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Mirada consortium to take majority control through loan conversion

The over-the-top streaming software group borrowed US$1.7mln from the consortium
Jules Rimet trophy
Izzi Telecom customers could watch on their mobile, thanks to MIrada

Shareholders in group Mirada PLC (LON:MIRA) have been asked to approve majority control passing to its three main backers.

The over-the-top streaming software group borrowed US$1.7mln from a consortium of major shareholder Ernesto Tinajero, Enrique Septien, and Luis Martinez in November via a convertible loan.

READ: Mirada backers show faith as Mexico recovers​

Mirada says it cannot pay the money back at present, so the consortium wants to exercise its subscription right and convert into equity.

Added to their existing holdings, that would give the trio a 66% stake.

An application has also been made for a whitewash resolution, which exempts the consortium from making a mandatory bid for the outstanding shares it does not already own.

In a trading update, Mirada said revenues for the year to March would be US$8.8mln, slightly higher than the year before, in spite of disruption in Mexico caused by the election of Donald Trump.

Mexico is doing much better this trading year, with licence fees expected to improve from izzi Telecom, its customer in Mexico.

Izzi Telecom allowed all of its customer base access to the Mirada OTT service during the World Cup, allowing them to watch the football on mobiles phones and tablets.

The ATNi and Digital TV Cable deployments in the Caribbean and Bolivia are on track, added the company's statement.

Net debt at the end of June was US$11.8mln.

Tinajero has indicated he will continue to support the company financially until the material revenues expected for the current contracts start to come through, the company statement added.

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