Member Info for LOTM-13

I doubt it will be near this price on Monday, it will either be lower or higher than now that's for sure

LOTM

Just bought another 850,000 in various blocks

LOTM

Bullishbearish,

He didn't know what was going on before he got involved & neither did the ii's because they didn't question the 2 executive directors around the placing info if they had, things would be very different today.

They had the wool pulled over there eyes regarding revenue in Q1 especially ...........

LOTM

Bullishbearish,

They might be out of the official "closed period" regarding the accounts etc, but if any of them trades in the market without full discloser of all the relevant numbers that I've insisted on being made public & they are so far refusing to do, then it will come back & haunt them.

I'm not sure you quite comprehend how much of a control-freak the 2 executive directors are.

I doubt the interim report is going to have anything like the colour to it that any of us want or need to make informed decisions with.

I believe in MTH ability, more than anyone else at Mirriad & I also think the doomsayers are wrong around the cash balance & revenue etc ............ & yes we'll have some decent clues as to who's right & who's wrong finally in the report.

LOTM

Wow just finished work and all I can see are a load of negative posts here.

With nothing factual to actually back them up.

Now I'm going to state this for the record well in advance of time .............

Sadly events have conspired against me & I'm not going to be here on Monday now, I'll be totally incommunicado which probably means even more mayhem than I had previous envisioned being the case, because there will be no-one here to fact check what is written by the doomsters & the day traders who will no doubt arrive on the scene as well with there own agenda's.

It could in actual fact be several days before I'm able to comment on whatever is said in Monday's RNS ..............

LOTM

Part 2 ........

The structured Investment deed currently has £405,000 outstanding less the price of 40M subscription shares whose value moves with the exercise price.

Following the last issue of shares on 12th July the implied price for the 40M was 0.4p or £160,000 thus taking the outstanding amount that could be turned into shares down from £405K to £245K.

However by doing the recent placing (influenced by NTCG's participation) at 0.30p instead of at 0.36p or higher the ripple effects of the deeds T&C around discounts means that existing shareholders are going to be subject to significant additional dilution that they simply shouldn't have been, if the executive directors had had a brain cell between them!

In summary if the placing had been at 0.36p & we now the share price drops to around or slightly below any placing price then the lowest volume weight daily price would have held around that 0.36p figure, then discount it by 15% & round it down to the nearest 0.1p & you therefore get 0.3p as the conversion price that NTCG can avail themselves of.

So £405K less (40M x0.3p in this case) £120K leaves £285K divided by 0.3p means an additional 95M shares would have been issued to them giving a new shares in issue figure of 793.2M

That is bad enough, but with the placing being done at 0.3p the 5 day volume weight price is below 0.35p apply the 15% discount etc & you get below 0.3p then you have to round it down to the nearest one tenth of a penny ie 0.2p

Thus the calculation becomes $405K less (40Mx0.2p) £80K leaving £325K to be converted at 0.2p means 162.5M share are actually going to be issued instead. So there will now be 860.7M shares in issue instead.

Which is absolutely scandalous & when you look at the 2022 & 2023 numbers it beggar's belief in the amount of dilution that's been suffered by long term shareholders rather than those of us simply look at a short term trade in it.

Now the company seems to be winning some contracts etc & making real progress in some ways, but it needs to be winning much bigger orders than its currently getting to reach break-even, even with the engineering cash injection that its going to get this year. Your probably needing $6M+ of orders in total on top of the engineering money to be around break even given the gross margins

I don't see anything to date that shows the company is going to be cashflow positive in 2024 (which I'm sure I read in one of the documents I looked at last night [but sadly can't seem to find right now to verify it in this post with said RNS] ). So won't say any more until I can re-confirm it was said.

LOTM

Part 1

I was going to be writing a slightly different post to the one I'm now writing, but New Technology Capital Group reducing its holding to has removed one of the questions that would otherwise have needed answered regarding the 30% threshold.

