Member Info for LOTM-13

Company posted its congratulations post today https://www.linkedin.com/posts/mirriad_congratulations-to-maria-teresa-hernandez-activity-7251577441863794691-yxwp

However the original post has https://www.linkedin.com/posts/mthernandez_latinasinmedia-cynopsis-topwomeninmedia-activity-7250595765033537536-WvaG has gained 21 comments which just show how well connected & liked Maria is.

LOTM

I wrote a piece on this topic on 19th September warning about what was happening & the simply horrendous structured investment deed the company entered into.

New Technology Capital are driving the share price down for a reason at the moment. They want to see the 5 day volume weighted share price average below 0.236p if it does then they have done there job.

There £405,000 that is still outstanding on the structured investment deed, will then be converted into ordinary shares at 0.1p per share (less the 0.1p x 40M = £40,000).

So they will get issued 365M new shares taking the total shares in issue to over 1 Billion & they will own over 30% of ENET. Brilliant to say the least.

LOTM

Hmm darn LSE site cut the end of my post off again :(

That's what ultimately will determine if this opportunity is successful or not. One off is no good it has to be repeatable year after year.

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Now I could be wrong Merciaman & it could be the case that Triplelift or another SSP was required to get those 5 content providers end to end Programmatic ready & deliver revenue before the end of June, but 8th April left less than 12 weeks for the SSP to build it, test it & then have live VPP transactions go through it (including the delay while VVP took place ie placing the order, approving the scene & it being broadcast - ie 2 weeks for that alone I'd say). So if an outside SSP was required I'd have thought they would have got one on board the process much earlier given the 5 content providers had been working on it for many month's.

My understanding or thought process was that Triplelift's role in all of this was to do with the Diverse Marketplace side of things. Where it & Mirriad would be key parts of the process that the much smaller Content Providers would use to enable themselves for end to end Programmatic transactions with the big Brands. A sort of standard implementation process so to speak for the small diverse media players.

I tried to describe it after the AGM as different routes to go from north of London to South of it.

Maybe if I used currencies it might make it easier to understand. Each Brand has its favourite ad agency that it uses to do Programmatic & I guess each of them has built it a different way, Real, Roubles, Yen, Aussie $, Euro's.

Mirriad being the enabler has to be able to talk to all of these different ad agencies & like a currency exchange change that info into something that's meaningful on the Content Provider side & vise versa. The current content providers & there SSP's might talk in Peso, New Zealand $, Canadian $, Egypt £, India Rupee & US$.

Now where "Mirriad Inside" fits into all of the above who knows.

I took it to be the case Mirriad people were working for these content providers etc to make there system compatible with the one Mirriad was building to do its own end to end Programmatic stuff, but I'm not sure now that that was the case.

Again the company silence is deafening on that front.

Content clearance talked about but not fully explained possibly in part not to embarrass the provider who messed it up!

You've been here a while & been kept in the dark for a long time, which is why its so hard to really know what's going on with Mirriad.

Totally frustrating I know.

If you've actually met the directors you'd be even more frustrated, I can assure you of that.

They are there own worst enemy by there secretive nature & refusal to answer straightforward questions, combined with there inability to take shareholders on the journey with them & keep them fully informed.

LOTM

Hi Merciaman

I'd say your nearly right about the Mirriad Opportunity. Where I'd disagree with you, is on execution.

You put most if not all of the blame on Mirriad itself around execution.

We know VPP works & has done for sometime, the company has been able to do facilitate "manual" sales between content providers & Brands & in doing so realised this was too labour intensive & time consuming to scale & wasn't therefore the best solution for either the content providers or brands

However end to end Programmatic, has turned out to be much harder to do than they thought. Mainly down to all the different outside parties that need to be involved in it

Mirriad is a facilitator between content providers & Brands. If content providers or Brands don't want to do VPP Programmatically then there is nothing Mirriad can do about it & it becomes a loss/loss/loss scenario for all 3 groups

Mirriad has got itself end to end ready for Programmatic (or appears to think it has, we will only find out if that's true once the other 2 ends have got to the same point & they try to connect it all up). You just need to re-look at slide 9 of the recent webinar for sure to see the complexities of it all & the multiple dots that need to be connected to reach us

The company's now incorporated "Measurement" into its offering, another key feature that Brands wanted (& according to 2phevs was something the company wasn't going to do less than 6 months ago) - so clearly they've listened to what the Brands were saying, after all there the ones spending the $ & spend the time & money to implement it, to make an even more compelling case for Brands to do VPP

I also think there is considerable confusion around Triplelift (one of the SSP's) that sadly the company chose not to clear up in the Webinar

The Triplelift agreement was only signed on 8th April 2024 & I'm pretty sure it wasn't going to be the reported source of Programmatic revenue in H1 - 2024. That source was meant to be one of the 5 content partners who had been working on end to end Programmatic since at least December 2023 !

