MIRA Mirada Plc

 
TIDMMIRA 
 
mirada plc 
 
                          Convertible Loan Agreement 
 
               An investment in significant current opportunity 
 
mirada plc ("mirada" or "the Company"), the AIM quoted audiovisual interaction 
specialist, announces that it has today entered into a GBP1.22 million, with an 
option to be increased up to GBP1.50 million, secured convertible loan agreement 
("Convertible Loan") with certain shareholders and other third parties 
(together, "the Lenders"). 
 
The purpose of this additional funding is to provide mirada with the additional 
resources needed swiftly to capitalise on the significant opportunities which 
it has created in recent months. For example, in the past two months the 
Company has announced contract wins with two major European telecoms providers 
which represent significant opportunity. 
 
Summary terms of the Convertible Loan: 
 
  * The Convertible Loan is repayable on 18 March 2015; 
 
  * Annual interest rate charge of 10 per cent.; 
 
  * Convertible into ordinary shares in the Company from the third anniversary 
    of the Convertible Loan at a conversion price of, the lower of, GBP1.10 or a 
    20% discount to the mid-market share price at the time of conversion; 
 
  * The Company is able under certain circumstances to repay the Convertible 
    Loan at par on the third anniversary; 
 
  * If the mid-market price is below GBP1.10 the Company has the option to cancel 
    the Lenders' conversion rights by repaying the Convertible Loan plus a 20% 
    premium; and 
 
  * Under the terms of the Convertible Loan the Company has given a fixed and 
    floating charge over the assets of mirada. 
 
As the Convertible Loan is with, inter alia, certain shareholders representing 
the interest of certain directors and or substantial shareholders; being Naropa 
Cartera S.L.U ("Naropa") and Baring Iberia II Inversion en Capital, F.C.R 
("Baring"), who are subscribing for GBP480,000 and GBP240,000 respectively under 
the Convertible Loan, the Convertible Loan is deemed to be a related party 
transaction under the AIM Rules. As such, Jose Luis Vazquez (Chief Executive 
Officer), Rafael Martin Sanz (Non-Executive Director) and Francis Coles 
(Non-Executive Director), being the independent directors for the purpose of 
the Convertible Loan, consider, having consulted with Seymour Pierce Limited, 
that the terms of the Convertible Loan are fair and reasonable insofar as the 
Company's shareholders are concerned. 
 
Jose Luis Vazquez, Chief Executive Officer, commented; 
 
"Our results for the year ended 31 March 2010 are anticipated to reflect a 
period of continuing investment in the expansion of our range of products and 
services and intensive marketing throughout Europe and the Spanish speaking 
regions of Central and South America. The positive results from much of this 
investment will however been seen early in the new financial year from recently 
won clients and an extensive pipeline of potential clients." 
 
"We are excited and encouraged by receiving this important support from 
investors and the financial market even in these difficult market conditions. 
Today's investment enables us to continue to exploit leads and to deliver on 
several opportunities that we have secured during the last months, and 
especially on the significant contracts relating to the two European telecoms 
companies which we recently announced." 
 
Enquiries: 
 
mirada plc                                                 +44 (0) 207 942 7942 
 
Jose Luis Vazquez, Chief Executive Officer 
 
Graham Duncan, Chief Financial Officer 
 
Haggie Financial LLP                                       +44 (0) 207 417 8989 
 
Nicholas Nelson                                    Nicholas.nelson@haggie.co.uk 
 
Seymour Pierce Limited                                     +44 (0) 207 107 8000 
 
(Nominated Advisor & Joint Broker) 
 
Mark Percy/Christopher Howard (Corporate Finance) 
 
David Banks (Corporate Broking) 
 
Rivington Street Corporate Finance                         +44 (0) 207 562 3351 
 
(Joint Broker) 
 
Dru Edmonstone (Corporate Broking) 
 
Notes to Editors: 
 
mirada creates and manages services which enable consumers to interact with and 
purchase audiovisual content on television, mobile, online and bespoke devices. 
mirada's products and solutions are used worldwide to deliver interactive TV, 
VOD, multi-player gaming, digital marketing and payment services. Its products 
and services have been deployed by some of the biggest names in digital media 
and broadcasting including Disney International TV, Sky, ITV and MTV Networks. 
 
Headquartered in London, mirada has commercial offices across Europe and Latin 
America and operates technical centres in the UK and Spain. For more 
information, please visit www.mirada.tv 
 
 
 
END 
 

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