Mirada agrees convertible loan with major shareholder
Mirada
1.55p
16:55 16/06/23
Mirada, the Anglo-Spanish software provider to digital TV operators and broadcasters, has agreed a one-year loan facility of up to £1.7m from its major shareholder, who can elect to convert the loan into shares within the next year.
FTSE AIM All-Share
755.28
17:14 26/04/24
Media
11,859.60
16:59 26/04/24
The loan was provided by 27% shareholder Ernesto Tinajero's Kapthungs vehicle and a pair of Panama-based outfits, Kronck and Minles. Tinajero is the former owner of Cablecom in Mexico, a customer of Mirada that is now part of the Televisa Group.
If the trio of lenders converts the fully down facility in full, this would require 151.8m new ordinary shares being issued, which would represent approximately 52.19% of the AIM-listed company's enlarged share capital.
The new shares would be issued at a price of 1.12p, which is the average closing mid-market in the thirty days leading up to 22 November, though the shares have fallen almost 90% since the start of last year, inlcuding 76% in 2017.
José Luis Vázquez, CEO of Mirada plc, said the owners of Kronck and Minles, Enrique Septién Suárez and Luis Martínez Ocariz, respectively, "are relevant members of the industry" and "know the company" from previous business relationships.
Vázquez said the facility will provide the company with working capital for the successful delivery of its recently won contracts with Nasdaq-listed pay-TV group ATN International and Bolivia-based Digital TV Cable Edmund.
Investors were most unimpressed, with the shares hitting a new all-time low of 0.65p, falling 30% on the day to finish at 0.75p.