Member Info for LOTM-13

Anyone know of the exact email address or such like that the questions are to be submitted to in advance ?

Thanks

LOTM

What was the cash balance at 31st August 2024 ?

What was the revenue figure for Q1 2024 ?

When do you see the company reaching break even on month to month basis ?

Do you believe that the company will need to raise additional funds for it to reach break even on a month to month basis ?

At the GM on 23rd May 2024, everyone present connected with the company including its NOMAD vehemently denied that the fund raising had sent the share price into a "death spiral" & was signalling to the market that the share price would be a lot lower in 6 months time. Given that denial what events are going to cause the share price to rise 400% before the end of November.

At the AGM on 28th June you talked about the analogy of the Channel Tunnel when trying to describe why none of the 5 Content partners you'd been working with on Programmatic for many month's previously hadn't completed the task & achieved revenue in the 1st half of 2024. A fact that was re-affirmed in the annual accounts that you signed off on, on 3rd June 2024. Here we are 3 month's later & none of the said 5 content partners & Programmatic are mentioned in the interim report! You conveniently only mention Triple lift in it.

The future revenue number that you dreamed up as a way of trying to completely confuse investors with, didn't last long did it. No timeframes specified for the supposed revenue to be spread over or the likely failure rate for campaigns being cancelled or postponed/delayed for several months etc I take it that plan is now binned ?

2 Revenue warnings inside 3 month's, 2 Major issues with Programmatic inside 3 month's, Upfronts not going to meet expectations, the failure to inform the market of these facts in a more timely manner than actually occurred, shows your total disconnect with ordinary shareholders over the past year plus. You should be ashamed of yourselves & your attitude, do you honestly believe you have any credibility left with shareholders ? & if so why ?

What is the issue regarding content clearance that has suddenly arisen ?

Why are you not looking at VPP on live sports ?

What's happened to the other 3 large USA content providers that you've been talking to for a very long time now, yet haven't manage to sign agreements with yet! 1 has been in negotiations for 9 month's now.

Quite frankly the Interim report comes across with details that seem to indicate that the directors have not really understood end to end Programmatically properly for a long time now & are just scrambling to find a solution.

You keep talking about "supportive shareholders" who are they ? since the amount of value destruction you've overseen is incredible & both of the largest shareholders who's holdings are classes as not in public hands have been reducing there % ownership in Mirriad.

Hi 2phevs, thanks for the info :)

I hadn't been in contact with either of them, I will get on the case with them now that I have over 1% of the company & see what transpires.

Thanks again & good luck in the future, your research skills will be sorely missed.

LOTM

For the record, just bought another 500,000 shares taking my holding to 10.1M shares or just over 1% of the company.

LOTM

No problems Troajan :)

LOTM

Hi 2phevs :)

Looks like you were more right than me!

Wish you'd used those details I gave you at the AGM ! :(

Wish I had some of the names that you were in contact with, because the ii ones I had/have are as silent as anything & I'm trying to see about changes at the top!

Good luck with your new endeavours

LOTM

Troajan,

The thing is I believe in Maria Teresa Hernandez who seems very well respected in the industry.

If at least 6 entrepreneurs with successful businesses in that industry are happy to go all in on the Diverse Media Alliance with MTH, then they must believe in her & VPP otherwise the reputational damage to there businesses will be substantial should it fail to come off etc.

That's what I keep reminding myself off.

LOTM

Troajan,

You'll have noticed they only gave the cash figure at the end of June, any bunch of savvy executives would have automatically put in the end of August number to valid the lower cash burn rate etc for shareholders, but this lot don't seem to realise that at the end of the day they are accountable to the shareholders & there job depends on it.

LOTM

They'll get asked the hard questions tomorrow - whether they attempt to answer them is another matter.

Like .............. Do you see a need to raise additional capital before you reach break even on a month to month basis ?

In which quarter do you believe Mirriad will finally reach break-even on a month to month basis?

If they don't even go near those topics then everyone will see the 2 of them in the way I have since 23rd May - Secretive & highly economical with the truth, to put it mildly.

LOTM

This was probably from Monday ..............

Interesting to see H&M in it for the first time that I can recall, 2phevs would have known the answer, but has moved on

https://www.linkedin.com/posts/mirriad_many-global-advertisers-like-lor%C3%A9al-target-activity-7243975456608133120-T2jC

LOTM

Well that's me back in the land of the living for now .......... I have a lot of catching up to do & then questions to write inside the next 24 hours.

