RE: Value4 May 2023 00:00
Update on Strategic Review and Formal Sale Process
Mirriad, the leading in-content advertising company, provides an update regarding the Strategic Review and Formal Sale Process announced on 20 January 2023.
Further to Mirriad's announcement on 29 March 2023 and following discussions with interested parties regarding a potential investment into or a potential acquisition of the Company, the board of the Company has concluded that there is no prospect that an offer for the issued and to be issued share capital of the Company will be forthcoming by early April and has accordingly decided to terminate the formal sale process under the City Code on Takeovers and Mergers (the "Takeover Code"). The Company is not in discussions with any party in relation to a sale and is not in receipt of any approaches. Accordingly, the Company is no longer in an offer period and the requirement to make disclosures under Rule 8 of the Takeover Code has now ceased.
Further to the Company's announcement on 20 January 2023, in which it detailed that the Company has sufficient cash to fund operations until the third quarter of 2023, Mirriad advises that its cash position as at 31 March 2023 was £7.52m. Consequently, the Board continues to assess all of its strategic options, including seeking additional funding. If further funding cannot be raised, the Board will consider all options and will take the appropriate steps to preserve value for key stakeholders. There can be no certainty that the terms of any investment received will be suitable.
The Board will continue to update the market further as appropriate.