Conditional Investment by Jinhua Puhua Equity

RNS Number : 5929C

Mirriad Advertising PLC

23 January 2018

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

FOR IMMEDIATE RELEASE

23 January 2018

Mirriad Advertising plc

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

Conditional Investment by Jinhua Puhua Tianqin Equity Investment Fund Partnership in Mirriad Advertising plc

As referred to in its admission document at the time of its IPO, Mirriad Advertising plc, a video technology company delivering in-video advertising globally, is pleased to announce that Jinhua Puhua Tianqin Equity Investment Fund Partnership ("Puhua"), a Puhua Capital fund established in Jinhua in the People's Republic of China, one of Mirriad's core markets, has conditionally agreed to subscribe for 3,225,806 new ordinary shares at a price of 62 pence per share, resulting in gross proceeds of approximately £2 million for the Company. 

The Subscription is conditional upon, inter alia, the receipt of all necessary regulatory approvals required to enable Puhua to complete the Subscription and perform its obligations in relation to the Subscription. The regulatory approvals to be obtained by Puhua include a "Certificate of Overseas Investment" from the Zhejiang Commerce Department and a "Foreign Exchange Registration Certificate" from the Zhejiang Administration of Exchange Control. In accordance with the terms of the Subscription, the conditions need to be fulfilled by 1 March 2018 (which date can be extended, at the sole discretion of the Company, to 1 May 2018).

The Company will release a further announcement in due course.

About Mirriad

Mirriad is a video technology company delivering in-video advertising by naturally blending brand advertising into popular entertainment content.  

Mirriad creates advertising opportunities within existing video content across multiple shows. Advertisers can reach target audiences in a contextually relevant way without interrupting the viewing experience. The new ad format can be used alone or combined with other media, and is aligned with existing media trading.

Mirriad is headquartered in London, with offices in the leading advertising markets in the world: New York, Mumbai, Shanghai and São Paulo.

Enquiries:

Mirriad Advertising plc Mark Popkiewicz, Chief Executive Officer David Dorans, Chief Financial Officer	Tel: [phone]
Numis Securities Limited (Nominated Adviser & Broker) Nick Westlake (Nomad)                      Michael Wharton James Black	Tel: [phone]
Financial Public Relations Hudson Sandler LLP Daniel de Belder Bertie Berger	Tel: [phone]

 

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