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No doubt in my mind that Melrose is a well run business, and operating in a growing industry.

I think there are a couple of things holding back the share price form any sort of re-rating - the level of debt, and how it accounts for future incomes. If Melrose can reassure on its debt, and clarify to everyone's satisfaction on its future income, then I'd expect the share price to rise to where it should be based on its fundamentals.

Upcoming trading update is scheduled for the 24th July.

Perfect description LL.

I don't think Mirriad has ever been valued at over £150 million - more like £60 million+ at its maximum.

Mirriad has, since its IPO at the end of 2017, raised around £80 million from shareholders to try to develop its programmatic advertising solution - without success. It's also never managed to turn over £2 million in any full year. Even with a reduced cost of around £3 million, this clearly isn't a recipe for success. The deal with the JV may help revenues, but the JV partner will be taking 75% and more of that revenue in the US.

There may be short term upside from here, but I don't think the business is investible for the long term.

....rises !

The recent results looked good and the execs at Amcomri gave a presentation via Engage last week that was confidently upbeat. Think this one has further to rise, over time. Don't expect there to be sharp

Mirriad is essentially dead - or, at least, the Mirriad that raised around £80 million from (mainly institutional) shareholders to develop automated insertion of complex imagery seamlessly into TV as part of advertising campaigns to earn for itself tens of million per annum, is dead.

It seems that the technical and rights difficulties involved in trying to achieve this proved too much. The degree to which shareholders were lied to, or were kept in the dark, about the real level of progress is an interesting question, and one that needs answering.

What's left is a business able to provide a more basic level of ad insertion, selling directly to customers outside the US, and via a joint venture with a partner within the US. Not exactly an exciting investment proposition.

I expect Mirriad may limp on for a bit, but someone will pay a nominal sum for it at some point in time. It's hardly worth remaining a public company as it now is.

Thanks APUL, think that's a decent summary.

I'm not sure Burberry is going to be a £20+ per share company again anytime soon, if indeed ever, but assuming the economic climate improves and that they continue what they've started regarding strategy and operational efficiency then you can see upside from here.

How far that upside might be, and how long might it take to get there ? If I had answers to those questions....I probably wouldn't be posting on this board !

Results not great but better than expected, hence the rise in the share price I would guess.

Burberry is certainly in a better place in terms of its strategy and focus on its own operations than it was 6 to 9 months ago when the decline was severe and a possible significant loss for the full year was being suggested.

But current market conditions aren't great just yet, so maybe progress will be tougher / slower than expected.

Maybe hold for the longer term. Or maybe sell and come back in a few months ?

Yeah, the final results tomorrow are going to be important - not just on performance / strategy / cost reduction, but also on any thoughts they have about demand in China and the US. Likely to have a big impact (positive or negative depending on the commentary) on the share price.

Hi - no date has been set, although the expressed intention has been to complete by Q4 this year.

No date for any votes either.

American Axle in their Q1 results, and Dowlais in their recent trading statement, indicated they were making good progress towards achieving / completing the merger / takeover.

Speaking as someone who's been following this board since 2022, 2phevs and LOTM have been the regular positive posters here waving the flag for Mirriad.

Lovablelomax has been the most notable and regular skeptic (and has been proved right).

Seem to recall Laura making a few posts a while ago, and in the last few days since the RNS, but never on the scale of LOTM and 2phevs.

Don't know who the party was Latino - but I doubt anyone would be interested in picking up Mirriad pre-administration.

If anyone is interested in the intellectual property etc they'd probably wait until it has gone into administration / liquidation to try pick up what they want for a specific sum, rather than buy the company and have to deal with the necessary restructuring etc.

Today's RNS has long been a possibility. The idea of what Mirriad have been trying to achieve makes a whole load of sense, but the technical and rights issues involved are very significant, and it looks like they've been too much for the company.

Never say never but it's hard to see anyone coming to the rescue. I presume the IIs are no longer interested in supporting the business ? Hopefully I'm wrong.

2phevs and LOTM have long been the most involved and positive posters on this board, with significant shareholdings as per their posts. Nothing wrong with that, nor the neverending posts - but none of what they flagged up had any material impact on the company's sales, as £80k in the first quarter confirms. Events such as the departure of the previous FD and change of auditor probably were more indicative of the company's future.

Ah well, tax loss it is.

Well put buydipsellrepeat - describes the situation perfectly.

The next RNS could be anything - takeover / merger, partnership, cash raise, contract signing, or not much at all.

I guess the degree to which you look forward to an RNS probably reflects your level of optimism about Mirriad's future !

I see that American Axles will be releasing their Q1 results a week today, on Friday 2nd May.

Dowlais have their AGM on the 21st May, so between those 2 events we should get some idea on progress regarding the merger along with current trading.

Canvass, looking through the multitude of RNS announcements there seem to be a lot of increasing / decreasing of both short and long positions, so my best guess is that there is a lot of trading of what has been a volatile stock. Don't seem to be any short positions sufficiently large enough to register on this website's list ?

Hi LOTM, indeed.

I expect we'll get to know where we are in the not too distant future. The cash raise last year was early May, I'm expecting an RNS in a few weeks time.

Hi LOTM,

It's guesswork really as to how much of a raise will be required without 1) information on revenue actually earned so far in 2025, and 2) any sort of insight into realistic (hopefully programmatic) future revenue and if / when it will appear.

It may be that a limit on how many shares they can issue will determine how much they can raise - assuming a discount to the current share price would be required for any such raise I doubt they'd bring more than a couple of £million with a 1 billion more shares cap. That would only be worthwhile if they have the revenue pathway to get to breakeven on a monthly basis in October.

I continue to wonder whether the board is looking for some sort of strategic partnership / merger with one of the players in this space who could provide the necessary funding that Mirriad may need.

Spot on LL. I expect a cash raise since I doubt very much that their revenue is on track to hit the £750k per month that they'll need to break even before they likely run out of cash at some point in the summer.

As to how much they'll need and how many shares they'll issue to raise it I've no idea - depends upon whether they will need a small amount to tide them over (in which case I'd guess the raise share price would be higher) to breakeven, or they'll need a larger amount with breakeven some way away (in which case a lower raise price I would guess).

I would have thought they'll consider a share consolidation at some point, as a total equity of several billion shares for a handful of £millions of market cap seems a bit silly.

Well if I knew that SG0911.......

Very hard to say given the share's performance over the past 12 months, as you indicate.

Bank of America's price target reduction to £8 a share might, unlikely as it may seem, have put some sort of floor under the share price. The current price is certainly tempting, although given the FY results are still a few weeks away I'll probably hold off buying any more just yet and see how it goes.