Pretty awful interim statement I have to say.

Future revenue guidance ditched already, the CEO & CFO have little or NO credibility left, following the 2nd revenue & programmatic warnings inside 3 month's.

There going to have to show a completely transformational performance tomorrow & sadly I'm not sure either of them is capable of being totally transparent & telling shareholders the full story. I will be looking out for every little secretive move, failure to answer questions on certain topics etc.

LOTM

Isengard07,

To go even further, lets look at Future Revenue ............

If you could actually trust what the CFO said to be true then you would have multiple facts to back up the arguments as to why a fund raise etc isn't needed, but sadly that's not possible because you know he's economical with the truth to say the least & refuses to publish ALL the Factual Data we need.

The £3m Future Revenue number at the beginning of June should have shown the progress they were making, but they botched the whole announcement as usual, by not publishing how much of that future Revenue figure was expected to occur in 2024 & what the likely failure rate was likely to be (ie revenue they thought would occur, that is later withheld either because of the total cancellation of an ad campaign, the campaign being reduced in size or it being delayed in time for 1 or 2 months etc pushing it into another Quarter or 2025 for that matter).

Unless they clarify all of that in this next announcement then it is effectively just a glorified guestimate.

Even if the Future Revenue figure tomorrow is above £4M, or even £5M for that matter, its currently not all guaranteed to end up in Mirriad's bank account.

The next point is the Market Cap is £4M against a current cash balance of somewhere between £5.5M & £6.8M at the end of September. In other words the company is valued at 30 to 66% less than the cash it will have in the bank at the end of September with no debt !!!

So watch out for Manic Monday ...........................

LOTM

Isengard07,

I'm sorry but your thinking is all wrong regarding cash burn.

When they did the cash raise in May 2023, that gave them enough cash to last until the end of June 2024. That end date was effectively extended due to them implementing cost reductions fast than anticipated & revenue in the 2nd half of 2023 being higher than expected as well. The net effect (in the bullish case) is for that original cash to last them until the end of August 2024 possibly even into early September but that will depend on how Q3 2024's revenue has been thus far.

They will not really be able to achieve any further meaningful cost savings, without it being really detrimental to the business & right now that isn't really a viable option.

The business has to get a number of Priority activities completed end of story, even if it means increasing the current rate of cash-burn. "Measurement" was one of them "End to end Programmatic" with partners is another, these require additional staff & resources to get them done in a timely manner to capture the market opportunity that is there.

The doomsayers are throwing out multiple arguments as to why this is going to fail & without actual facts its actually impossible to prove them wrong. That issue has been caused by the executive directors being so secretive & economical with the truth, the blame for all of this mess lies solely at there feet.

Take the failed sale of the business, that they keep harping back to, as a prime example.

If you actually take a step back you can quite clearly see right now why no-one wanted to buy it.

The Business model was nowhere near as far on as the Executive Directors had tried to convince its shareholders it was. It was missing so many things, "Measurement" being a clear example of that. As for end to end Programmatic well I think they've tried to kid investors that it was simply a case of moving from "Manual" or 2.0 to 3.0 "Programmatic" which simply wasn't the case. The reality is that end to end Programmatic is highly fragmented & needs multiple solutions & actions by multiple partners to achieve it.

Is Mirriad more sellable now than it was in early 2023, undoubtedly so.

Do I want to see it potentially being sold now, if that is indeed what is truly happening in the background ABSOLUTELY NOT, as we'd only get a fraction of what its worth.

LOTM

A_milli,

It has nothing to do with 2phevs whatsoever, so end of story in that regard.

You just have a different view to me, you talk about buying in big-time if you see X happen to give you the confidence to do so.

Rightly or wrongly, I just happen to believe in Maria Teresa Hernandez even although I've never met her or communicated with her in any way. She seems committed to making this work & has put in vast amounts of time & effort in doing so. Diverse Marketplace, Diverse Media Alliance are key parts of it & she seems very well respected in the industry.

I've been to the GM & AGM so I know 1st hand what we're dealing with.

LOTM

Anyone interested in knowing about the technology might want to view these short video's

https://www.bbc.co.uk/news/av/technology-50988757

Or go to https://www.mirriadplc.com/

& click the "View Showreel" button slight down the page

LOTM

I am the LastOfTheMohicans & I am surrounded by the growing number of endless Mirriad doomsayers .........

