Fund Raising Document2 May 2024 21:12
Sorry I'm still in a bit of shock about the price & size of the placing & need some time to digest it all.
There are some perplexing things in the fund raising document that already need a lot of explaining. including why there isn't a cash balance figure for the 31st of March, or sales revenue in Q1.
"Revenue from the US in 2023 increased to approximately £1.4 million (FY22: £1.2 million) and now represent approximately 80 per cent. of Group revenues. This focus on the US is also reflected in the pipeline of opportunities for 2024 and beyond - as at 31 March 2024, the Company had an unweighted business pipeline of approximately £2.6 million of which approximately £2.3 million is from the US, and around one third is from supply partners that have signed up to MSAs in the past six months, demonstrating that they are already contributing to potential new business."
What the heck does "unweighted" mean ?
A forward order book of £2.6M with £2.3M USA as at 31st March, if that's all for this year already, why do they still have no true break even projections?
"In total, Mirriad's access to the addressable US TV advertising market through its contractual relationships with media companies has grown from 9 per cent. at the start of Q3 2023 to 39 per cent. at the date of this Announcement. The Company is now working with seven out of the top ten media companies in the US by share of the US TV advertising market. Crucially these partners are now mobilising their sales forces, which are significantly larger in number than Mirriad's, to sell in-content advertising utilising Mirriad's technologies.
The Company is currently progressing negotiations with another major US media companies and engaging with two more which, together with the existing partners, would provide Mirriad with access to 87 per cent. of the US advertising market once agreements have been signed. The Company expects to be able to convert the majority of these discussions into partnerships during 2024. These media companies, together with those already signed up under the MSAs, control premium content which the Directors believe will facilitate sales and result in a higher yield to Mirriad, especially when compared to the niche media players with whom the Company has worked historically.
The Company continues to generate momentum on the demand side, with a growing list of major brands buying in content advertising. All six of the major advertising agency groups are now well-briefed on Mirriad's technology and its advantages and are actively either buying or evaluating content with Mirriad in mind.
Development in Europe, with Germany and the UK at the centre, is continuing to progress with FY23 revenues up around 93 per cent.. Mirriad is now taking to market 23 out of the 25 shows Channel 4 have commissioned to air in 2024, as well as its first content to air on Sky."
So your able to name C4 & Sky in this document but couldn't put it in an RNS before now
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