty reading and that's a house broker note so optimistic (like many on lse).

[kaos3] 17/5/2024 07:49

lotm...

i have been to some GMs. in most Q and A was not allowed. the president/leader did not allow any discussion and insisted that each point was written about and explained when GM called. then managmenet sometimes said few words about it and people can only vote.

most discussion is after the voting above GM called items - at the end ... if wanted by BOD and allowed by the leader

my point ... discussion is not a sure thing to be had. specially in similar situation.

it is assured by someone expanding the GM list of issues to include discussion when called or by voting on a new expanded list at the beginning of GM

and then the lenght of the discussion and mic is again in the power of the GM leader ... so if you do not vote in YOUR GM LEADER WITH YOUR LIST OF ITEMS .... you are toasted

experience is from the continetal europe

[last of the mohicans] 17/5/2024 01:06

An update for everyone.

A further email was sent to the company & no response has been forth coming at all (either by RNS or Email).

It is clear the company is going to brazen it out until the GM.

So I'm pretty sure it will be a long meeting, while all these questions are answered & enter the public domain.

I received an email late yesterday regarding another of the avenue's I was pursuing, it wasn't the answer I was hoping for. I'm not going to say any more about it for now, history will no doubt be its judge.

LOTM

[drradcliffe] 14/5/2024 10:13

Alenby's note 08/04/24 states forecast 2025 figures at £10.75M revenue, loss £3.35M, and eps -0.5p.


Year End: 31 December (£'000) 2021 2022 2023E 2024E* 2025E*
REVENUE 2,010 1,507 1,803 4,000 10,750
ADJ. EBITDA (13,067) (13,637) (10,588) (7,586) (3,198)
ADJ. PBT (12,020) (14,027) (10,794) (7,686) (3,348)
ADJ. EPS (p) (3.9) (4.8) (2.1) (1.3) (0.5)
NET CASH 24,501 11,289 6,109 6,432 2,825
EV/REVENUE (x) N/A N/A 5.3 1.7 1.0
EV/EBITDA (x) NEG NEG NEG NEG NEG

Source: Company; Allenby Capital. Allenby Capital acts as Nomad & Joint Broker to Mirriad Advertising plc (MIRI.L).

[tickboo] 13/5/2024 19:20

Surely you are not selling the co again. Remember when you advised people to buy at nearly double the share price. Come on man the increase in partners has NOT meant an increase in total revenues. I am sure programmatic will change this but my bet is that comes in significantly H2 next year (H1 always much slower).

[tickboo] 13/5/2024 19:18

A break even projection? It is a very optimistic house broker note. Programmatic coming in proper in Q4 which on their past performance will be missed and the £4m revenue highly unlikely (look at previous guidance). That being the case will mean a raise H1 2025. Potential here still big but sadly another painful raise will be needed before break even.

[last of the mohicans] 13/5/2024 19:10

2phevs found this today ..........

Allenby Capital Research report on Mirriad from the 8th of May



So Allenby Capital, have named names in the advertising space! (some of which have wanted to keep quiet previously) but more importantly on page 2 they are saying NBCU is the company that has been in negotiations with Mirriad for month's now as they are the only ones who can have 22% of the Content market.

Certainly worth a read given it has a break-even projection in it.

LOTM

[last of the mohicans] 12/5/2024 12:09

Hi kaos3,

Thanks for you comments.

I most certainly didn't know what was coming, my worst case scenario was a £5M raise.

If I had known what was coming I wouldn't have bought 1.325M shares at an average price of around 2.10p I haven't sold a single share to date.

And I most certainly wouldn't have shared all the research I'd done with others on other share's BB's to end up damaging my own reputation because of it that's for sure.

I could have held off buying & sharing until after the event, if I'd thought it was going to be that big & anything like that price.

Why did I move fast at the end, because I believed Upfronts24 was going to be the big reveal, the gamer changer moment that would draw USA investors to the company with the mention of AI & them finding out that Mirriad had 40% of the market & another 15%+ provider in negotiation.

