RE: Off Topic Share28 Apr 2024 05:47
Part 1
I thought I'd share this off-topic share with you all, because I know most of you here have been long term investors & are happy to hold a share for many months or years.
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Full discloser - I'd never heard of this company until 8th April 2024 & to be honest its not really my thing (as I'm not a techie & much prefer exploration stocks), but I'm finding the opportunity totally compelling.
Its a company called Mirriad - AIM listed under the code MIRI
I've been buying it in small chunks for the past couple of weeks knowing I could get caught out at any point, but at the same time waiting for the price to drop. My average price is around the current sp now ie 2p & I have bought 900,000 shares so far ( I will get to the 1M mark on Monday - 0.2% of the company)at prices from 2.25p to 1.74p & the latest 1.98p just before market close on Friday.
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When it originally listed it was valued at about £65M & its technology was used to add/place things into films.
Now its valued at just £10M & its technology is used to do virtual product placements in Ads.
In the middle of last year it changed its business plan, so as to concentrate virtually all of its efforts on the USA advertising market - the biggest single market in the world. It had £9.8M in cash at 30th June 2023 & budgeted for £0.7M per month in cash outflow which would see it through to the end of Aug 2024. We've still waiting on the 31st Dec accounts but they did announce that they had £6.1M still in the bank (£0.5M better than projected at that point).