Member Info for LovableLumax

Shareholders should be aware that if the Fundraising does not complete by 30 June 2024, the Company's annual report and accounts will not be signed off by the Company's auditors on a going concern basis.

The Firm Placing is not conditional on the Conditional Placing, the Retail Offer, the Directors' Subscription or the passing of the Resolutions at the General Meeting. As such, the Firm Placing will not be affected by any or all of the above failing to complete for any reason.

Shareholders should be aware that the Resolutions must be passed by Shareholders at the General Meeting in order for the Conditional Placing, the Retail Offer and the Directors' Subscription to proceed. If the Resolutions are not passed, only the net proceeds of the Firm Placing will be received by the Company. In such an event, the Company would need to consider the options available to it in terms of alternative sources of funding. It may be that such sources would not be on terms as favourable to Shareholders as the Fundraising. Further, there is no guarantee that alternative sources could be found. In the event that the Resolutions are not passed and the Fundraising does not complete in full, and if such an alternative source of funding cannot be found, the Company expects that it would only have sufficient cash to fund its activities until the end of August 2024 and it will seek to conduct an orderly wind down of the affairs of the Company substantially before that time.

In the event that the Company is unable to meet such obligations as a result of the failure of the Fundraising to complete in full, and in the event that the Company is unable to secure alternative sources of funding, the Directors believe that it is unlikely that the Company will be able to continue as a going concern and it is highly likely that the Directors would (in order to fulfil their duties to the Company's creditors and to other applicable stakeholders) seek to place the Company into a members voluntary liquidation (which is a solvent liquidation procedure) that will seek to pay all creditors of the Company in full but any such proceeding would be likely to result in little or no value for Shareholders and Shareholders may lose all or a substantial portion of their investment.

These possibilities are considered to be realistic, not remote.

LOTM mirriad didn’t decide on £5.5m minimum the auditor did. They clearly wanted enough cash to cover their costs for 12 months which was the minimum raise number added to cash balance.

LOTM an ad agency could sign an agreement on behalf of its client/s to spend X through Mirriad’s VPP. Quite simple. Signed orders are key to reduce the cash needed for audit sign off.

Why do you think last time they needed a minimum of circa £5.5m when they had around £3.5m in cash and they were saying they’d hit £4m FY? If the auditor took their word for the revenue guidance they’d have needed some £3m less in the raise. Is that hard to understand? They rightly raised more than the minimum. Imagine if they’d raised £2m like some were suggesting on here, if that was the case they’d be running out of money now.

*biopsies show up to 125 fold more dox in tumour than in plasma.

It’s pretty simple. P1 not a safety trial and the patient population and many tumours not responsive to dox having any efficacy a bonus. Tumours highlight more dox at tumour. Dox is dox, it’s not a novel drug and the molecule hasn’t been altered.

Well costs should be nearer to £4m H1 (although Q4 was £2.25m) but unless they have signed orders the auditor will likely want to see a year’s cash (like last year although a different auditor). Mirriad’s financial guidance worthless, they’ve always missed by a long way. Their ‘pipeline’ meaningless too. They need signed orders and revenues to ensure no raise or a small one needed (and if minor could be a mt a large premium. If they need minimum £5m I think it could be rather painful and holders wlll need to vote for billions more shares. Should know within a couple of weeks.

Thanks Laura, I try to be balanced in all my posts.

A belated Happy Easter too.

Last year they raised when they had I think circa £3.5m in cash and they were saying programmatic launch by end of June and £4m revenue FY revenues so around £3.5m in H2. Luckily the auditor didn't take their word for it and they had to raise a minimum of £5.5m to have the audit signed off. It's no coincidence that with the £5.5m and cash it had it meant mirriad had sufficient cash for 12 months.

I bet come the end of this month they'll have less than £3m in cash. If mirriad has signed orders of say £4m I suspect the auditor will be happy with a limited raise of around £1m to ensure there's 12 months runway. On the other hand if mirriad has limited orders and is promising revenues in H2 I suspect the new auditor will want a decent amount of cash on their balance sheet. I've no idea which way it goes. It's not a great time to be raising cash so mirriad needs to be very convincing or it could be pretty gruesome. The LinkedIn activity suggests things on the up but we've seen that before. Either way surely we know by Friday 2nd May they could delay hoping for signed deals to reduce the amount needed but that’s of course risky if the deals are delayed.

Blimey you boys for all your ‘research’ lack the basics. The major holders (3%+) will not be insiders. Why would they be? Just like Jonathan Milner wasn’t an insider hence he was able to sell all of his shares or at least reduce to below 3% which he would not have been able to if privy to insider info.

The only TR1s we’ve had since the last raise have been 4 or 5 reductions from major holders so they’re clearly not inside and why would they be?!

They updated the list as they have to to comply with AiM rule 26 and LSE regs. One major shareholder sold out completely and one reduced. Pretty simple. I suspect Jonathan Milner wanted his name taken off the list so when they updated his they saw for to update others.

If programmatic was rolled out we would have had an RNS. It might be close but it clearly hasn’t happened. I don’t expect a news before Easter so a quiet time but news on finance surely end of the month or w/c 5 May.

Remember this RNS from 5 Dec 2022.