As you'll just be realising that important fact is missing completely from the half-yearly stuff, not a single word on it!

I'm sick to death of posting about there failures to communicate properly with investors & why we are where we are because of it

Yes I've asked the question, but have had no reply to it thus far

Merciaman, in my long "lost sight of overall prize / outcome" post I even went so far as to throw up another possible issue down the line

First there scalability, which that single Brand could have proved worked in 2024 instead of now having to wait until 2025 for that to occur & is thus a big set-back in many ways

Secondly repeatability, once a major Brand spends lots of ad-$ on VPP one year will it do the same the next year ?

Will VPP give the same sort of uplift to revenue as it did in the 1st year etc as well.

That's what ultimately

From the awards ceremony Wednesday night, supported by her Diverse Media Alliance colleague's

https://www.linkedin.com/posts/mthernandez_latinasinmedia-cynopsis-topwomeninmedia-activity-7250595765033537536-WvaG

LOTM

Wilson & Sons have just declared a 3rd interim dividend for 2024 & it is up significantly on the previous 2.

The one paid at the start of June was R$0.17273618 per common share.

The one at the end of July was R$0.24710756 per common share

Today's announcement for payment on 23rd of October is a whacking R$0.34222632 per common share.

OCN shareholders are yet to see any of that cash come to them ..........

Added together they equate to @ R$0.76 per share, which we then need to multiple by 7 to turn it into an OCN share = R$5.32, which at the current exchange rate equates to between £0.74 - 0.75 per share that has accumulated thus far.

If the Q4 dividend rate was to be similar to that of the 3rd Quarter then we'd be looking at another £0.33 so we should in actual fact be expecting a total dividend per OCN of somewhere between £1.05 - £1.10 when we get it !

LOTM

Because LSE limits the amount you can put in one post I've had to split this into 4 different parts to get it all in for everyone to read

We seem to have lost sight of the overall prize / outcome

I thought it was time for everyone to take a step back & to focus on the overall prize / outcome again.

2024 has had many challenges especially since April & virtually everyone has lost sight of the potential prize at the end of it all.

Some will say the failure to get end to end Programmatic up & running is the biggest failure of them all. Its certainly been a major setback that's for sure.

However the failure of that very large Upfronts contract to materialise due to the failure of the content provider to give the Brand (advertiser) the content clearance guarantee it required to go ahead with it, might actually have been the biggest of them all.

Even although neither of these 2 major events were within Mirriad's sole control.

Part 2 ........

Why was this Brand contract so important?

Well there are a couple of major reasons.

The contract not happening was a major loss all round, a significant loss of effectively free "extra" revenue for the content provider, as well as increased friction with both the Brand (especially) & Mirriad going forward. The Brand not getting to spend its advertising $ in the way it wanted to, to promote itself & to prove that backing VPP on this scale had the desired effect it wanted for the future.

Mirriad could really have done with the revenue this one Brand contract alone could have provided it with.

To put that in black & white for everyone, in Europe etc Mirriad gets 25-30% of the total brand ad-spend, in the USA its apparently a totally different overall mechanism to do the same thing & the outcome is 25-30% of the ad-spend.

You've then got to deduct our overall costs of doing the VPP work to generate that revenue, which is meant to be around 15% (hence the talk of a 85% or so gross margin) but I'm going to be a bit more conservative for now & use an 80% gross margin in my calculations.

Now the Brand contract in question related to a sum of between 20-40M the currency wasn't mentioned in the webinar, so lets go with $ as that gives us a lower outcome.

Why such a wide range ?

Well $20-40M is very wide range but this is an advanced commitment, the various show's/films/series that there going to put VPP in may end up being less or more popular than expected when they actually air & some will likely have a higher cost per 1000 views than others. I'm sure the Brand will have some flexibility around whether it can move some $ from one show/film/series to another etc as well.

