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Mirriad #MIRI – Director Dealing & New Performance Related Option Scheme
Mirriad Advertising plc, the computer vision and AI platform company, announces grants of Options over the Company’s ordinary shares of £0.00001 (“Options”) under its Long-Term Incentive Plan (“LTIP”) set up as part of its IPO in December 2017. This is to align the Chief Executive Officer’s incentive and issue grants to its Chairman and an independent Non-executive director. This step reflects the Company’s recent fundraise and aligns the incentives of the Chief Executive and independent Non-executive directors with those of shareholders over the longer term. The performance options have a 15 pence strike price.
The Company previously announced awards of Options to its Chief Executive Officer, Stephan Beringer, on 1st October 2018. As a consequence of the Company’s desire to ensure that its Chief Executive is remunerated in line with the market the Board has reviewed the grant of Options made in 2018. Stephan was awarded two grants of Options, one of 2,102,454 nominal value Options and one of 2,628,068 performance based Options. In total these grants represented 4.5% of the Company’s then issued share capital. In August 2019 following the Company’s successful fundraising the Company’s issued share capital increased from 105,122,717 ordinary shares of £0.00001 to 213,108,250 ordinary shares of £0.00001. Consequently, Stephan’s percentage holding in the Company reduced from c.4.5% to c.2.2% of ISC.
In the light of the capital increase and, having consulted with significant shareholders and the Company’s NOMAD, the Board believe that it is appropriate to revisit and amend the performance element of the previous Options grant. Stephan will now be incentivised with a grant of new performance related Options priced at 15 pence, equivalent to the price paid by investors in the placing in 2019. These Options will vest if certain trigger share prices are attained as follows:
|
price (£) |
Award |
|
0.30 |
500,000 |
|
0.45 |
500,000 |
|
0.60 |
1,500,000 |
|
0.75 |
600,000 |
|
0.90 |
700,000 |
|
1.05 |
800,000 |
|
1.20 |
900,000 |
|
Total Options |
5,500,000 |
The Options will only be capable of vesting and exercise if the Company’s share price is equal to or exceeds each trigger price for at least 15 trading days immediately prior to the vesting event. The price will be determined by reference to the middle-market quotation of the Company’s share price as derived from the London Stock Exchange’s Daily Official List. The Options remain capable of vesting up to ten years from the date of grant subject to Stephan’s continued employment by the Company.
The Board has agreed with Stephan that the performance related Options granted in 2018 will be surrendered and cancelled.
Following the grant of these new Options and assuming the performance conditions are met, Stephan has Options representing 3.7% of the Company’s issued share capital.
The Board also announces the award of Options to purchase the Company’s shares to both its Non-executive Chairman, John Pearson, and Bob Head, an independent Non-executive director.
These awards are not made under the Company’s Long-Term Incentive Scheme as that only applies to employees and Executive directors. The grants are consistent with the incentivisation adopted for Stephan Beringer and consist of both nominal value Options priced at £0.00001 and performance related Options with the same trigger prices as Stephan’s Options.
John Pearson’s grant is in two parts:
1. The first option has been granted over 1,250,600 shares with an exercise price of £0.00001 and with one third vesting immediately and the remaining two third vesting on 1 October 2020, and 1 October 2021 in line with the vesting dates of Stephan Beringer’s Options granted in 2018.
2. The second performance option has been granted over 1,349,400 shares with an exercise price of 15 pence. The Options become capable of vesting in accordance with the following schedule:
|
price (£) |
Award |
|
0.30 |
122,673 |
|
0.45 |
122,673 |
|
0.60 |
368,018 |
|
0.75 |
147,207 |
|
0.90 |
171,742 |
|
1.05 |
196,276 |
|
1.20 |
220,811 |
|
Total Options |
1,349,400 |
Bob Head’s grant is also in two parts:
1. The first option has been granted over 400,000 shares with an exercise price of £0.00001 and with one third vesting on 13 June 2020 (being the first anniversary of Bob Head’s appointment) and the remaining two third vesting on 13 June 2021 and 13 June 2022 respectively.
