REG - Mirriad Advertising - Appointment of Administrators over UK Subsidiary

Mirriad AdvertisingAnnouncement

29/04/2026 17:01

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RNS Number : 4606C  Mirriad Advertising PLC  29 April 2026

29 April 2026

 

Mirriad Advertising plc

("Mirriad" or the "Company" and together with its subsidiaries, the "Group")

 

Appointment of Joint Administrators over UK Subsidiary

 

Further to the announcement of 27 April 2026, Philip Reynolds of FRP Advisory
and Robert Ferne of Begbies Traynor have been appointed as Joint
Administrators of the Company's UK operating subsidiary, Mirriad Limited, on
29 April 2026.

 

The appointment follows the Company's inability to secure the urgent funding
required to enable the Group to continue trading as a going concern. The Joint
Administrators are now evaluating Mirriad Limited's position to achieve the
best possible recovery for its creditors.

 

No resolution has yet been reached in relation to Mirriad Advertising Private
Limited, the Company's Indian subsidiary, and the position remains under
consideration. Further announcements will be made in due course as
appropriate.

 

All of the Company's commercial arrangements had been contracted via Mirriad
Limited. Consequently, as a result of the appointment of the Joint
Administrators to Mirriad Limited, the Company ceases to own, control or
conduct all or substantially all of its existing trading business, activities
or assets. The Company is therefore regarded as an AIM Rule 15 cash shell
("AIM Rule 15 Cash Shell").

 

As an AIM Rule 15 Cash Shell, the Company is required to make an acquisition,
or acquisitions, which constitutes a reverse takeover under AIM Rule 14
(including seeking re-admission under the AIM Rules for Companies) within six
months of today's date. Alternatively, within such time period, the Company
can seek to become an investing company pursuant to AIM Rule 8, which
requires, inter alia, the raising of at least £6 million and publication of
an admission document. In the event that the Company did not complete a
reverse takeover under AIM Rule 14 within such six month period or seek
re-admission to trading on AIM as an investing company pursuant to AIM Rule 8
(either being, a "Re-admission Transaction"), the Company's ordinary shares
would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a
Re-admission Transaction has not been completed within a further six-month
period, admission to trading on AIM of the Company's ordinary shares would be
cancelled.

 

The Company's shares remain suspended from trading on AIM in accordance with
AIM Rule 40, as it is not anticipated that the cash balances available to the
Company following completion of the administrations will enable the Company to
continue to trade as a going concern. It is therefore anticipated that the
Company will be required to raise additional funds in the near future.

 

ENDS

 

For further information please visit www.mirriad.com
(http://www.mirriad.com/)  or contact:

 

 Mirriad Advertising plc

 Louis Wakefield, Chief Executive Officer

 James Black, Chairman                                       c/o Allenby

 Allenby Capital Limited (Nominated Adviser and Broker)

 James Reeve (Corporate Finance)

 Matt Butlin / Lauren Wright (Sales and Corporate Broking)   Tel: +44 (0)20 3328 5656

 Joint Administrators                                        Luke.mahoney@frpadvisory.com

 Philip Reynolds / Robert Ferne
 Citypress (PR)                                              Ricky.Ambury@citypress.co.uk

 Ricky Ambury

 

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