Shares in Mirriad Advertising PLC (AIM:MIRI, OTCQX:MMDDF) rose 11% after a regulatory filing revealed that Zeus Investment Management has acquired a significant stake in the company.
According to a disclosure released on Friday, Zeus now holds 1.5 billion shares, representing 8.78% of Mirriad’s voting rights.
The transaction, dated 4 June and disclosed to the market on 12 June, pushed Zeus above the 5% threshold, triggering the notification requirement under UK listing rules.
The news has been interpreted as a vote of confidence in Mirriad’s prospects, following a challenging period for the in-video advertising technology firm.
While no further details were provided in the statement, investors welcomed the arrival of a new substantial shareholder with institutional backing.
The shares rose 0.001p to 0.01p.