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 firstname.lastname@example.org 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. END -0- Nov/14/2013 07:00 GMT
MIRADA PLC: Oversubscribed placing to raise £1.1 million
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