2. The second performance option has been granted over 400,000 shares with an exercise price of 15 pence. The Options become capable of vesting in accordance with the following schedule:
|
Price (£) |
Award |
|
0.30 |
36,364 |
|
0.45 |
36,364 |
|
0.60 |
109,090 |
|
0.75 |
43,636 |
|
0.90 |
50,909 |
|
1.05 |
58,182 |
|
1.20 |
65,455 |
|
Total Options |
400,000 |
The total interest of each of the directors in the Company’s ISC assuming all Options become capable of vesting is as follows:
The notifications below are made in accordance with the requirements of the Market Abuse Regulations.
|
1 |
Details of the person discharging managerial responsibilities / person closely associated |
|||||||||||||||||||
|
a) |
Name |
Stephan Beringer |
||||||||||||||||||
|
2 |
Reason for the notification |
|||||||||||||||||||
|
a) |
Position / status |
Chief Executive Officer (PDMR) |
||||||||||||||||||
|
b) |
Initial notification / amendment |
Amdendment |
||||||||||||||||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||||||||||||||
|
a) |
Name |
Mirriad Advertising plc |
||||||||||||||||||
|
b) |
LEI |
213800ZKOK9GIME7HE62 |
||||||||||||||||||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||||||||||||||
|
a)
|
Description of the financial instrument, type of instrument Identification code |
Ordinary shares of £0.00001 each ISIN: GB00BF52QY14 |
||||||||||||||||||
|
b)
|
Nature of the transaction
|
Amendment to grant of Options |
||||||||||||||||||
|
c)
|
Price(s) and volume(s)
|
|
||||||||||||||||||
|
d) |
Aggregated information – Aggregated volume – Price |
5,500,000 N/A |
||||||||||||||||||
|
e) |
Date of the transaction |
2 April 2020 |
||||||||||||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||||||||||||
|
1 |
Details of the person discharging managerial responsibilities / person closely associated |
|||||||||||||||||||
|
a) |
Name |
John Pearson |
||||||||||||||||||
|
2 |
Reason for the notification |
|||||||||||||||||||
|
a) |
Position / status |
Non-executive Chairman (PDMR) |
||||||||||||||||||
|
b) |
Initial notification / amendment |
Amdendment |
||||||||||||||||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||||||||||||||
|
a) |
Name |
Mirriad Advertising plc |
||||||||||||||||||
|
b) |
LEI |
213800ZKOK9GIME7HE62 |
||||||||||||||||||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||||||||||||||
|
a)
|
Description of the financial instrument, type of instrument Identification code |
Ordinary shares of £0.00001 each ISIN: GB00BF52QY14 |
||||||||||||||||||
|
b)
|
Nature of the transaction
|
Amendment to grant of Options |
||||||||||||||||||
|
c)
|
Price(s) and volume(s)
|
|
||||||||||||||||||
|
d) |
Aggregated information – Aggregated volume – Price |
1,349,400 N/A |
||||||||||||||||||
|
e) |
Date of the transaction |
2 April 2020 |
||||||||||||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||||||||||||
|
1 |
Details of the person discharging managerial responsibilities / person closely associated |
|||||||||||||||||||
|
a) |
Name |
Bob Head |
||||||||||||||||||
|
2 |
Reason for the notification |
|||||||||||||||||||
|
a) |
Position / status |
Independent Non-Executive Director (PDMR) |
||||||||||||||||||
|
b) |
Initial notification / amendment |
Amdendment |
||||||||||||||||||
|
3
|
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||||||||||||||
|
a) |
Name |
Mirriad Advertising plc |
||||||||||||||||||
|
b) |
LEI |
213800ZKOK9GIME7HE62 |
||||||||||||||||||
|
4
|
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||||||||||||||
|
a)
|
Description of the financial instrument, type of instrument Identification code |
Ordinary shares of £0.00001 each ISIN: GB00BF52QY14 |
||||||||||||||||||
|
b)
|
Nature of the transaction
|
Amendment to grant of Options |
||||||||||||||||||
|
c)
|
Price(s) and volume(s)
|
|
||||||||||||||||||
|
d) |
Aggregated information – Aggregated volume – Price |
400,000 N/A |
||||||||||||||||||
|
e) |
Date of the transaction |
2 April 2020 |
||||||||||||||||||
|
f) |
Place of the transaction |
Outside a trading venue |
||||||||||||||||||
ENDS
About Mirriad
Mirriad’s award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad’s market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.
