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Hi Everyone,
I hope you will read this thread & give a hand to let the Mirriad Board of Directors know just how annoyed we all are over this pathetically priced fund raiser & the excessive dilution it is causing.
I have drafted a rough email, I hope you will spend a few minutes reading it & then copying it to your own email accounts, edit it as you see fit & then send it in the the company. The more that take part the more notice the company will take in it.
I have send a number of emails into the company with a series of questions in them & have asked for the answers to be released in an RNS, so that all shareholders are fully informed with what's going on at Mirriad.
I'm also doing plenty of other things in the background to get the company to see the mistakes it has made & to change course.
There will no-doubt be a group who despise what I'm doing & won't go along with, that's there choice. I for one am not going to let this matter rest.
LOTM
Part 2
The company has not engaged with its shareholders in a very long time, no updated presentation since August 2023. No webinar's or Introduction to the company events or attended Investor event's, to get the Mirriad name known to Investors & new shareholders on the register.
No none of that occurred, did you even try accessing the funds required through other means ?
Instead out of the blue we see a rushed & botched share placing that you believe is the best method of funding the company through to break-even & even then you can't project which quarter of 2025 you currently expect to break-even.
The Executive Directors & the rest of the board have a lot of explaining to do & quite frankly there is now NO trust whatsoever between existing shareholders & this board of directors.
I see on public websites that a group of existing shareholders seem to be joining together to tackle this matter & unless the company comes up with some detailed explanations in the next few days to address all of there concerns. I'll have to seriously consider either joining them or voting as they do at the upcoming GM & AGM where given what's occurred every single member of the board should be putting themselves forward (no matter when they were last approved) for re-election to see if shareholders want them to remain with the company or not.
I also believe from the sites that they have recently submitted an interesting idea for funding the company instead of the one the company's proposed, I hope it is urgently being given serious consideration or something similar.
A very disgruntled Shareholder.
Dear Board Member,
I am currently a shareholder in the company with a shareholding of over (X Shares or X%).
I find the events of the past few day's extremely disappointing to say the very least & the timing of it makes absolutely no sense at all. While I along with other existing shareholders knew the company was very likely to need additional funding to see it through to break-even on a monthly basis. Everything that has been said publicly, be it through the company blog, company LinkedIn account or LinkedIn accounts of Directors & senior executives in recent weeks, would indicate that the company's prospects are very good indeed & speeding up ....
Yet here we are receiving news that the company has undertaken a massive share placing, not only has it placed those shares at a truly horrendous discount of 43% to the then share price, it has then gone ahead & placed an additional 64M shares when it didn't need to. Resulting in further massive dilution for existing shareholders who are seeing there ownership of the company being diluted by 100% now.
Last Year's share placing of a similar size was done at a discount of just 4.8% to the mid market price.
Have you No shame or integrity ?
You want us to believe that this is the best you can achieve on our behalf.
That this is the best timing to initiate such action, when according to the company posts we are about to be unveiled by the major Content providers at the up coming Upfronts24 in less than 2 weeks time, or the "soon" to be released Microsoft Webinar wouldn't have brought much more attention to the company from investors?
That was before the said RNS made public that an additional 32% of USA content providers are now in detailed talks with the company, or the C4 & Sky contracts news. News never made public until now, yet likely to have increased investor interest in the company had it been released previously.
So ........
LovableTB,
saxman303,
Mozax,
TheSoundMan,
Stampee1,
Laura2022,
cabp*ssy,
WalkieTalkie,
wakeyInvestor,
bankrupty,
Merciaman,
Bluefin1,
Buydipsellrepeat,
& Anyone else
Please take 10 mins & get an email sent into them.
Thanks
LOTM
LOTM13
this company doesn't give two hoots for its investors, history is proof of pudding
Why else 50% since Friday, not a loss of sleep or Gray hair, just luxury living
So Stampee1 get off your butt & do something about it.
Your not being asked to do much at the moment to help out.
Or are you just going to vent here & not actually do anything about it ?
LOTM
LOTM
It’s a good effort to inform the BoD of your displeasure but the horse has very much bolted.
My fear is that with such a low value placing, and the fact that clearly The Company’s ‘touching distance, of programmatic and therefore scale, is at best, early 2025, the Share Price will fall below the placing price.
The distrust, and ineptitude of The CEO at running the business side, is palpable, and investors have already been burnt very heavily here.
I’m as cheesed off as the rest, bottom drawer for my holding, fortunately I have alot of cash, but rather than buying more, I’ve seen other opportunities elsewhere.