My research then showed Upfronts24 was week commencing 13th May & one of the possible reveals (company we're signed up with) is on 14th May. So if Mirriad name came out then, then the share price would climb considerably (in my view).

That left just 12 days max to get everyone fully positioned & I had targeted my research at "long term " holders meaning the free float by Upfront24 would be much smaller than it had been, so any movement would be bigger.

That would give the company a good platform to do the £5M max raise on ( & I was only 85%) convinced a raise was needed soon - because we had no data to go on (31st March cash balance or Q1 sales revenue) which we now know would have shown revenue wasn't increasing as fast as might have been expected (& NO I wasn't expecting huge numbers but a definite upward curve - probably £1M for Q1 was my sort of figure, but given that £2.8M I'm guessing the actual one will be lucky to be £0.5M).

The higher share price would have meant a lot less dilution all round if it was a share placing rather than another form of finance.

--------------------

I wouldn't say they are being nice, the exact opposite.

I'm not going to reveal all the avenues I'm exploring but you are on the right tracks with some of them.

LOTM

[tickboo] 12/5/2024 10:37

There is this crazy narrative that Mirriad could have got a raise away higher but kept it low for their associates, chief ramper is calling it mates rates. If that was the case all would sell as the CEO can't be trusted. It's nonsense though. They were suggesting finance through upfront payments on invoices, I mean so these clowns not realise last year the average monthly invoices were £150,000 whilst their costs were some £900,00 so burnt circa £750,000 a month. Who the hell would offer finance? The issue is the potential has been here for years and we have had hundreds of great LinkedIn posts but revenues do nothing, CEO will take nearly 10% of the raise money and if break even back end of next year will have to raise H1 next year. If IP that good surely for £55m or 10p a share a major would buy it? Cash runs out in August so currently burning around £800,000 a month.

[kaos3] 12/5/2024 07:12

What i differ on is asking the bod to communnicate and take responsibility by free will.

They probably will be nice at the beginning but when it is too much will just stop.

If you do not present legal wrongs for regulators and possibly court i do not see any results.

So where did they go wrong not on ethics but on legal??????????????

As they probably did it fully aware and did it 100 proof.

But i hope you will be successful.

Just imho

[last of the mohicans] 11/5/2024 22:23

Hi DaveMac3,

Sadly that is a really hard question to answer right now when so little of the information needed to make those judgements/decisions on is not in the public domain.

Even more so when it's clear that Mirriad & the Nomad are being as uncooperative & unresponsive as they think they can get away with ahead of the 23rd. In time it will come out into the public domain & everyone will be able to see it in plain sight for themselves & will be shocked by it.

Without a doubt there has to serious changes in the way the company communicates with its private investors. It has to be open & transparent in that regard from now on. Anything less is unacceptable.

Beyond that - its simply impossible to say without facts -

The fact so many USA content providers want to use the product, I'd say is validation that Mirriad has something potentially very special on its hands. The trouble is, it doesn't seem to be able to communicate that fact in a meaningful way to virtually anyone else other than advertisers & that's a real problem & needs addressed quickly.

Has it just been overlooked / or do the board members etc just not have the right skill set to achieve it ? & if they don't have the skill set what needs to change to get it in place to resolve the issue going forward.

LOTM

[last of the mohicans] 11/5/2024 21:40

Sorry Everyone,

What I should also have included in my last post was the message I was conveying to them during that conversation.

That the company is totally disconnected from private investors, it has not engaged with them in any way, let alone in a meaningful way for 6 months plus. Now it has alienated & angered the vast majority of its existing private investors, with the price & size of the placing & any trust that had existed previously has now been totally destroyed.

All because Mirriad hasn't taken them on the journey with them, by not explaining clearly how the pieces of the jigsaw fit together, like the various pieces of Programmatic from the Content providers side of things to the Sales side which is meant to be the last missing piece of the puzzle. That then take you from "Manual" mode to effectively automatic mode.