This is key to the heart of the issue from 15th July

"Pursuant to the Investment Deed, New Tech was provided with a contingent warrant (the "Warrant") over new ordinary shares of ILS 0.001 each in the Company ("Ordinary Shares"). The Warrant was initially exercisable at a price of 1 penny per Ordinary Share, for a period of 45 days. Following the conclusion of this initial 45-day period (which has now passed) the Warrant exercise price (the "Exercise Price") is calculated as the average (in pounds Sterling, rounded down to three decimal places) of the lowest five daily VWAPs of an Ordinary Share (rounded down to three decimal places) during the twenty trading days before the receipt of a Warrant exercise notice by the Company, less a 15% discount, rounded down to the nearest one tenth of a penny. All other terms of the Investment Deed remain as set out in the Announcement. The Exercise Price of the new Ordinary Shares issued to New Tech pursuant to the first Warrant exercise notice, details of which were announced on 12 July 2024, was calculated based on this formula.

From the Final results statement 19th April

Weighted average number of ordinary shares in issue 2022 = 76.013M, in 2023 = 143.786M

Today there are 698.2M shares in issue & that number is going to rise substantially in the near term, I can't say when but next week or the week after are pretty likely. Thanks to the structured Investment deed the CEO & CFO stupidly agreed to on 17th May. Compounded by there mathematic ineptitude regarding the recent placing & stupidity for allowing New Technology Capital Group to be involved in such a placing & thus help set the issue price of it ....

LOTM

Hi 2phevs,

I was going to buy more shares ahead of Monday, but I have decided not to & on reflection possibly should have held off doing so on my last purchase until then to.

There will only be a couple of key pointers in the release as to what is truly happening with Mirriad, the cash balance at various points of time & this future revenue number they started using at possibly various points in time to.

The cash balance is easy to use & work out the cash burn rate etc.

The future revenue number, well on reflection, it is going to cause mayhem on Monday & here's why.

You'll remember the long discussion on it at the AGM & how it works in principle. We'll other than you & me there will be less than a handful of people outside the inner workings of the company who actually know the true facts about it (if any at all in actual fact because they weren't there to ask the right questions).

So those who don't have the correct methodology are going to make assumptions that simply aren't true when trying to decide what looks like a good number & what doesn't .............. & if one number is lower than a previous one OMG confusion dot com will reign supreme ..... & people will do the completely wrong thing & provider either a buying or selling opportunity in the market.

I've worked out that without the following data even you & I will be hard pushed to calculate a likely revenue number for the year & whether they are on target to meet the broker report number etc or not.........

The 1st key number we need is that Q1 revenue number. Without it, we will be in educated guess mode within a pretty limited revenue range.

The next key number we need is the future revenue number at the end of June.

The future revenue number as at the end of August would be useful as well.

Next the failure rate in % terms (to date in 2024) of turning future revenue expectations (the number quoted) into actual revenue that shows up in Mirriad's bank accounts.

Next the future revenue number for just the next 6 months, (or to end Dec would be even better).

Any potential revenue number's for "upfronts" which is again totally separate to the future revenue ones.

Going to be a busy hour of calculations to do before the market opens at 8am on Monday that's for sure.

LOTM

Hi 2phevs,

I hope your doing ok ?

I guess we'll find out some details on Monday as to the state of play with Mirriad & who is likely to turn out to be right with there decision in the longer term.

There's a lot of negative here right now ...............

I'm guessing we won't get too much colour to this announcement, as the headline number is going to be awful & putting any good news in it would be a waste of time as it will get drowned out by the 30%+ revenue decline that occurred. I'd like to see a break-down of the Q1 & Q2 revenue numbers, but I doubt they will want to share that info given how secretive the executive directors like to be.

This is there chance to draw a line in the sand, get it over & done with & then start to look to the future. They've already made another massive blunder by taking so long to get the accounts ready for release. I doubt there will be any Proactive Investor interviews happening, or LSE ones either for that matter, back to radio silence for a few days/weeks. I doubt they'll be wanting to speak to shareholders in the wake of the numbers either.

So I guess the 2 number that will be the most important in the release are the cash in bank at end of June number (& possibly the end of August one as well) & the future revenue number possible from the end of June or hopefully something more up to date than that even (end of August). At least that will give us a tiny bit of visibility into what is actually happening business wise........

