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Not blaming you at all LOTM, You pays your money and takes your choice.
The decision now is whether to participate in the placing to average down, or put them in the bottom drawer and hope for the best.
The technology looks sound, the management less so.
Keep up the research and keep posting.
They are hoping to break even next year. In 2022 they had admin expenses of £16.83m FFS. All you have to do is think the CEO and CFO will likely eat up nearly 20% of the raise in their packages in one year.
Look through the last raise doc. Same stuff regurgitated.
A very decent post and you deserve some credit for your honesty and transparency.
Hopefully things turn around for you here.
1.25p looks a cheap placing, but as always with this things, sentiment is shot.
Sorry I'm still in a bit of shock about the price & size of the placing & need some time to digest it all.
There are some perplexing things in the fund raising document that already need a lot of explaining. including why there isn't a cash balance figure for the 31st of March, or sales revenue in Q1.
"Revenue from the US in 2023 increased to approximately £1.4 million (FY22: £1.2 million) and now represent approximately 80 per cent. of Group revenues. This focus on the US is also reflected in the pipeline of opportunities for 2024 and beyond - as at 31 March 2024, the Company had an unweighted business pipeline of approximately £2.6 million of which approximately £2.3 million is from the US, and around one third is from supply partners that have signed up to MSAs in the past six months, demonstrating that they are already contributing to potential new business."
What the heck does "unweighted" mean ?
A forward order book of £2.6M with £2.3M USA as at 31st March, if that's all for this year already, why do they still have no true break even projections?
"In total, Mirriad's access to the addressable US TV advertising market through its contractual relationships with media companies has grown from 9 per cent. at the start of Q3 2023 to 39 per cent. at the date of this Announcement. The Company is now working with seven out of the top ten media companies in the US by share of the US TV advertising market. Crucially these partners are now mobilising their sales forces, which are significantly larger in number than Mirriad's, to sell in-content advertising utilising Mirriad's technologies.
The Company is currently progressing negotiations with another major US media companies and engaging with two more which, together with the existing partners, would provide Mirriad with access to 87 per cent. of the US advertising market once agreements have been signed. The Company expects to be able to convert the majority of these discussions into partnerships during 2024. These media companies, together with those already signed up under the MSAs, control premium content which the Directors believe will facilitate sales and result in a higher yield to Mirriad, especially when compared to the niche media players with whom the Company has worked historically.
The Company continues to generate momentum on the demand side, with a growing list of major brands buying in content advertising. All six of the major advertising agency groups are now well-briefed on Mirriad's technology and its advantages and are actively either buying or evaluating content with Mirriad in mind.
Development in Europe, with Germany and the UK at the centre, is continuing to progress with FY23 revenues up around 93 per cent.. Mirriad is now taking to market 23 out of the 25 shows Channel 4 have commissioned to air in 2024, as well as its first content to air on Sky."
So your able to name C4 & Sky in this document but couldn't put it in an RNS before now
Why didn't they announce this prior to April the 6th and give people plenty of time knowing full well people save to fill their ISAs.
Their salaries are a joke. They live a lavish lifestyle mocking everyone of us. Next after taking a salary from placing they will spend circa 10k on shares lol and people should be pleased?
The sp will drop to 1.25. And since they have nothing to sell to us, no tangible achievements or deals to expect. It will very likely drop further. We have been lower before.
They have plans in place if this raise fails btw. It does not matter to them either way. Except the much bigger salary via us.
Absolutely disgraceful.
And the resident ramper vanishes into the abyss. He's pumped about 50,000 posts in the last week. Now speechless.
Hi LOTM
Aim shares should come with a health warning
I was not going to post to the weekend. As poor as this seems this presents a few more buying opportunities. I shall be on to them in the morning. As painful as it might be you have probably done the maths. As always what figures and dilution figures have you got.
Remember what doesn’t kill you, makes you stronger.
When they tried this before a placing was at 3p. And the price fell below and bugger all was raised. Not sure with a big fall on the cards how they will get anyone to invest. All a massive mess.
