I have certainly made enough elsewhere to take a punt at these prices........maybe use some of my profits from Lloyds. How you doing there of late? Or did you take the cash and run before more losses occurred.
Nobody parts with £ 1.7 million on a whim. Certainly looks to have an income stream so potential takeover material if nothing else.
So like you said at 0.7p.........it surely can't go any lower.
Audio-visual content group Mirada posted widened losses in the six months leading to 30 September.
The weakened Mexican economy led its biggest client, Televisa, to forward less money towards Mirada, leading to a decline in half-year revenues from $3.79m to $3.47m.
LBITDA widened to $1.2m from the $80,000 the group posted at the same time a year earlier, mainly due to a heightened investment into sales, marketing and operational activities, and pre-tax losses grew from $1.7m to $2.92m.
Net debt also increased, moving from $5.25m at the halfway point of 2016 to $7.57m twelve months later.
José Loss VaselineQuiz Chief executive officer of Mirada, said, "We would like to apologise to Paul Smith of iii BB for such a poor performance.
I've posted negative alerts about this company for years now and the chicken has come home to roost. I did invest a tiny amount on the basis I thought the SP had reached rock bottom but wow! how low can it go? Just a matter of time I guess before it goes belly up and investors will lose what little they have left in the pot.
(ShareCast News) - Mirada, the Anglo-Spanish software provider to digital TV operators and broadcasters, has agreed a one-year loan facility of up to £1.7m from its major shareholder, who can elect to convert the loan into shares within the next year.
The loan was provided by 27% shareholder Ernesto Tinajero's Kapthungs vehicle and a pair of Panama-based outfits, Kronck and Minles. Tinajero is the former owner of Cablecom in Mexico, a customer of Mirada that is now part of the Televisa Group.
If the trio of lenders converts the fully down facility in full, this would require 151.8m new ordinary shares being issued, which would represent approximately 52.19% of the AIM-listed company's enlarged share capital.
The new shares would be issued at a price of 1.12p, which is the average closing mid-market in the thirty days leading up to 22 November, though the shares have fallen almost 90% since the start of last year, inlcuding 76% in 2017.
José Luis Vázquez, CEO of Mirada plc, said the owners of Kronck and Minles, Enrique Septién Suárez and Luis Martínez Ocariz, respectively, "are relevant members of the industry" and "know the company" from previous business relationships.
Vázquez said the facility will provide the company with working capital for the successful delivery of its recently won contracts with Nasdaq-listed pay-TV group ATN International and Bolivia-based Digital TV Cable Edmund.
Investors were most unimpressed, with the shares hitting a new all-time low of 0.65p, falling 30% on the day to finish at 0.75p.
Ha Ha good luck!!
Guessing the new contract has persuaded you that a cash call may not have to happen now?
The CEO reckoned some $ will flow from that around Mar 18....if they can survive on their cash till then....
Tempted to join you buying, but I had a few more recently (against my better judgment!) so better leave it at that for now...
Yes, that's right folks, net debt stands at £5,910,000
This after selling some outstanding invoices to a finance company at a discount
The sound of a dying dog.............
(ShareCast News) - Cable TV software provider, Mirada said it had seen an increase in business from its primary customer Televisa, but worries about the company's financial position caused share prices to drop as much as 35% Monday.
The AIM-listed technology company said the number of set-top boxes at the cable networks of Televisa running its software had topped 750,000, with a quarter of the new households using Mirada's technology having also installed its over-the-top (OTT) services.
Furthermore, in the last two months new subscriber numbers had accelerated, leading to greater license volumes from Televisa, the company said in an ammended statement.
Mirada attributed that to the strengthening Mexican currency and a reduction in the uncertainty around the country's economic future in the immediate wake of the US presidential elections, which caused a slowed roll-out of Mirada's Iris product.
The company also announced it had received more than $1.3m from its invoice discounting facility provider linked to recently agreed set top box purchase orders with Televisa which were mostly rendered during the reporting period.
Payment for those orders from Televisa was expected by the end of September 2017 and discussions were ongoing with its auditor regarding th appropriate revenue recognition.
Greater marketing spend had also resulted in a "materially" larger sales pipeline than in previous years.
As of the financial year-end on 31 March, the company's net debt stood at £4.26m with additional available facilities of £3.17m.
Following the receipt of $1.3m from its invoice discounting facility provider its net debt had risen to £5.91m as of 31 July with available facilities of £1.21m.
Meanwhile, its cash in hand balance was at £460,000.
"The receipt of the payment from Televisa in due course is expected to have a beneficial impact on the Company's net debt position, all other things being equal."
What's the point of putting spin on this update, the market just sees straight through it. Here's my view on a more accurate update... "Despite our best efforts, the Company has failed to attract a single customer since Televisa, consequently, the outlook for the Company is bleak".
As many will know, I have been issuing warning notices on this share for a number of years and all the way down from about 15p. I saw the danger signals and in some of my posts I explained my logic. I thought it only fair to register my misgivings (I'm sure much to the annoyance of some posters), in contrast to the rampers like Paul Smith.
At 2p to buy it might just represent a speculative opportunity for those still believing in the prospects of this company. However, before you do, check whether the Directors are buying as a vote of confidence! I expect not........
After all looking at what you invested in Lloyds you do like a gamble and could be the best opportunity you have been presented with to re-coup Lloyds losses which I believe will widen over the next couple of years.
This dog has been in intensive care for several years now. It is being kept from deaths door by huge doses of rhetoric, sound bites and bull caca. Its not sustainable and the only fair thing is to put this dog down and out of its misery.
Not surprised this fell so much today given this is a small fledgling company and it's holders are rightly nervous...however the end of the rns shouldn't be overlooked in the stampede for the exit....
It is important to note that, although the Televisa rollout is expected to proceed at a slower pace than before, the scope of the contract remains unchanged. Mirada's product is working as planned, and exceeding customer expectations.
"In addition, the Board expects that based on current indications, new business wins should more than compensate for the slowdown in the Televisa rollout over the medium to longer term. Due to Mirada's improved sales and marketing efforts and the Televisa reference, Mirada's pipeline of opportunities is currently larger than at any time in the Company's history and a number of these opportunities are progressing well."
Mirada announces a wider first-half pre-tax loss on improved revenue.
Pre-tax loss was £1.2m, from £0.8m. Revenue was £2.8m, from £2.3m.
When questioned in respect of the numbers, Mr VaselineQuiz said that he was pleased to report the improved revenue as this facilitated an increase in Board member salaries and pensions. 'This has inevitably resulted in the widening of the losses' he went on to say, 'but I am confident that we have the continuing support of our shareholders'
The market didnt like the numbers, and at the close, shares in AIM-quoted Mirada were down 7.69% to 4.5p. 'I can see this heading back to 3.5p' said an analyst
Popped back up - given the future is heavily reliant on Mexico, the drop at the end of last week and the rise today is likely due to the perception of risk the MMs and market has around the US election.
I've not had chance to do a meaningful AGM write up - I'll try and combine it with the interim results that should be released next week.
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