The total lack of key financial information in the placing document like the End of March cash balance or Q1 sales Revenue & especially the lack of a projected break-even target date (by quarter in 2025) as realistic future guidance of how long funding will be required for.

That the £2.8M number was a big & meaningless mistake. It was given without context no notes as to how it was arrived at. Has only confused investors & many think that is going to be the max revenue number for the year, when in fact new ad campaigns can be run at short notice & some revenue not in that number could indeed still occur in Q2 , never mind Q3 & 4.

The information that should have come out earlier around C4, Sky & the other 32% of USA content providers.

Lastly the terrible timing of it with Upfronts24 due next week.

LOTM

[davemac3] 11/5/2024 18:36

LOTM

What do you want out of this?

[last of the mohicans] 11/5/2024 16:13

Just to give everyone a brief update :-

I finally had a fairly lengthy conversation on Thursday with one of the directors. They heard my message, I'm not sure what the full board will have made of it, but it will have given them more context to the lengthy list of questions they have received from me in a number of emails & they know I want the answers to go to all shareholders.

During that conversation something was inadvertently said in one sentence & on my own reflection, I believe that it might be considered (& I emphasis might) so as a precautionary measure I will be refraining from buying/selling Mirriad shares until the GM where it should come to light ( or soon should it come into the public domain before then).

I have had one response from Allenby Capital to date & the purpose of that in my view is try to distance themselves from the matter before I'd even sent in a much more formal email. I then sent them a much more detailed email to which I have yet to receive a reply.

I'd like to say a bit more, but I don't think that is the right approach for now.

I am pressing on with all the things that need to be done ahead of 23rd May, against many headwinds that are in the way. If there is anything substantive to report I will do so, but it should be to everyone in RNS's.

If you've not already emailed the company then I suggest you do so, & also start to contact your broker ahead of the 23rd to say you want to either attend the meeting in person & want your shareholding available to vote when there or that your going to be submitting a proxy vote.

LOTM

[tickboo] 10/5/2024 16:05

M&G dumping already for 5% profit. They just want some money back ASAP. Will they dump all of the 60m they got at 1.25p? Of course they will

[last of the mohicans] 08/5/2024 20:19

It has taken literally 3 days for both Mirriad & Allenby Capital to even reply to my emails nevermind start to answer the questions within them.

Who knows how long that's going to take & I have asked for the answers to be released via an RNS so that all shareholders are equally informed.

LOTM

[last of the mohicans] 07/5/2024 14:24

Dear Board Member,

I am currently a shareholder in the company with a shareholding of over (X Shares or X%).

I find the events of the past few day's extremely disappointing to say the very least & the timing of it makes absolutely no sense at all. While I along with other existing shareholders knew the company was very likely to need additional funding to see it through to break-even on a monthly basis. Everything that has been said publicly, be it through the company blog, company LinkedIn account or LinkedIn accounts of Directors & senior executives in recent weeks, would indicate that the company's prospects are very good indeed & speeding up ....

Yet here we are receiving news that the company has undertaken a massive share placing, not only has it placed those shares at a truly horrendous discount of 43% to the then share price, it has then gone ahead & placed an additional 64M shares when it didn't need to. Resulting in further massive dilution for existing shareholders who are seeing there ownership of the company being diluted by 100% now.

Last Year's share placing of a similar size was done at a discount of just 4.8% to the mid market price.

Have you No shame or integrity ?

You want us to believe that this is the best you can achieve on our behalf.

That this is the best timing to initiate such action, when according to the company posts we are about to be unveiled by the major Content providers at the up coming Upfronts24 in less than 2 weeks time, or the "soon" to be released Microsoft Webinar wouldn't have brought much more attention to the company from investors?

That was before the said RNS made public that an additional 32% of USA content providers are now in detailed talks with the company, or the C4 & Sky contracts news. News never made public until now, yet likely to have increased investor interest in the company had it been released previously.

The company has not engaged with its shareholders in a very long time, no updated presentation since August 2023. No webinar's or Introduction to the company events or attended Investor event's, to get the Mirriad name known to Investors & new shareholders on the register.