Now Mirriad currently needs around £9M or $12M to reach break-even on an annual basis. This one Brand contract would have provided them with around 33% of that total (25% of $20M = $5M * 80% = $4M) at the lower end of the scale or up to 66% at the top end of it (25% of $40M = $10M *80% = $8M).

Part 3 ............

To put that further into context we're just talking about a single Brand here with just one Content Provider.

Let's assume that this contract was with the biggest of the current content providers Mirriad has signed up to VPP. Which equates to roughly 15% of the overall USA market. Now Mirriad has @ 40% of the USA market signed up - (but only 2 of the top 5 overall Content providers) & is in active discussions with another 48% of the USA market including the other 2 of the top 3 that aren't currently signed with us.

The Brand in question clearly has a large annual advertising budget for the USA market. Its simply not going to spend $20-40M with one Content Provider & not spend any ad-$ with all of the others! Yes it may have a slight preference for one over another but never the less its going to spend a lot of ad-$ with the other providers as well because the biggest content provider only has a 22% market share.

So I'd say in normal terms one would expect the said Brand to conservatively spend at least another $20-40M on the other 25% of the USA market Mirriad has signed up.

Now they might not have wanted to take that risk with VPP this year & decided to allocate much smaller amounts to the other content providers until the outcome of the $20-40M spend was known. If it was the success they & obviously Mirriad hoped it would be, then they would be spending similar % of the budgets with the other content providers in future years.

Just for comparison the largest amount spent by 1 Brand (or it could have been organisation with several brands under it) in 2023 was around £600K (source AGM) & the 3rd largest spend was around £100K.

So $4-8M (net to Mirriad) alone is in a completely different league & that's before taking into account what the Brand would spend with the other content providers.

And that's before we even get into diverse media spend for the Brand !

Part 4 ........

So Yes, non-occurrence has not only denied Mirriad of critical revenue that would have saved it from having to do some of this cost cutting & in actual fact (in reality) stopped it from being break even or better in the very near term.

But more importantly it's stopped it from having the data to show to other Major Brands that VPP does work on a large scale & does provide the significant uplift per ad-$ spent that they are all looking for.

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I'll come back to company valuation on the back of the above in a future post, but in summary roughly $75M of ad-spend on VPP would see Mirriad reach at least break-even.

It could have been achieved with just 1 Brand & our 40% share of the USA market.

And if the case for VPP is so compelling for one Brand to do it on that scale, then its competitors would be forced to follow suit unless they wanted to lose significant market share to their rival.

Now VPP isn't suitable for everything, but there are certain area's of the advertising arena that it seems to suit well like auto, fast food delivery, multiple household products for the kitchen, bathroom etc & drinks (alcoholic or just soft ones).

LOTM

Flightman,

At this rate, you'll soon be in the 1% club, but at a fraction of the cost!

LOTM

Well just for the record the 465,000 & 250,000 trades from this morning were mine.

Which brings my total holding to 10.85M

My current intension is to keep hold of 10M shares & will trade the rest when appropriate to do so with the aim of trying to build the position further through the re-investment of some of any profits that are made etc

LOTM

Other than Flightman's 500K any of the other regulars wanting to put there name to any of todays trades thus far ?

LOTM

I'm not the best at digging around, so this is where 2phevs is most greatly missed especially as I don't use or have accounts to all the social media stuff or Linked-in etc.

What I was able to find from following the names was that one of the people Maria met is high up in Nexus Studios (which does animation) & another is with Mediabrands !

Now Mediabrands works with Amazon, American Express, BMW & GEICO !

LOTM

Hi Flightman,

Yes something clearly caused the volume spike yesterday, what that was is the big question.

It could have been that X poster that Bentley43 found buying in before they tried to draw it to the attention of others, but there message has only been viewed 81 times in total & was posted after the buying spree had kind of kicked off. They also look to be UK or Europe based as the post was viewed very few times after 6pm UK time last night, so if they had USA connections you'd have expected to see more views after that time!

I'm watching out for volume this afternoon from now onwards as that's kind of when it kicked off yesterday & again its gone into auction a few times in recent days as if someone doesn't have full access to the UK market but can get stock by that means - but they are not the big buyer or buyers.

I'm not sure what the share price will do, virtually everyone who owns Mirriad shares is substantially under water, how keen will they be to sell & take those big losses is another question.

Very few holders will be in profit if it gets to 0.6p or even 1p for that matter.

If you don't mind me asking how did you come across Mirriad ? & was yesterday you're 1st day purchasing stock or have you been buying some for a little while in the background ?