Mirriad currently operates in the US, Europe and China.
Enquiries:
For further information please visit www.mirriad.com or contact:
Mirriad Advertising plc
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Tel: +44 (0)207 884 2530
Nominated Adviser & Broker:
Canaccord Genuity Limited
Simon Bridges
Thomas Diehl
Tel: +44 (0)20 7523 8000
Financial Communications:
Charlotte Street Partners
Tom Gillingham Tel: +44 (0) 7741 659021
Andrew Wilson Tel: +44 (0) 7810 636995
Mirriad #MIRI Market Update – Business well capitalised. Tencent resumes activity following virus disruption. In-video advertising study results.
Mirriad Advertising plc (‘Mirriad’), the computer vision and AI platform company is updating the market on current business performance.
Mirriad continues to make good progress in its key partnership with Tencent Video (“Tencent”) in China. As previously announced to the market, Mirriad has a guaranteed revenue arrangement with Tencent covering the two years ending 31stMarch 2021. Following initial disruption caused by the sudden impact of the coronavirus in China, Tencent has resumed activity with Mirriad, placing advertising orders over the last two weeks from Luckin Coffee, Mengniu Dairy, Enterprise WeChat and Huawei.
Tencent is continuing to develop the market for Mirriad’s in-video advertising product in China and, in addition to repeat clients, is expecting to continue to acquire new customers over the months ahead. Tencent and Mirriad are working on additional ways to deepen and strengthen their relationship and Mirriad hopes to update the market on specific new developments over the next few months.
Mirriad can also report steady progress in its partnership discussions with a number of leading global entertainment companies. Likewise, interest and demand from certain multinational consumer brands is growing at an equivalent pace.
Mirriad is also pleased to report the highly successful conclusion of a pivotal campaign with a leading advertiser in the USA. The results of the campaign were verified by a renowned independent research company. They will be reported in more detail shortly but showed that a combination of Mirriad in-video and standard spot advertising significantly helped drive frequency of consumption and amounts spent.
This is the first study showing that Mirriad in-video advertising can increase purchase even among heavy users of a product and represents a further argument for the exceptional effectiveness and broad adoption of the solution in the industry.
While Mirriad cannot remain immune to the macro economic issues caused by the coronavirus, our business is well capitalised following the placing of £16.2m of new shares in July 2019 and we continue to make good progress against the plan outlined to investors at that time. That being said, we will continue to actively review our cost base and take steps to preserve cash to ensure longevity throughout this period of significant uncertainty.
Mirriad will release its full year results to the market on 12th May 2020.
END
About Mirriad
Mirriad’s award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad’s market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.
Mirriad currently operates in the US, Europe and China.
Enquiries:
For further information please visit www.mirriad.com or contact:
Mirriad Advertising plc
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Tel: +44 (0)207 884 2530
Nominated Adviser & Broker:
Canaccord Genuity Limited
Simon Bridges
Thomas Diehl
Tel: +44 (0)20 7523 8000
Financial Communications:
Charlotte Street Partners
Tom Gillingham Tel: +44 (0) 7741 659021
Andrew Wilson Tel: +44 (0) 7810 636995
Mirriad Advertising #MIRI – Corporate broker appointment
Mirriad Advertising plc (‘Mirriad’), the computer vision and AI platform company, today announces that it has appointed Canaccord Genuity as its nominated advisor and corporate broker.
The appointment follows a competitive process that was initiated in 2019 where participants were taken through Mirriad’s vision, growth strategy and business and technology roadmap.
Stephan Beringer, CEO of Mirriad, said: “The appointment of a new corporate broker is a further step in our strategy of developing a game changing proposition for the content and marketing industries. Canaccord Genuity impressed us with their technology credentials, their enthusiasm for our business, their reach into the US and the strength of their research capability.
“Progress towards the adoption of our solution is happening across all forms of distribution in our key markets as planned and this transformational phase builds on the strong foundations established by the successful fundraise last year.”
ENDS
About Mirriad
Mirriad’s award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad’s market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.