No none of that occurred, did you even try accessing the funds required through other means ?

Instead out of the blue we see a rushed & botched share placing that you believe is the best method of funding the company through to break-even & even then you can't project which quarter of 2025 you currently expect to break-even.

The Executive Directors & the rest of the board have a lot of explaining to do & quite frankly there is now NO trust whatsoever between existing shareholders & this board of directors.

I see on public websites that a group of existing shareholders seem to be joining together to tackle this matter & unless the company comes up with some detailed explanations in the next few days to address all of there concerns. I'll have to seriously consider either joining them or voting as they do at the upcoming GM & AGM where given what's occurred every single member of the board should be putting themselves forward (no matter when they were last approved) for re-election to see if shareholders want them to remain with the company or not.

I also believe from the sites that they have recently submitted an interesting idea for funding the company instead of the one the company's proposed, I hope it is urgently being given serious consideration or something similar.

A very disgruntled Shareholder.

[last of the mohicans] 07/5/2024 14:23

Hi Everyone,

I hope you will read this & give a hand to let the Mirriad Board of Directors know just how annoyed we all are over this pathetically priced fund raiser & the excessive dilution it is causing.

I have drafted a rough email, I hope you will spend a few minutes reading it & then copying it to your own email accounts, edit it as you see fit & then send it in the the company. The more that take part the more notice the company will take in it.

I have send a number of emails into the company with a series of questions in them & have asked for the answers to be released in an RNS, so that all shareholders are fully informed with what's going on at Mirriad.

I'm also doing plenty of other things in the background to get the company to see the mistakes it has made & to change course.

There will no-doubt be a group who despise what I'm doing & won't go along with, that's there choice. I for one am not going to let this matter rest.

LOTM

[kaos3] 06/5/2024 14:51

I was invested in several tech cos where they went down but the IP was bought for pennies from the receivers by the powerful. Now these IPs are fully profitably employed.

[tickboo] 06/5/2024 12:10

Yep just 12 months ago they raised at 3p and now raised at less than half that. After the 3p it went to a little higher than 4p and the sensible sold and then it bobbled along around 2p. The potential massive but the fact no one wanted to buy mirriad when up for sale last year spoke volumes. The IP has not created a moat as if so a major player could buy mirriad today for less than £50m or 10p a share. From their last raise - The announcements made by Amazon and NBCU that they were, or intended, to enter the in-content advertising market.The Directors expect other major media and adtech companies to enter the in-content market over the next twelve months. The Directors believe that ultimately this will lead to an industry-wide development and adoption of in-content advertising as a new advertising format.There are, however, emerging competitors who provide similar services (in some respects) to those provided by the Company and several who have longer established business models with larger revenue streams operating in adjacent business sectors. It is also possible for very large and well-resourced organisations who sell advertising products as part of their core business to see the market potential that the Company sees. While the Directors believe that replication of the Company's platform is complex and a level of protection is afforded by various intellectual property protections, including patents, copyright, trademarks, trade secrets and contractual provisions, to preserve its intellectual property rights, an organisation with the ability to invest and devote resource to the development of an advertising product could ultimately replicate the service provided by the Company. Many of the Company's competitors and potential competitors have significantly greater financial, technical, marketing or service resources than the Company and have a larger base of products, longer operating histories and/or greater name recognition. In addition, the Company's competitors may be able to respond more quickly than the Company can to changes in partner requirements and devote greater resources to the enhancement, promotion and sale of their products and to the development of new products.

[stuswanny69] 04/5/2024 08:42

Sorry to see this happening here too. Watched this for years but never actually invested. I did however get very heavily burned with bidstack and this is looking like a mirror image. Chucking money around like it sweets, getting mates on board then screwing over all those invested. May be a rebound here after the panic but if only I'd heeded others advice and got out while I could. A loss is better than getting totally wiped out even if it is ££££

[ozzywalker] 03/5/2024 17:45

Elephant dump