LOTM

Latest Linkedin post

https://www.linkedin.com/posts/mirriad_hispanicadvertising-hispanicheritagemonth-activity-7242156080452009984-DAgE

LOTM

For the record just bought another 650,000 shares at 0.449p

Taking me to 8.75M shares now.

LOTM

Hi Quant,

Your absolutely right life ain't easy .............

Hopefully ENET can turn things around for people, but in the interim they have diluted existing investors so much, that any upside is now going to be shared by so many new & far cheaper shares & if you don't average down then dilution kills dreams.

It becomes a vicious circle especially when those at the top don't act in your interest ..........

LOTM

Investors need to be fully aware of that very stupid funding agreement the company entered into & the consequences of it, especially when doing another placing while it was still active! & anyone who says skid35 is wrong for pointing it out is kidding themselves.

The dilution is going to be enormous even with the small amount of it that is still outstanding.

It was a total turn-off for me even looking at ENET as a long term investment a couple of months ago & if the directors have been that reckless so recently what's to say they won't do it again in the near term .............

LOTM

The company hasn't said a single official thing of note since the day of the AGM ( & the EX Chairman leaving certainly isn't a thing of note that's for sure).

There are just 9 normal working days (Mon - Fri) left in the 3rd Quarter, so we're now well into the 12th week of total radio silence.

Which is an absolutely appalling way to treat your shareholders, especially when there has been at least one note worthy piece of news that the company chose not to RNS (formation of the Diverse Media Alliance or even Measurement which seems to have been an important requirement).

So I think its time Private shareholders sent a strong message to Mirriad's Directors.

So I hope those reading the BB will send in an email to mirriadplc@mirriad.com before the end of the week along the following lines.....

Dear Board of Directors,

I am writing to let you know that I am appalled by the total lack of engagement that has occurred in the last year plus from Mirriad towards its private shareholders, during that time we have been kept virtually in the dark & any statements made from the executive directors have failed to delivery on what was said & not to mention the disastrous effect that has had on the share price as well.

I intend to join like minded private shareholders in coming together to ensure that we are fully informed of events going forward & that the board of directors complies with those wishes.

Therefore from now on, the company will shortly after the end of each quarter release, the approximate cash balance figure from the end of the previous quarter, as well as the approximate sales figure for that quarter and also the pipeline figure for the next 3 months, 6 months & a year. (you can decide if this figure includes or excludes "upfront" revenues from it). To be clear these are not official quarterly reports, just updates which give us key pieces of data to judge the progress of the business on.

The quarter in which the company currently expects to reach break-even on a month by month basis.

A detailed plan of how the company intends to re-engage itself with its shareholder base going forward & educate them on Programmatic & how it actually works end to end.

Just for the record I own X Mirriad shares which is around 0.X% of the company.

Yours ....

LOTM

Latest Linkedin post

https://www.linkedin.com/posts/mirriad_hispanicadvertising-activity-7241438764613435392-m_75

Again using a scene that has been seen umpteen times before instead of new ones! just sheer lazyness & lack of imagination.

LOTM

Hi 2phevs,

I hope your doing ok & are managing to sleep ok after last week ?

I honestly thought we were both going to do very well out of Mirriad.

Now, Sadly one of us will be proved to be right & the other wrong. only time will tell who was right & who was wrong.

Take care.

LOTM

Hi TrickyEFC,

Officially 65 trades so far today but 34 of them were by a BOT at 8:04

Looks like they are trying a tree shake or trying to fill an order for someone, as volume traded when 0.35 - 0.37 was equal so no strain on either side but they decided to take it downwards .............

Lets see what happens next ...........

LOTM

Hi Isengard07,

If you follow this thread you'll see my projections of where we are likely to be currently .............

The problem is until we have a further update no-one actually knows what is truly happening.

Yes we can believe the doomsayers are totally wrong but there is no actual evidence to back that up until news comes, so sadly it is simply a matter of opinion right now.

You either believe or you don't believe simple as that.

LOTM

It will run to 1000's of hours of work for sure 2phevs,

I'm still trying to process it all.

LOTM

I'm honestly still in shock about it 2phevs,

Maybe you got to close to it & couldn't see the wood for the trees.

I'm going to be sorry to see you go .............. I know you've taken a massive loss on your holding

All the best

LOTM