LOTM you don’t need to apologise. People should do their research and when there were less positive news you listened and didn’t shout it down and try and discredit. Hopefully short term pain before gain.
Just for the record, I haven't sold a single share that I've bought since coming here on 8th April & am fully invested cash wise now, with 1M plus another 325K that was for trading, so I have no free cash to participate in the placing, to bring my average price down from around 2.12p
LOTM
Well we knew they would need money but didn't expect that price. Shows how tough these markets are.
As I said, I'm done with AIM, just Russian roulette
I'm truly Sorry to everyone who has bought in recently, following me highlighting the company & asking people to take a look at it.
Yes I did know a fund raise was a possibility, but I didn't see it coming so soon & its slightly larger than the £5M max requirement that I thought they might needed.
The issue price is a disgrace quiet frankly, if that's the best the company can do with the pipeline of opportunities it has & all the hints its been giving through informal channels. The CEO has a lot of explaining to do & his position is in Jeopardy for sure after this, if not untenable.
Again my sincere apologies to everyone.
LOTM
Reading the proposed fundraising document - it indicates that without the fundraising the company can fund its activities only until end August 2024. Suggests that for all the positive activity about relationships etc there's been little or no difference to turnover over the past 6 months or so ?
in the last 2 years (and before) the ceo and cfo have had packages worth well over 50% of the total revenue. what a joke. i mean how is berringer commanding a basic of nearly £500k and why the **** are they getting bonuses on top!?
2021 packages versus revenue - ceo £678,000, cfo £345,000 so £1.23m they take from £2m revenue so nearly 62%.
2022 - ceo £574,000, cfo £357,000, £931,000 of £1.5m revenue £1.5m so just over 62%.
what a joke.
Stampee, if the share price did fall by 60% there'd be no point participating in the retail offer - you could buy the shares (should you so wish) cheaper on the open market !
Gonna be a huge drop tomorrow, 60% .
Daughter asks what best way of earning a good living, hummmm...start a AIM company.
I'll never invest , another £, in AIM ever again, talk about taking the p..s
I must have the worst record ever, so no f...k..g surprise.
Sound, fair enough but this isn’t one that came out of the blue so selling over weeks looks fishy. As I say a raise inevitable. The selling could have been shorts but I doubt it. Some IIs have also been reducing (not rathbones as that’s nominees).
Anyway, short term pain and might be long term gain. Need a new CEO/CFO.
Lovable - You're preaching about this forum not taking into account and dismissing alternative views and then being condescending about mine.
Your suggestion is very possible, intelligent people doing intelligent things. So is mine, dodgy people in a dodgy business doing dodgy things.
Perhaps be a little more open minded ;-)
Sound. If I read you right then I get you. However whilst I have been a cynic no-one deserves that after hours betrayal. The only positive I see is that they did not wait until after hours on a Friday with a Bank Holiday weekend. They have booked tomorrow for early pain.
Bob - I think you're trying to get on a bus that's already full, but I get the impression there'll be another one along soon...
They certainly need to look closely at the identity of the seller over the last couple of weeks.
I’m sorry the above shows a complete lack of understanding. Whoever sold looked at their accounts and knew a raise in H1 inevitable so they rightly reduced their stake. That’s why I said it’s crazy to buy even with stupid LinkedIn posts as a raise en route.
"Am I wrong?"
Sorry. I should have read comments from the regulars first before trying to work it out.
2Phevs
Worth taking leave and get some rest and let the price tank and settle.
Then return at full strength with your incessant posting of useless links and how we are working with companies worth billions.
I won't forget when you sold and came on deramping about a better competitor.
Mirriad is a brilliant idea in the wrong hands. It is an amazing concept. I have seen a few similar companies in the past get destroyed by management. And when the company finally finds it's feet. They pull the plug strategically and take it private. Bids etc.
The board needs a complete overhaul. Good luck all. The price has been lower than 1.25 with far less shares in issue in the past year. Don't be surprised if it drops below 1p because there will be no news worth manure this side of the year or next. The next significant news we are waiting for is next years placing. So until then, peace and love.