Last checked at 30 Apr 2020 10:30
30 April 2020
Mobile Streams plc
("MOS" or "the Company")
Results of Annual General Meeting
AGM Statement
Approval of Conditional Placing of £146,250 gross
Total Voting Rights
Results of Annual General Meeting
The Company is pleased to announce that, with the exception of the resolution to reappoint Peter Tomlinson as a director, which was withdrawn due to his resignation from the Board on 22 April 2020, all resolutions were passed.
AGM Statement
The Company is pleased to provide an update on trading and current developments.
Content business
The legacy mobile content business, which generates revenues through relationships with mobile operators and content aggregators and retailing directly to the consumer, continues to perform in line with expectations. Group revenue for the first three months of 2020 was £100,000 (2019: £190,000). EBITDA for this period (calculated as profit before tax, interest, amortisation, depreciation, share compensation expense and impairment of assets) showed a loss of £131,000 (2019: loss of £479,000) following a focus on cost cutting within the Group. The revenue in Argentina and Mexico remained stable for the first three months of 2020, although the Argentinian peso was devalued by 1.8% during the period., The underlying operations of the existing mobile content business (ie excluding plc costs, some initial costs in establishing the Streams platform and other one-off costs) are running at close to break-even, despite reduced revenues compared with the prior year.
The Group's cash balance is currently £97,000, including the net proceeds of the £75,000 Placing announced on 30 March and a net tax credit of £50,000 received by the Argentine business in March.
Data business
The Streams platform delivered via our partnership with KrunchData continues to develop well and, as announced on 14 April, signed its first commercial agreement with the National Emergencies Trust ("NET"). Regarding our, We are delighted to announce that feedback on the platform from the National Emergencies Trust, which is using Streams for its work on the Covid-19 pandemic, is extremely positive and has already led to us signing an additional agreement with the digital agency Alcimi to deliver media insight and intelligence services. The work with Alcimi has already begun and we are extremely proud of the results as mentioned below:
John Herriman, CEO, National Emergencies Trust, said:
"In emergency situations being able to respond quickly and collaborate is vital. Data is therefore critical to success. Streams has been our essential intelligence platform to support our vital work at NET to fight Covid-19. It has helped transform our ability to visualise, understand and drive effective decision using big data. The deep intelligence, automated insights and the visualisation in particular have been crucial in helping us not only in our own internal discussions but also with external stakeholders including government departments."
Ben Sefton, MD, Alcimi, said:
"As the National Emergencies Trust's Digital partner we are responsible for driving their Coronavirus Appeal on social media. We were given the huge challenge by the NET board to drive the appeal organically without any paid advertising. We engaged with Streams shortly after the appeal launched in November 2019 and they rose to the challenge. We have been using the Streams dashboard on a daily basis, and over the six weeks of the appeal have increased our follower base by 432% and we have reached over 9,462,730 people. Without the Streams platform, we would not have achieved this."
Nigel Burton, Chairman, said:
"It is a tremendous privilege for us to be helping deliver the UK's response to the Covid-19 pandemic through our work with the National Emergencies Trust and Alcimi. We are delighted that the Streams platform is working so well and we look forward to developing the product and sales pipeline further."
Completion of Conditional Placing of £146,250 gross
The approval of the resolutions enables the Conditional Placing, announced on 30 March, to be completed. As a result, 182,812,500 ordinary shares have been issued and will be admitted to trading on AIM on 1 May 2020.
Total Voting Rights
As at the date of this announcement, following the issue of the Firm Placing shares, the Company's issued share capital consists of 671,741,471 ordinary shares with a nominal value of 0.01p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury.
Therefore the total number of Ordinary Shares in the Company with voting rights is 671,741,471 and this figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
For further information, please contact:
Mobile Streams plc
Nigel Burton, Chairman
+44 77 8523 4447
www.mobilestreams.com
Beaumont Cornish (Nominated Adviser)
James Biddle and Roland Cornish
+44 (0) 20 7628 3396
Peterhouse Capital Limited (Broker)
Lucy Williams, Duncan Vasey and Eran Zucker
+44 (0) 20 7469 0930