Cobus Loots, CEO of Pan African Resources, on delivering sector-leading returns for shareholders. Watch the video here.
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Why else 50% since Friday, not a loss of sleep or Gray hair, just luxury living
LOTM13
this company doesn't give two hoots for its investors, history is proof of pudding
So ........
LovableTB,
saxman303,
Mozax,
TheSoundMan,
Stampee1,
Laura2022,
cabp*ssy,
WalkieTalkie,
wakeyInvestor,
bankrupty,
Merciaman,
Bluefin1,
Buydipsellrepeat,
& Anyone else
Please take 10 mins & get an email sent into them.
Thanks
LOTM
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.
Part 2
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.
Hi Everyone,
I hope you will read this thread & 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
Mirriad Advertising plc (AIM: MIRI), a leading virtual in-content advertising and virtual product placement, is pleased to announce that the Retail Offer launched on 2 May 2024 via REX has now closed and the Company has conditionally raised gross proceeds of £0.49 million through the issue of 39,291,490 Retail Offer Shares at an issue price of 1.25 pence per new Ordinary Shares (the "Issue Price"). Accordingly, the Company has conditionally raised, assuming the Directors' Subscription proceeds as intended, total gross proceeds of approximately £6.79 million pursuant to the Placing, the Retail Offer and the Directors' Subscription (the "Fundraising"). The Retail Offer included a £200,000 order from an existing institutional Shareholder that did not participate in the Placing. No retail Shareholders were scaled back in order to accommodate this order.
The Firm Placing is conditional upon, amongst other things, the Placing Agreement not being terminated in accordance with its terms and First Admission. The Conditional Placing, the Retail Offer and the Directors Subscription are conditional upon, amongst other things, the Placing Agreement not being terminated in accordance with its terms and the Resolutions required to implement the Conditional Placing, the Retail Offer and the Directors' Subscription being passed by the Shareholders at the General Meeting proposed to be held at the offices of Osborne Clarke LLP at One London Wall, London, EC2Y 5EB, at 10.00 a.m. on 23 May 2024. Shareholders should note the change of location of the General Meeting from the one notified in the Launch Announcement (as defined below).
The Circular, which provides further details of the Fundraising and includes a notice convening the General Meeting, will be sent to Shareholders today and will also be available on the Company's website at www.mirriadplc.com/investor-relations.
2phevs
Could you please stop the posting for a little while, I want to write something here & for everyone to be able to read it & digest it, I don't want it lost in a barrage of posts.
Thanks
LOTM
Yep it works have a look at all the brands on the show reel as well including Amazon
See if this link to the playbook works
https://3052033.fs1.hubspotusercontent-na1.net/hubfs/3052033/Mirriad%202024%20Upfronts%20Playbook.pdf
Slide 2 gives some great gross rating points info a network/advertiser couldn't turn their back on the incremental audience
Including Germany Japan and Middle east that I've not seen before
And Networksss highlighting Mirriad at the Upfronts next week
You can download a 4 slide Playbook but you need a business email address
And very interestingly it STATES PUBLICIS PLAYBOOK on my tab when i have it open on my desktop are we now PUBLICIS
https://www.linkedin.com/posts/stephan-beringer_exciting-news-for-the-2024-upfronts-we-activity-7193585736355340289-k2m1?utm_source=share&utm_medium=member_desktop
That by the way, would provide the company with 2 new tool to show investors the progress it is making. Each month it can publish how much is available to it in the form of undrawn Content provider loans. Investors will then know how much borrowing room the company still has. The company can also state how much it has drawn down of the bank loans & it can do this in a smart way. When it gets access to the loan first of all, it draws down in the 1st month, the amount it needs for that month (plus an additional £1M to give it a working capital buffer) after that it simply draws down each month the amount it needs to return its cash balance to that of the previous month, thus effectively showing the cash-burn rate for each month, as revenue starts to come in from more & more of the content providers the draw downs will decrease in size, thus showing the rate of progress towards reaching break-even.
LOTM
I believe the company should have been looking at this as an alternative way of funding itself until it got to break-even (or very close to it)
They resolve should have approach lenders to see if they can borrow money from them at say up to 12% PA, on the basis of having in place guaranteed undrawn loans from major content providers around the world. Which could be drawn to repay the lender if necessary, with the lender allowing the company to borrow from them up to 50% of the value of those in place guarantees. So if the company had $12M of those guarantees (£10M) the lender would then let the company draw down £5M max. The lender will give the company 60 days notice should it require re-payment of the loan & the loan has 2 year's duration.
