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EXCLUSIVE: Robin Young, CEO, Amur Minerals #AMC talks long-term strategy


Mirada Share Chat (MIRA)



Share Price: 0.925Bid: 0.85Ask: 1.00Change: 0.00 (0.00%)No Movement on Mirada
Spread: 0.15Spread as %: 17.65%Open: 0.925High: 0.00Low: 0.00Yesterday’s Close: 0.925


Share Discussion for Mirada


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spike501
Posts: 619
Off Topic
Opinion:No Opinion
Price:0.75
View Thread (2)
RE: Spike
6 Apr '18
I'm not so concerned about the pace of the new deals - they are dealing with large companies on multi million dollar, multi year investments and they take time - 6 to 12 months at least. I think a good target for new deals, is two tier 2 customers a year, plus one tier one customer every 3 to 5 years. Last year they signed two tier 2 customers so I was pretty happy with that, its just the fact they are working capital intensive pre-roll out that has been the problem.

I do however wonder if the they have been hampered in some deals by weak financials - if customers want to make multi year commitments they have to be sure their supplier is going to be there and Mirada has a very weak balance sheet - I think the £3million facility just signed is very important but they still need their other credit facilities to remain supportive.

Given the shape of the financials I think the financings were as good as it gets and the company is lucky it has supportive shareholders. There is some dilution coming, but I'm hoping the combination of the most recent drawdown, plus the hopeful imminent role out of ATNi and an upstep in Televisa rollout means the second tranche of the convertible is not drawn down but we'll see.
 
TigerWelsh
Posts: 2
Off Topic
Opinion:No Opinion
Price:0.75
RE: Spike
31 Mar '18
Thanks Spike
Thanks Spike. Godd, thorough,concise analysis as ever. My main reason for buying in was the technology seemed strong and appeared to sell itself. It appears that the OEM designers and purchasers don’t necessarily agree with me! So far. Currency and economy aside I expected them to have picked up more decent sized customers in more markets by now. Borrowing at these rates from “friends” doesn’t inspire confidence so they’re going to need some pretty quick turnaround in the numbers. So far not my finest investing decision. But Hey Ho I’m 94% down so a bit pointless bailing now!
spike501
Posts: 619
Off Topic
Opinion:No Opinion
Price:0.75
View Thread (4)
RE: Spike
23 Mar '18
Tigerwelsh - apologies for the delay in responding, its been some time since I've been on LSE.

I was bullish and have so far certainly got this wrong. There are two main reasons for this.

1. Televisa - this was a known risk and one I have highlighted before - significant exposure to one large client. 2017 was a killer - the expectation was that around 100k licenses per month would have been rolled out, when in reality it looks to have been only about 20k-30k per month. That has created a hole of around almost $4million in 2017 at a time the company needed it the most. The view from the company is that this only a temporary issue and doesn't impact the overall impact of the contract and was due to the economic situation in Mexico - this is credible as after the election of Trump the peso depreciated up to 25% - Televisa substantially cut capex expenditure. The peso is now back at 18.5 so the expectations that roll out accelerates to the expected level this year is reasonable. Televisa continue to spend a substantial amount in professional services with Mirada so the relationship appears to be good, so there is still probably $20-30million value in this contract.

2. I didn't anticipate that the new contract wins would both be a model where there is limited professional services up front. I'm pretty sure both these are good contracts, however they have stretched working capital further as there is limited billing pre-roll out, but once roll out has occurred the revenue stream is secure.

Putting both those things together and it has created a huge working capital requirement hence debt has snowballed - they have been fortunate to have supportive credit providers and shareholders who have provided additional capital. I was especially pleased with the most recent announcement of the 12 month £3million facility as though it is expensive, it is substantial and it is not dilutive as its not convertible.

The flipside of the huge working capital drain outlined above, is that when it turns it creates substantial cash inflow. Televisa remains a question as to speed of rollout, but the peso is now relatively stable and Mexico is doing well again - although NAFTA talks still hang over it. At the AGM and in the recent RNS, the company were optimistic based upon discussions about capex planning with Televisa and also the most recent announcement indicated that Televisa will shortly start rolling the solution out to their tier 2 customers. For ATNi, rollout was planned before this year end - which is next week, the latest RNS said it remains within management expectation, so its possible an announcement of rollout comes next week, but if not it should be coming shortly. For Bolivia no timeline was indicated but I'd assume it is in weeks not months.

So it could turn pretty quickly although there are around 80million shares to be converted at 1.1p from the convertible which could hold it back. Debt remains high so there is no room for furthe
BruceJamieson
Posts: 5,127
Off Topic
Opinion:No Opinion
Price:0.75
Tinajero
14 Mar '18
This outfit owns 27%. So have a vested interest. If it went wrong they would lose a packet!
draft
Posts: 14,025
Off Topic
Opinion:No Opinion
Price:0.80
whagwaan
7 Mar '18
cuz Tinajero is minted and will want his money back anyway so what better way than to sell this off to Televiso

I reckon this will get sold off
WhaGwaan
Posts: 208
Off Topic
Opinion:No Opinion
Price:0.80
RE: down on nothing
7 Mar '18
Why is Mr Tinajero still funding this jam tomorrow via AIM. Surely given the company's history he'd be better off just taking it private as it seems well and truly subscale despite the deep pocket contacts. Small shareholders are forever losing.
TigerWelsh
Posts: 2
Question
Opinion:No Opinion
Price:0.825
Spike
23 Feb '18
Spike
You were very bullish on this share and my guess is it’s dropped around 90% in the interim. Are you still confident it can turn around?
draft
Posts: 14,025
Off Topic
Opinion:No Opinion
Price:0.80
point is B jam
13 Feb '18
these guys are well connected in LATAM.
BruceJamieson
Posts: 5,127
Off Topic
Opinion:No Opinion
Price:0.775
Draft
12 Feb '18
Extraordiary! must be very unusual to have rich people owning companies! Someone should be told!
draft
Posts: 14,025
Off Topic
Opinion:No Opinion
Price:0.85
down on nothing
6 Feb '18
what a joke, need i remind anyone the owners of MIRA are multi millionaires.




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