Mirriad currently operates in the US, Europe and China.
Enquiries:
For further information please visit www.mirriad.com or contact:
Mirriad Advertising plc
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Tel: +44 (0)207 884 2530
Nominated Adviser & Broker:
Canaccord Genuity Limited
Simon Bridges
Thomas Diehl
Tel: +44 (0)20 7523 8000
Financial Communications:
Charlotte Street Partners
Tom Gillingham Tel: +44 (0) 7741 659021
Andrew Wilson Tel: +44 (0) 7810 636995
Mirriad #MIRI – Technology Showcase Event Video
Mirriad #MIRI – Technology Showcase Event Video – We’re hugely proud of our technology, and we were delighted to have the chance to show it off to investors and analysts at our showcase event in London.
CB News – When Advertising Improves the User Experience
FranceTV Publicité has partnered with Mirriad #MIRI, a British Start-Up to offer a product placement offer via augmented reality. Julia Leadbeater, VP Commercial Development for Mirriad in Europe tells us how and why.
What is Mirriad technology?
Julia Leadbeater : It is a patented artificial intelligence technology which, thanks to an augmented reality process allows producers and distributors to dynamically insert, in post production, brands and / or products in their content ( series, fictions…). This solution improves the viewer’s experience significantly, and represents a tremendous lever for bringing brands to the fore.
Why did you choose France Télévisions?
Julia Leadbeater : It was a natural choice for us. France Télévisions reaches a wide variety of profiles and receives 12.6 million viewers per day, through its daily soap operas – Plus Belle La Vie , Un si grand soleil – and its prime time series – Ten percent , Astrid & Raphaëlle or again Cain . Current regulations currently limiting product placement to fiction, large broadcasters are essential to create a market with attractive content proposals.
FranceTV Publicité’s offer, effective in encouraging the purchase of products, allows us to carry out post-tests that measure the impact of our devices. The content offers are sold per second of brand exposure over a specific period. We work together to refine the offers according to the needs of advertisers.
What are the first returns?
Julia Leadbeater : Viewers appreciate the fluidity of their advertising experience. According to data from Kantar and Toluna, 95% of respondents appreciate this new advertising format and find that it integrates naturally with content; 92% think that this technique reinforces realism. More concretely, another impact study conducted by Kantar for a T-Mobile campaign in the United States highlighted an increase of 10 points in brand awareness and 12 points on consideration items. In another register, we measured with Spark Neuro the emotional transfer of a content for the benefit of the brands integrated into it. It appears, for example, that the brands of car manufacturers see their appreciation increase when they are inserted in thriller scenes.
EXPERT’S FOCUS
We are enthusiastic about making our partners benefit from this innovation developed by Mirriad. The quality of the user experience is at the heart of our innovation strategy and we are convinced that augmented reality will revolutionize the product placement market. This new format confirms our conviction: advertising is more effective when it is broadcast at the right time, in the right place and in a quality context.
The France Télévisions group’s offer is one of the most beautiful showcases of fiction in France. In one year, fiction has gathered nearly 800 times more than 3 million viewers on our antennas.
FranceTV Publicité offers its partners three tailor-made product placement offers:
• Daily , around Un si grand soleil and Plus belle la vie ,
• Prime-time , to be present at the heart of the most powerful fictions in public service: Candice Renoir , Astrid and Raphaëlle , Alexandra Ehle …,
• Events , within the cult series of France 2 as Dix percent (season 4).
Link here to read the full article
Alan Green discusses Oil, Corona Virus, Gigafactories, European Metals #EMH & Mirriad #MIRI on the UK Investor Mag Podcast
Alan Green discusses Oil, Corona Virus, Gigafactories, European Metals #EMH & Mirriad #MIRI with Jonathan Roy on the UK Investor Mag Podcast.
Mirriad #MIRI CEO Stephan Beringer discusses the group’s AI powered advertising technology and recent trading with Alan Green
Mirriad #MIRI CEO Stephan Beringer discusses the group’s AI powered advertising technology and recent trading with Novus Communications CEO Alan Green. Mirriad’s innovative advertising solution reaches consumers watching content, offering something new to the film and TV industry. Newly appointed CEO, Stephan Beringer, talks to Alan Green about their position within the advertising space, and how machine learning technology can be utilised to improve advertising for both the company and the consumer.