I have built up a holding of 9.6 Million shares in Mirriad (0.95%) these last few months at a cost of £79,546 so the share price needs to reach 0.8286p just for me to break even.

The time of reckoning has arrived .............

Think wisely about the actions your about to undertake & don't live to regret them in the future, as they could literally change your life for ever .............

Good Luck to All of you with those decisions starting tomorrow.

LOTM

Hi A_milli,

I was wrong previously about the size of the last raise, I didn't believe with the info in the public domain at the time, that they needed to raise any more than £5M & they raised close to £7M at a horrible price (although it wasn't such a terrible price had we known that Q1 revenue had been so abysmal to say the least & the 2 Executive directors had been so secretive & economical with the truth).

I honestly don't know what's coming A_milli, we have had 13 weeks of complete radio silence from the company, so we have had absolutely no definitive clues during that time to let us know if they are on track or totally off it regarding revenue for 2024.

We can only go by what was in the public domain, ie the cash balance figures & the future revenue numbers that were given. The £3M revenue figure from early June, wouldn't put us to far of the Broker target number of £4M for 2024 as a whole.

However we can't say for sure that, that £3m figure or the vast majority of it was just for 2024. We can speculate that 75%+ of it was, but with these 2 at the helm everything sadly carry's a caveat now. We also have no idea how much of that £3M figure didn't or doesn't at the end of the day turn out to be actual revenue ( some of the projects might have or could before the end of the year get pulled). so there are considerable downside risks to this future revenue number they are quoting. The number could also have grown quite a bit since the beginning of June as well !

So I will only truly have an idea of where Mirriad is at when we get to see the interim data & sadly I will be incommunicado for at least Monday if not longer, much to my annoyance, so your going to have to wait a while to get my view on the numbers.

If your looking for the best guide in the meantime I'd pay particular attention to the cash number, I don't know how many different reference points they'll give in the announcement, hopefully two, June should be around the £8.8M & August £7.5M. I know they've need more staff for product enhancements etc so the August figure might be slightly less than that but I wouldn't want to see it below £7M.

Obviously any reference in the announcement to which quarter of 2025 they expect to break even on a month to month basis could be transformative for the share price as well (I believe the current Broker expectation is Q3 of 2025).

I would just remind you A_milli to think about those 6 entrepreneurs who have recently signed up to the strategic, "Diverse Media Alliance" they have put there faith in MTH & the VPP product, if they didn't believe in her & Mirriad delivering the product upgrades required then I doubt they would have signed up to the alliance, as they have a lot to lose not just reputationally by doing so.

I think Monday will be mayhem either way, I wish I could have been around to trade it & increase my holding further as I do believe in MTH.

But its a nervous wait that's for sure, as I could have

Sorry there was an error in the figures I previously posted tonight for the end of Sept number its now corrected to £5.5 - 5.6M see below

From a post of mine on 10th Sept .........

"First of all some facts, from various official RNS's

31st Dec 2023 Cash Balance £6.1M

End of Mar 2024 Cash Balance £4.5M

End of April 2024 Cash Balance £3.9M

May 2024 Share Placing raised £6.3M net

We know there is very little in the way of revenue going to show up in the books from the end of April until the end of June, so the end of June cash figure in the accounts will give us a pretty good indication of what the true monthly burn rate of cash currently is.

So pay particular attention to that number when it comes out, the doomsayers are expecting the cash balance to be around £8.2M net at the end of June & if there is an August figure in there around the £6.4M mark.

The more optimistic view would be for the June figure to be around £8.8M net & the August one around £7.5M

So with just over 1 Billion shares in issue its very likely that Mirriad's market cap is less than the cash it has in the bank as I write this....... "

- - - - - - -

So if you go by the doomsayers views of how bad things truly are at Mirriad then at the end of Sept cash would be down to around £5.50 - 5.60M. Against a Market Cap of just £4M

The more optimistic amongst us would be looking for Mirriad to still have around £6.8M in the bank at the end of Sept.

Mirriad certainly have a history of under delivering, so you'll have to adjust the Broker research note somewhat, but they only expected £4M of revenue in 2024 (anything from Upfronts would count as an upside bonus). On there projections Mirriad will reach breakeven on a month by month basis in 2025 & end 2025 with over £2M still in the bank & with no additional funds required to do so ........ So there is certainly some wiggle room on those numbers regarding avoiding a further fund raise.

