14 November 2013
mirada plc ("mirada" or "the Company")
(AIM: MIRA)
Oversubscribed placing to raise £1.1 million
mirada plc, the AIM-quoted leading audiovisual interaction specialist,
announces that it has today raised approximately £1.1 million through a placing
of 12,621,688 new ordinary shares of 1 penny each ("New Shares") at a price of
8.75 pence each (the "Placing"). The Placing was significantly oversubscribed
and has been supported by a combination of existing shareholders and new
institutional investors. The Placing follows the recent £1 million fundraising
from a large strategic shareholder, also at 8.75 pence. The Placing has been
conducted by Daniel Stewart & Company Plc and Peterhouse Corporate Finance
Limited.
The proceeds of the Placing will be used to finance further growth in Latin
America, maintain product investment and seek expansion to other emerging
markets. There are over 50 million digital TV subscribers in Latin America and
the directors believe the Company's new subscriber-based licence fee model will
enable the Company to continue to earn substantial revenues post the launch of
a customer's digital TV service. The Company currently has four contracts
generating subscriber-based fees and with the revenues being generated at no
material cost to the Company, the margin on such subscriber-based fees is
almost 100%.
mirada continued to make good commercial progress during the first half of the
year. The solid growth achieved in the Latin American market in 2012/13, with
revenues more than doubling to £3.2 million, has led to a high level of
recognition of mirada's products in the region. The Company is now pursuing a
number of major opportunities, such as the previously announced paid-for trial
with a major digital TV operator for mirada's multi-screen product, iris. The
focus on this trial means that first half revenues are likely to be slightly
down year-on-year but, if successful, the trial would lead to a major
commercial launch in the first half of the next financial year and a step
change in group revenues.
José Luis Vazquez, Chief Executive Officer of mirada, commented:
"I am delighted with the support shown by both existing and new shareholders
through their participation in this placing. The net proceeds will provide us
with the necessary funds to enable mirada to increase our sales and technical
teams, allowing us to take advantage of some significant commercial
opportunities and achieve our targets in Latin America."
Javier Casanueva, Non-Executive Chairman of mirada, commented:
"I am very pleased with the level of interest shown in the placing. We have a
very able and experienced management team, who are fully focused on a set of
objectives which should transform the Company over the next 12 months."
Application has been made to the London Stock Exchange for admission of the
12,621,688 New Shares to be issued pursuant to the Placing to be admitted to
trading on AIM. Admission is expected to occur on 19 November 2013.
For the purposes of the Disclosure and Transparency Rules, mirada's total
issued share capital following the issue of the 12,621,688 New Shares consists
of 79,128,052 ordinary shares of 1 penny each.
The above figure may be used by shareholders as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, mirada, under the Disclosure and
Transparency Rules.
END
Enquiries:
mirada plc +44 (0) 207 549 5678
José Luis Vázquez, CEO
Cantor Fitzgerald Europe (Nomad and Joint Broker) +44 (0) 207 894 7000
Mark Percy (Corporate Finance)
David Banks (Corporate Broking)
Daniel Stewart & Company Plc (Joint Broker) +44 (0) 207 776 6550
Antony Legge/Martin Lampshire
Ciaran Walsh
Peterhouse Corporate Finance (Joint Broker) +44 (0) 207 469 0937
Jon Levinson
Lucy Williams
Bishopsgate Communications +44 (0) 207 562 3350
Nick Rome/Sam Allen
mirada@bishopsgatecommunications.com
About mirada
mirada creates and manages services for digital TV platforms and broadcasters
which enable consumers to interact with and purchase digital content on
television, mobile, online and bespoke devices. mirada's products and solutions
are used worldwide to deliver interactive TV, Video on Demand, digital
marketing and payment services. Its products and services have been deployed by
some of the biggest names in digital media and broadcasting including Sky,
Virgin Media, BBC, ITV, France Telecom and Telefónica. Headquartered in London,
mirada has commercial offices across Europe and Latin America and operates
technical centres in the UK and Spain. For more information, visit
www.mirada.tv.