Hi Mozax,
You think the horse has bolted I don't.
The shares that they can still issue without needing our agreement 53.71M we can do nothing about & that sadly will go through.
I believe there are several other funding options available that do not cause the dilution there trying to inflict upon us.
I'm trying to explore some of them, but really need others to also stand-up & be counted & I'm hoping your one of them & that you'll send an email in.
LOTM
I know your email well intended but I have sent similar emails before and to be honest some of your points don't stack. The new shareholders have bought into the CEO and his patter so trying to oust him won't end well especially as they have just raised. They will have tried to get funding via other means but with a turnover of £2m and burning that in less than 3 months it is not easy to get funding especially with an unweighted pipeline of not a lot.
Everything that has been said publicly, be it through the company blog, company LinkedIn account or LinkedIn accounts of Directors & senior executives in recent weeks, would indicate that the company's prospects are very good indeed & speeding up ....THEY HAVE BEEN DOING THIS FOR YEARS AS YOU WILL SEE IF YOU LOOK BACK, POTENTIAL HAS BEEN THERE FOR YEARS SO THIS ISN'T NEW
Yet here we are receiving news that the company has undertaken a massive share placing, not only has it placed those shares at a truly horrendous discount of 43% to the then share price, it has then gone ahead & placed an additional 64M shares when it didn't need to. THIS SEEMS NAIVE. LOOK AT THE CASH BURN AND LOOK AT THE PIPELINE, THEY NEED THE ADDITIONAL SHARES AS THEY WILL NEED TO RAISE AGAIN IN 12 MONTHS LIKELY AROUND THIS TIME NEXT YEAR
Hi LovableTB,
I provided a template to help save time & said to edit it as you see fit, for what suits you.
The important point is to get it done & sent in.
Or are you simply going to do nothing other than vent here?
LOTM
Sent!
I will have 0.05% of the enlarged share capital (500k) and as I have said to you and others many times I’ve been here for years and sent emails in for donkeys. It didn’t get me anywhere and that was when I had many more shares than the Execs. Not diluted to oblivion with fewer shares it’s pointless. I was venting to them before you even heard of mirriad!
Anyway, good luck and I’ll be interested to hear the response. I again say it’s naive you thinking they are diluting unnecessarily, they’re desperate as running out of cash before end of Aug illustrates.
LovableTB
You have roughly 0.1% currently, which is what matters.
But if you don't want to join in that's your choice, just because you didn't get somewhere it doesn't mean WE won't get somewhere.
At least we will have tired to do something rather than just give up like you are doing, which is exactly what they want.
LOTM
Just so that everyone knows.
It has taken literally 3 days for both Mirriad & Allenby Capital to even reply to my emails nevermind start to answer the questions within them.
Who knows how long that's going to take & I have asked for the answers to be released via an RNS so that all shareholders are equally informed.
LOTM
Funny that LOTM
I've had at 6.15 an email off Stephan
I’m not ignoring your emails and will respond in due course.
Best
Stephan
You can imagine how I've responded seems some pressure being applied
How do you get direct access to him? You just got his Mirriad email and been building a relationship?
Yep it was pretty easy to work out his email
Head of the rem committee is Bob Head
Another piece of advice read regulated news (RNS) and ignore rampy LinkedIn as they have been doing that for years with no effect on revenu. Ignore LOTM and 2phevs who have shown they are even worse than your typical mug punter as mug punters so listen and learn. The questions you’ve asked have highlighted you shouldn’t be investing and don’t understand the machinations. Save your money and invest in much lower risk funds.
Don’t dismiss and belittle people who were trying to offer advice. Good luck to everyone holding and especially those who bought due to the 2 numpties on here.
Should change his name to Richard.
Touché!
Had a response about MSFT webinar no show yet apparently the top guy that Mirriad deal with Steve Jarvis has got on Paternity leave and can't edit/clear it before release
1 down 7 to go explained the urgency for a clear understanding before going to the GM
Hey 2phevs (Allenby's nemesis haha) why before the GM, what difference does it make?
LL, I remember when I was mocked for having a cautious view (labelled indirectly as "disgruntled" by you know who) and for only having 3% of my portfolio in MIRI and still choosing to sell-down to a lower percentage. There is something to be said for sticking strictly to RNSs and for critiquing unfulfilled/undelivered ambitions from series of RNSs. Shame so many people focus on hype and crazy speculation and not on actual revenue, cash and costs. Best wishes to all in their future investments.