LONDON (Alliance News) - Mirada PLC on Thursday recommended shareholders to approve lenders' intention to exercise their subscription rights and said that revenue for 2018 financial year is expected to rise year-on-year.
Prior to its annual general meeting on August 29, the digital entertainment company said it expects revenue for the year to the end of March to come in at USD8.8 million, up from USD6.6 million reported a year earlier, thanks to improved deployment rates of Mirada's software.
The company said it has been able to build on the momentum of the izzi Telecom success to win new customers. Its sales pipeline has grown as a result of higher demand for Mirada's products.
The company is also participating in several new project opportunities with customers in Asia, Eastern Europe and the Americas, Mirada said, and is confident that it will secure some of these deals in the near to medium-term future.
Mirada said it has been working with izzi Telecom to increase the usage of its over-the-top platform, which allows customers to watch izzi Telecom's content over mobile phones and tablets.
Meanwhile, in the Caribbean and Bolivia, Mirada said it performing the technical trials of ATNi and Digital TV Cable over its platform and expects to announce these two commercial launches during financial 2019.
As at the end of June, the company said it had USD1.2 million in cash and USD11.8 million debt.
At the end of November last year, Mirada agreed an unsecured one-year loan facility for up to USD1.7 million. This facility has been drawn down by Mirada in full. At the time, the company said that the amounts drawn under the facility may be applied by the lenders to subscribe for shares at a price of 1.12 pence per share.
Mirada said lenders intend to exercise their option to subscribe for shares. The company will now seek shareholders approval and highly recommends them to vote in favour of the resolutions to be proposed.
The stock was trading 7.6% lower on the day Thursday at 0.67 pence per share.