What is the new future revenue number ? how much has it changed since the early June figure of £3M & in what way ....

Any Visibility from Upfront's yet ?

Have they finally signed up any of the other 48% of USA content providers they were talking to ....... & if not are they still expected to sign agreements before the end of the year?

Have any of those 5 Third parties achieve end to end Programmatic yet ........ & what's the new timeframe for doing so given things are 3 months plus behind schedule

Is the Diverse Market Place fully functional now .........

What effect is the Diverse Media Alliance having on the Business ...

What effect has the implementation of "Measurement" had on advertisers uptake of VPP

Lots of potential positives in the list above but they may not want to have them in the interim along with the poor 1st half revenue number, which will be the headline maker.

LOTM

Hmm looks like work has finally started on tidying up the company website etc ..... preparations for a new beginning perhaps .........

Of note ......... https://www.mirriadplc.com/investor-relations/aim-rule-26

Mirriad Advertising plc has 1,032,600,894 Ordinary Shares of £0.00001 in issue. Of these 29.1% are not in public hands.

Significant Shareholders as at 27th August 2024

Name Number of Ordinary Shares Held % of issued Ordinary Shares Capital

Rathbones Investment Management Limited 165,047,202 15.98%

M&G Investments 117,878,683 11.42%

Arbuthnot Latham (Nominees) Limited 73,853,277 7.15%

Schroder & Co Bank AG (Dr JS Milner) 40,000,000 3.87%

Hargreaves Lansdown, stockbrokers (EO) 34,887,677 3.38%

IP Group* 34,431,534 3.33%

Executive Directors

Stephan Beringer (CEO) 4,391,666 0.43%

James Black (Chair) 8,240,000 0.80%

Nic Hellyer (CFO) 1,600,000 0.15%

Non-executive Directors

John Pearson 1,594,999 0.15%

Bob Head 1,918,600 0.19%

Total Director Holdings 17,745,265 1.72%

LOTM

From a post of mine on 10th Sept .........

"First of all some facts, from various official RNS's

31st Dec 2023 Cash Balance £6.1M

End of Mar 2024 Cash Balance £4.5M

End of April 2024 Cash Balance £3.9M

May 2024 Share Placing raised £6.3M net

We know there is very little in the way of revenue going to show up in the books from the end of April until the end of June, so the end of June cash figure in the accounts will give us a pretty good indication of what the true monthly burn rate of cash currently is.

So pay particular attention to that number when it comes out, the doomsayers are expecting the cash balance to be around £8.2M net at the end of June & if there is an August figure in there around the £6.4M mark.

The more optimistic view would be for the June figure to be around £8.8M net & the August one around £7.5M

So with just over 1 Billion shares in issue its very likely that Mirriad's market cap is less than the cash it has in the bank as I write this....... "

- - - - - - -

So if you go by the doomsayers views of how bad things truly are at Mirriad then at the end of Sept cash would be down to around £6.6 - 6.7M. Against a Market Cap of just £4M

The more optimistic amongst us would be looking for Mirriad to still have around £6.8M in the bank at the end of Sept.

Mirriad certainly have a history of under delivering, so you'll have to adjust the Broker research note somewhat, but they only expected £4M of revenue in 2024 (anything from Upfronts would count as an upside bonus). On there projections Mirriad will reach breakeven on a month by month basis in 2025 & end 2025 with over £2M still in the bank & with no additional funds required to do so ........ So there is certainly some wiggle room on those numbers regarding avoiding a further fund raise.

What is the new future revenue number ? how much has it changed since the early June figure of £3M & in what way ....

Any Visibility from Upfront's yet ?

Have they finally signed up any of the other 48% of USA content providers they were talking to ....... & if not are they still expected to sign agreements before the end of the year?

Have any of those 5 Third parties achieve end to end Programmatic yet ........ & what's the new timeframe for doing so given things are 3 months plus behind schedule

Is the Diverse Market Place fully functional now .........

What effect is the Diverse Media Alliance having on the Business ...

What effect has the implementation of "Measurement" had on advertisers uptake of VPP

Lots of potential positives in the list above but they may not want to have them in the interim along with the poor 1st half revenue number, which will be the headline maker.

LOTM