The company then has a clause inserted into every contract that it is now negotiating with Content providers & any others on the supply side of things stating that the Content provider will make available an upfront loan to Mirriad on the following terms (the loan would be provided within 30 days of requesting it) for any provider under $250M in size ( company value) (they are exempt - but could agree to one if they so choose) those under $500M a $1M loan facility, under $1Billion a $2M loan facility & above $1Billion a $5M loan facility.
Should Mirriad draw down any of the loans then the content provider is entitled to 1.5 times the amount drawn down from what would have been Mirriad's share of the revenue generated through its product with the content provider until payback is reached, once payback has been achieved Mirriad will then receive its share of the revenue as per normal.
The company could also go back to those already signed up to see if they will agree to the same condition being applied to there agreement's. Why would they agree to this, because having such agreements in place will allow Mirriad to expand its workforce in the short term to speed up its Programmatic Sales capabilities as well as systems integrations. That in turn will lead to a quicker delivery of the finished product to the content provider & thus generate revenue for them ahead of the current schedule & therefore its in there interests to agree to it.
All loans should have 1 year time limit within which Mirriad can activate the loan.
LOTM
That is one thing that would of been nice to have hindsight on but such is life when I see independent proof of a sudden 4 fold increase in the PP sector in the last 7 months gave me the confidence that Mirriad would see it through with maybe some factoring or UK gov export tade credit and I still believe this is a final #MATESRATES Fundraise we'll see
Yeah great thinking to inflate your cash burn in order to give away shares for mates rates? No that was the only price they could get the raise away and they are not lying when they say without it they will run out of cash before end of August. You're making ludicrous assumptions which is understandable when you have 7m shares. You need to start reading RNSs more closely and not hyping immaterial news elsewhere. Even with a burn of just £700k they will be back with the begging bowl within 12 months. Anyway, you should have listened to me and taken some off the table, I told you a raise was coming but you wouldn't listen. Anyway, you can now buy below 1.25p. If the pipeline was decent I'd be buying and believe me this will be every iffy opportunity they have.
Again dialects they will look at the worst case scenario (which helps get the #MATESRATES Fundraise through)
For illustration cash end of June 23 9.8 mill divided by 14 end of Aug 24 equals exactly £700k cash burn certainly not £800k a month you 1st posted today £1.4 mill out and that's not taking in the full cost cutting savings that's disingenuous I believe
Of course I know the difference between gross and net burn, as do the auditors!
Hilarious, you didn't even work those figures out yourself. You shouldn't be investing.
Having been on a board (not as a FD/CFO!) at each board meeting the FD will run through management accounts that will have a where we are against budget and projected. The auditors will also see these and they will have worked out how long the cash would last which was not beyond August. They will take into account any monies due in so R&D credits and campaigns booked. Funny how you're now using the terms I put to you on me, disingenuous and trying to belittle more. Are you related to Trump??! He's also been bankrupt many times and a clown x
Search gross burn vs net burn LL
Do you think they have taken into account monies due to them from channel 4 sky pipeline R&D tax credits vat recliams on mainly exports and their extra savings from cost cutting no they won't have and they could last longer if they wanted to.
Did you take into account the above or have you fell into the #MATESRATES narrative of the Fundraise too its no where near £800k very disingenuous of you
£6.1m cash Dec 31 and won't survive beyond August.
You have 7m shares and you don't even look at their cash burn which is in recent RNSs? All you do is post immaterial news from LinkedIn and other sources rather than material info in regulated RNSs. You are a lifestyle CEO's dream.
Their cash burn is anywhere between £762,500 a month if they had cash to the last day in August or nearer £870,000 a month if first day in August. Likely somewhere in the middle.
What do you get it to then 799 795 785
I said nearly £800k a month. It’s easy it’s within their recent regulated RNSs. Cash at year end and they said they would run out of money before end of August if raise wasn’t agreed.
Mirriad could have 100% access and they still would do feck all, the consistent increase in supply and demand side has not resulted in higher revenues. Competition a higher according to their annual report and I suspect we will see more platforms launched soon. Sure some have had a good look at mrriads