psmith64
16 Nov 2015
Re: AGM Thanks for that update Spike. I was hoping to go myself but unfortunately work commitments got the better of that.As with any stock there is a degree of risk and there always has been with Mirada.I doubt people would part with another £ 1.5 million if they didn't think there was going to be a return and for that reason I am happy to hold and like you believe the risk attached is lower than it was 5 years ago.
spike501
03 Nov 2015
Re: AGM Ali - who knows? How many of these large contracts come up globally each year - there can't be that many? All we can do is wait and see. As I've said before, my view would that one Tier 1 every 3 years and 1 Tier 2 every other year would seem to be a reasonable target. I would hope that in the next 6 months they can secure at least 1 Tier 2 contract.One thing that is worth remembering is that neither the Movistar Peru launch last year or the work for Telefonica this year was pre-announced. It was only announced on completion.
spike501
03 Nov 2015
Re: AGM Topalov - I too am worried about the contract simply because it is such a significant part of current and future revenues and Mirada have dedicated a significant part of the company's resource to it. That is always a risk. However I am also confident it is a game changer. There were certainly discussions at the AGM as to the risk but what was the alternative - Mirada turn down such a massive deal?It could certainly be delayed again if Televisa decide to shift priorities - however it is fairly easy to find in the media what Televisa's priorities have focussed over the last 12-18 months and many of those pressures have gone away. The IFT investigation, the Izzi launch, rebranding and integration and the acquisition of new networks.I see the risk of Televisa delaying significantly further or walking away as low - its a planned upgrade of their entire provisioning infrastructure so they are not doing it on a whim. As revealed in the placing RNS, Televisa will have spent approximately £10million with Mirada over 2 years or so which would be a lot of time and money to throw away. The system is also working very successfully in one of their networks already. They seem to remain very happy with Mirada.As was stated at the AGM - the placing came as a result of a board meeting discussion. What the views of the various individuals before and at the meeting was is of course unknown. Reluctantly I would agree it was the right decision, rather than reaching headroom on debt and running into problems.
sceptical ali
03 Nov 2015
Re: AGM Perhaps the reason why they want to concentrate on the Televisa contract is because they are unable to land other contracts. Thanks for the feedback spike, much appreciated.
Topalov
03 Nov 2015
Re: AGM Thanks nfor the update. I am most concerned about the contract delays. Jose can say that there won't be further delays and nthat the contract will definetly go ahead, but it doesn't mean it will happen. He also assured Tom Winnifrith there wouldn't be a further placing.I would be curious to know the terms of the contract - how long can Televisa delay for - what are the consequences if they cancel completely?
spike501
02 Nov 2015
Re: AGM Didn't pick up the sarcasm there JC 
).A bit late with the summary, I've been a bit busy but also had a couple of follow questions with the company that they have kindly answered. The below is a summary of the placing, AGM and my updated views - I didn't take notes and its a few days later so apologies if its all a bit of a ramble and for any inevitable typos.Firstly on the placing - clearly I'm not thrilled that a placing was done, certainly at the current share price, however its done and my assessment hasn't changed that there is significant upside to come from this point. I had hoped they could avoid a placing and indeed the do say in the RNS that they did still have adequate debt facilities available, however didn't want to stretch the balance sheet too thin. It was not too big at £1.5million so the dilution while not insignificant is manageable.I am very pleased that Matt Earl remains an NED and has bought a decent number of shares. I feel they have to get some credit for announcing it on the morning of the AGM so it could be discussed at the AGM. Regarding those discussions at the AGM...- The decision to raise money was taken at the last board meeting before the AGM - I didn't ask but I would presume this why Rafael Sanz left, either because he didn't agree or wouldn't purchase additional shares as the other directors have done - (again this is my supposition).- The decision was taken due to feedback from major shareholders that they would prefer equity rather than additional debt that could increase future financial risk.- It is needed due to working capital requirements due to the delay in the Televisa rollout.- There are no plans for further fund raising although they don't rule it out in future if it was needed for significant expansion. Jose re-iterated that FY2017 (i.e starting 1st April 2016) will be cashflow positive including after investment spending.- There was full support from existing shareholders and virtually no discount to the current price. Now I know there was a significant drop in the weeks beforehand but still most AIM companies do have large drops and even then place at a big discount. The AGM got a little fractious with some questions on the financials, specifically on interest rates on overdrafts in 2013. There was an amusing exchange between some participants and the auditor who got quite cross when there was a comment that perhaps the auditors were wrong - which they weren't. However the main revelation in this exchange was that the Mirada CFO was not in attendance as he had to meet the Spanish Government on company business - it was stressed that the Spanish government are not intending to buy STBs, rather its related to Mirada being an exporter from Spain and able to access funding support, although no further detail was given.Regarding the Televisa contract there was some useful discussion.- The next rollouts are to the Cablemas and current Izzi network - as revealed in the latest Televisa financials these are the two largest cable networks in Mexico with approximately 2.2million subscribers between them - compare to Cablevision Monterrey which is approx 500k.- Jose is very confident that there will be no further delays - the current delays have been down to Televisa prioritisation but now this is a priority from the Televisa CEO who has weekly calls for Mirada. He is a big cheese in Mexico. Mirada were ready to go some months ago if Televisa had have chosen to.- They expect an additional 2 networks that Televisa have acquired to be rolled out in 2017, although as I understood it is not contractually formalised yet. That would be somewhere around 1million additional subsribers.- The OTT additional contract was not ready when Cablevision Monterrey was launched (it was not meant to be). I didn't quite get a definitive answer, probably because there isn't yet one, but I believe they expect it to go live when the rollout in March takes place or soon aft
JohnyCash
30 Oct 2015
Re: AGM Lol Spike - it was just a joke!Mind you, I wasn't far wrong by the sound of it !Look forward to your feedback.........JC
spike501
30 Oct 2015
Re: AGM I'll do a detailed write up later but JC do you really think that Mirada were in charge of the catering? It was held at some nice plush offices on London Bridge and there was coffee, tea and biscuits - I certainly wasn't expecting champagne and caviar.
JohnyCash
29 Oct 2015
Re: AGM A colleague of mine has just returned from the AGM. He tells me that lunch consisted of a cup of tea (one teabag per ten people) and some Aldi biscuits past their sell-by date.What does that tell you about the business?JC
MR NIEVE
29 Oct 2015
Re: More Share Dilution !! Yoomedia all over again!!!
JohnyCash
29 Oct 2015
More Share Dilution !! "Mirada has conditionally raised GBP1.5m gross by the issue of 24.5m placing shares and 468,061 subscription shares at 6p each"Not to worry - advanced negotiations on new business will turn this business around and next year you'll all be millionaires.JC
JohnyCash
28 Oct 2015
Re: AGM Hi Spike – would you kindly ask Mr VaselineQuiz whether the recent departure of Rafael Martin Sanz is just the start of a mad rush to the exits by the remainder of the board please?(Deserting the sinking ship)Have a nice day tomorrow - I trust they are providing a nice buffet lunch.JC
sceptical ali
28 Oct 2015
Re: AGM Cheers spike, I'll look forward to your feedback.
spike501
28 Oct 2015
Re: AGM Ali - I will and I'll report back on Friday )
sceptical ali
28 Oct 2015
Re: AGM Hey spike, perhaps you could ask Jose how the "advanced negotiations" are progressing.
