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Mirriad deeply discounted placing – it's not about accelerating growth it's about accounts sign off

By Tom Winnifrith | Friday 3 May 2024

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

IPO’d at 65p in 2017, shares in Mirriad Advertising (MIRI) are today 1.3p having managed to send more than £70 million of other folks cash to money heaven in its inglorious career. Today comes a bailout placing £6.1 million at just 1.25p which, it is claimed, will drive the company to the sunlit uplands: “This successful placing means we can move forward from our build phase, towards true scale with confidence”. Bollocks, the real reason is about audit sign off on 2023 accounts.
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