Mirriad delivers milestone first programmatic integration

Pioneering in-content test successfully paves the way for future commercial transactions

Mirriad, the leading in-content advertising company, has delivered its first in-content advertisements via an end-to-end programmatic transaction.

Programmatic advertising uses an automated process to purchase digital ad inventory across web, mobile, apps, video and other digital channels. While traditional methods generally entail manual processes, programmatic buying uses automation and machine learning to efficiently buy and sell the inventory instead.

Connecting its platform with the digital media ecosystem is a significant step forward in Mirriad's strategy to include in-content as part of programmatic ad buying. Delivered into programming on a popular global network, via a leading demand side platform, this pioneering test successfully paves the way for future commercial transactions.

Mirriad's in-content platform virtually places brands in video content, driving engagement with viewers in scenes that won't be skipped or ignored, increasing advertisers' reach and resulting in higher attention and engagement.

Stephan Beringer, CEO of Mirriad, said: "This is a significant milestone for Mirriad, delivering our first placements through an end-to-end programmatic transaction. We've always said that connecting our platform with the programmatic media ecosystem is the key to delivering scale to our game changing solution. Today, we are seeing the first results of that."

So I suspect they could try and put their YE to June 30 to align with upfronts and say it's due to their business cycle but given they'll be on fumes cash-wise I can't see the AIM team allowing it but who knows.

I doubt it but if they have turned a corner and lots of deals to be inked they won't have an issue getting good terms. Although the BB leader LOTM has his head in the sand a raise highly likely and again there are the 3 options I mentioned. I have no idea which one but given the recent activity there may well be some good news en route. We'll surely know by early or latest mid May.

And what is also funny is LOTM was at the GM spitting feathers telling the BoD they don’t need to raise so much and why at such a discount and here we are and I bet many wish they’d raised more at 1.25p. If they’d taken LOTM’s advice they’d have run out of cash in Jan!

I hadn’t considered changing YE to put off audit and a raise. I googled that - a PLC cannot change its year-end simply to postpone raising cash for an audit. While a PLC can change its year-end, it's generally not done for such a reason. Year-end changes are usually to align with business cycles, tax years, or align with related companies. Changing the year-end can impact filing deadlines and require careful consideration of other factors.

What’s interesting is I always admit when I’m wrong and LOTM still posts like he knows what he’s on about when he didn’t even know a year’s funds needed. Is it a coincidence when raising last time MIRI had circa £3.5m in cash and wanted a minimum of £5.5m which seems to correspond with its costs at the time (since been reduced to £8m pa). Let’s say to April they’ve got 50% more revenue than all of H1 last year they’ll still have less cash and unless they have signed orders will likely need another £5.5m. Seems obvious.

Globalists - a far right term regurgitated by morons.

The reason why US cos moved their production etc to Asia and elsewhere is their drive to maximise profit. Did said profits go back into improving the US' standard of living (healthcare, infrastructure, education etc) or did it go to those with already deep pockets who often push their right wing agenda and blame the poor living standards of immigrants and all and everything but them and their greed which is the what advanced capitalism is about. Will Americans want to get low paid factory jobs back, work in textiles etc?

Trump a clown who's been bankrupt several times, has been litigated against many many times (before his presidency) and without daddy would be another failed businessman with big dreams but little intellect.

Change is certainly needed but not instigated by those using the the term globalist!

Best to move back to Avacta! If they pay the next CLNs in shares sat near to where we are now they'll need some special news before the AGM to prevent a revolt. Surely they know that.

*I stand corrected, that’s why £5.5m was needed as a minimum rather than £2m (if the auditor was happy to take their £3.5m H2 guidance at face value)

I stand corrected, that’s why £5.5m was needed as a minimum rather than £2.5m (if the auditor was happy to take their £3.5m H2 at face value).I do remember you two up in arms due to the amount given break even imminent and the discount. Anyway, we’ll soon see which one of my 3 options comes to pass.

And if I remember you two were having a hissy fit that they'd raised so much as you were sure break even soon and were horrified by the discount. Well imagine if they had only raised £3m, my bet is they would have got the begging bowl a good while ago. With hindsight they should have raised a lot more cash (unless they don't need to raise again or if they do are able to get it away at over 1.25p).

Wow what I’ve just written is balanced and reasonable.

I’m certain you only knew about cash needed for an audit sign off due to me saying so. That was last year and you’ve learnt little. If the auditor was satisfied with their client’s revenue projection then they would have raised £3m less last time as they would have thought mirriad would generate £4m FY. The reason they had to raise £6m is because they wanted to be sure they’d have sufficient funds to see them through 12 months from June.

Mirriad could have lots of signed orders as I mention so we’ll see.

If MIRI needs more cash (say £5m to £6m) for audit sign off like the last 2 years I suspect IIs will want their pound of flesh (like last time) as remember at the last raise MIRI was guiding £4m in revenues (so £3.5m in H2) when it only achieved around 17% of that so they will find it hard to trust him (previous guidance also missed).

If MIRI has increased revenues in H1 and has signed forward orders so needs less cash, say £2m they could even get the cash at a decent premium and the share price should increase a fair bit and likely won't look back.

MIRI may not need a raise as a really impressive order book (not pipeline but signed orders) and this will surely quickly be over 1p and continue to increase. Either way we will surely know by the first week in May.