Mirriad Advertising Plc #MIRI – Year End Trading Update, Trading in Line With July Guidance
Mirriad Advertising plc (‘Mirriad’), the computer vision and AI platform company is updating the market on current trading.
The Directors confirm that the new management team and business are successfully executing the plan and strategy shared with shareholders last year. Trading is in line with guidance given to the market in July 2019.
2019 revenues are subject to audit, but the Company expects them to be 2.74 times 2018 figures, with 2019 full year revenues of £1.14m compared to 2018 full year revenues of £416k.
The Company has continued to sign framework agreements with leading broadcasters and distributors. After the conclusion of successful tests with Channel 4 in Q4 2019, the company has now signed its first broadcaster agreement in the UK and is expecting to run first live campaigns on Channel 4 programmes in Q1 2020.
In the US the Company is in multiple discussions with tier one networks and streaming platforms and signed deals with two global media companies in December 2019; Condé Nast, who produce some of the world’s leading digital, video and social brands and Tastemade, whose leading food, home, and travel content reaches 250 million monthly active viewers.
In France the Company now has contracts with the top three TV channels following a deal with M6 shortly before the year end.
These agreements contribute to improved foundations for future revenues, with management confident they underline the Group’s continued progress.
The Tencent contract was signed in July 2019 and covers the two years April 2019 to March 2021, with a guaranteed level of revenues for each year. The relationship with Tencent is developing successfully, with an increasing number of Chinese advertisers placing recurring campaigns on the platform, alongside growing interest from global advertisers as well as close collaboration between Tencent and Mirriad technology teams who are actively working on next levels of the proposition for China.
Mirriad expects to end 2019 with cash resources of £19.1 million, with monthly cash consumption over the course of that year averaging slightly below £1 million per month.
Stephan Beringer, CEO of Mirriad, said: “We continue to make strong progress, following the large-scale strategic reset in 2019. The steady flow of new agreements with top-tier content producers and distributors as well as the growing enthusiasm from major advertisers and agencies are evidence of the accelerating traction in the market and the increasing adoption of Mirriad’s proposition.”
About Mirriad
Mirriad’s award-winning solution unleashes new revenue for content producers and distributors by creating new advertising inventory in content. Our patented, AI and computer vision technology dynamically inserts products and innovative signage formats after content is produced. Mirriad’s market-first solution seamlessly integrates with existing subscription and advertising models, and dramatically improves the viewer experience by limiting commercial interruptions.
Mirriad currently operates in the US, Europe and China.
Enquiries:
For further information please visit www.mirriad.com or contact:
Mirriad Advertising plc
Stephan Beringer, Chief Executive Officer
David Dorans, Chief Financial Officer
Tel: +44 (0)207 884 2530
Numis Securities Limited (Nominated Adviser & Broker)
Nick Westlake
James Black
Hugo Rubinstein
Tel: +44 (0) 207 260 1200
Financial Communications:
Charlotte Street Partners
Andrew Wilson Tel: +44 (0) 7810 636995
Tom Gillingham Tel: +44 (0) 7741 659021
Alan Green talks Open Orphan #ORPH, ECR Minerals #ECR, Destiny Pharma #DEST, Mirriad #MIRI & RA Intl #RAI on Vox Markets podcast
Alan Green discusses Open Orphan #ORPH, ECR Minerals #ECR, Destiny Pharma #DEST, Mirriad #MIRI & RA International #RAI with Justin Waite on the Vox Markets podcast. Click on the image above.
BBC News – Mirriad’s AI slips ads into empty spaces in online videos
Software company Mirriad has developed a way for adverts to be “inserted” into films and television shows streamed online.
It uses artificial intelligence techniques to recognise objects in a scene and spot slots where branded goods and posters can be added without looking out of place.
The aim is to ultimately tailor the product placements to individual viewers’ interests.
The London-based ad tech firm will show off its software at the CES tech expo in Las Vegas next week, as BBC Click’s Lara Lewington reports.
Find out what else will be on show at CES 2020