REG - Mirriad Advertising - Intention to appoint Administrators & Suspension

Mirriad AdvertisingAnnouncement

27/04/2026 15:45

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RNS Number : 0816C  Mirriad Advertising PLC  27 April 2026

The information contained within this announcement is deemed by the Company to
constitute inside information stipulated under the Market Abuse Regulation
(EU) No. 596/2014 4 as it forms part of UK domestic law pursuant to the Market
Abuse (Amendment) (EU Exit) regulations (SI 2019/310) ("MAR"), and is
disclosed in accordance with the Company's obligations under Article 17 of
MAR. Upon the publication of this announcement via the Regulatory Information
Service, this inside information is now considered to be in the public domain

 

27 April 2026

 

Mirriad Advertising plc

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

 

Intention to Appoint Administrators and Liquidators to Subsidiaries and
Suspension of Trading on AIM

 

Mirriad Advertising plc (AIM: MIRI) announces that, further to its
announcement of 23 April 2026, the Company has not been able to secure the
urgent funding that would be required to enable the Group to continue to trade
as a going concern. As a result, directors of the Group's operating
subsidiaries, Mirriad Limited and Mirriad Advertising Private Limited
(together, the "Subsidiaries"), intend to place the Subsidiaries into formal
insolvency processes in order to seek to preserve value for creditors and
other stakeholders.

 

Accordingly, the board of Mirriad Limited expects to appoint Phil Reynolds of
FRP Advisory and Robert Ferne of Begbies Traynor as Administrators and is in
the process of making such appointment and the Liquidators of Mirriad
Advertising Private Limited, the Company's Indian subsidiary, will be
confirmed in due course.

 

The Subsidiaries represent substantially all of the trading business,
activities and assets of the Group.

 

As a consequence, on appointment of the Administrators to the Subsidiaries,
the Company will cease to own, control or conduct all or substantially all of
its existing trading business, activities or assets. The Company would
therefore be regarded as an AIM Rule 15 cash shell ("AIM Rule 15 Cash Shell")
from that point.

 

As an AIM Rule 15 Cash Shell, the Company would be 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 becoming an AIM Rule 15 Cash Shell. 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.

 

It is not anticipated that the cash balances, if any, available to the Company
following completion of the insolvency processes will enable the Company to
continue to trade as a going concern. It is therefore anticipated that the
Company would be required to raise additional funds in the near future. As a
result, in accordance with AIM Rule 40, trading in the Company's ordinary
shares on AIM has been suspended with effect from 15:45 BST on 27 April 2026
pending clarification of the Company's financial position.

 

The Board is currently assessing its strategic options and will update
shareholders as and when appropriate. A further announcement will be made in
due course.

 

 

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

 

About Mirriad

The leader in virtual product placement and in-content advertising, Mirriad's
multi-patented and award-winning platform can dynamically insert products and
brands into Television, SVOD/AVOD, Music, and Influencer content. Mirriad
creates net-new revenue opportunities for content owners with an ad format
that virtually integrates brands in entertainment content, drives exceptional
performance for advertisers and dramatically improves the viewing experience.

 

Mirriad currently operates in: EMEA, the US (via a Joint Venture with
Rembrand), and India.

 

 

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