7th Jul 2014 07:03
LONDON (Alliance News) - Audio-visual interaction specialist Mirada PLC Monday said it will raise about GBP3.5 million before expenses in a placing, money it will use to bolster its "over the top" operations after its largest contract win to date.
In a statement, the company said it will place 28 million shares at 12.5 pence each with institutional shareholders. At the same time, shareholders with 11.4% of its stock in total will sell those shares, it said.
"The new monies will help us to further strengthen our position within the market place and focus on
product development and marketing initiatives as we look to service an increasing amount of larger contracts," Chief Executive Jose Luis Vazquez said in a statement.
The placing needs to be approved by shareholders.
On May 19, the company won its first ever Tier 1 contract with a large established Latin American digital TV operator for its multi-screen product, iris. It expects sales from the contract to far exceed its current annual revenue over the next three- to five-years.
The over the top market is streaming of tv and video over the internet through set-top boxes or other devices, like the services provided by Netflix.
By Steve McGrath; [email protected]; @SteveMcGrath1
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