Yes I have ended up with a much bigger holding than I ever intended to have. I also never expected the share price to be anywhere near this level either !

LOTM

Https://de.linkedin.com/posts/sandra-freisinger-brandedentertainment_mirriadzeigt-wie-manki-heute-effektiv-activity-7248987988766994433-VpW1

Mirriad shows how to use AI effectively in advertising today – with this reel for the use of virtual placement for e.g. B. H&M, Starbucks and Otto.

Wherever there is marketing and advertising in the real world, Mirriad can integrate it into the content. Using AI technology, products, brands, OOH posters and moving posters are virtually integrated into premium TV shows, streaming formats, digital content or music videos. This works in the classic daytime series on RTL as well as in primetime formats on ProSieben.

Through virtual integration, brands themselves become part of the high-reach programs without disturbing viewers. In this way, advertisers reach their target groups directly and achieve a significant advertising impact. Studies show that virtual placement can increase sales by up to 35%, ad awareness by up to 94% and that 20-45 % more viewers can be reached than through TV spots.

Incidentally, one of the leading retailers achieved a 16 percentage point increase in purchase intention with its current virtual placement campaign. 😊

Want more? Click here for all the advantages and other cool examples:

https://lnkd.in/eF3wUNVz

The link takes you to ..........

https://info.mirriad.com/advertiser-de?utm_campaign=Q3%2F2024%20-%20EMEA%20Germany&utm_medium=email&_hsmi=2&utm_content=2&utm_source=hs_email

Certainly looks like they are trying to ramp things up in Germany

LOTM

I was doing a little digging around & just found out it is Adweek in New York, thanks to a linked-in "like" by the Mirriad CEO.

So why on earth would you send your main "networker" (or charismatic people person) Maria Teresa Hernandez to CA during that time period (7 - 10th October) especially when she has to be at the awards ceremony on the evening of 9th October !

Now clearly she met some important people in CA & some of them might have travelled onwards with her to NY as well, but it seems to me that it would have to be something pretty special that you would give-up part of NY adweek, to do that, when you could have set-up the CA stuff for end of last week or even end of this week if push came to shove, (in case its to do with Latin Week next week) otherwise you could have found another suitable date for it.

I'm also guessing the CEO is in NY this week!

LOTM

Clearly 2phevs found this during his many hours of Linked-in searches! (as its 7 months old), I only found it just now!

https://x.com/heyitswindy/status/1764023423485812995?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1764023423485812995%7Ctwgr%5Ef96a4d7bbf11144ba82f602b54ed77156388b5d3%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fembedly.forbes.com%2Fwidgets%2Fmedia.html%3Ftype%3Dtext2Fhtmlkey%3D3ce26dc7e3454db5820ba084d28b4935schema%3Dtwitterurl%3Dhttps3A%2F%2Ftwitter.com%2Fheyitswindy%2Fstatus%2F1764023423485812995image%3D

It was inside this linked-in post

https://www.linkedin.com/posts/louis-wakefield-1a933762_windy-heyitswindy-on-x-activity-7171486646020870144-_eRt

This one was posted just 2 days ago ........... & is Louis Wakefield's first linked-in message in over 5 month's ......

https://de.linkedin.com/posts/louis-wakefield-1a933762_virtually-integrating-pp-into-content-people-activity-7249076139564920836-7o7i

LOTM

Hmm just found this ...................

https://www.linkedin.com/posts/mthernandez_la-is-always-a-good-idea-with-this-crew-activity-7249776141165629441-H9yj

In the comments one of the guy's talks about a What's App group they have just set up ............

I wonder if that could be reason behind the sudden buying ?

Also of note is that Maria Teresa Hernandez only made the linked-in post 2 hours ago ! & talks about LA in it, yet she is in NY tonight for the CYNOPSIS awards !

LOTM

Hi Troajan,

Well none of the usual posters here have claimed any of today's trades (other than our new arrival flightman - who didn't say which were there's which I know some people don't like to do).

So I guess there is new blood from somewhere, which is good hopefully it is several people & not just one or a couple of people as the shareholder base needs to expand etc.

The big question is what triggered them to start buying today & to do so, so aggressively ?

We all know it wasn't on anyone's radar, so they could have just bought up so much each day & no-doubt a few sellers would come along to keep the price much more in check than has happened.

Will be interesting to see what happens in the morning ............

GLA

LOTM