Intention to appoint Administrators & Suspension

Mirriad Advertising plc (AIM: MIRI) announces that, further to its announcement of 23 April 2026, the Company has not been able to secure the urgent funding that would be required to enable the Group to continue to trade as a going concern. As a result, directors of the Group's operating subsidiaries, Mirriad Limited and Mirriad Advertising Private Limited (together, the "Subsidiaries"), intend to place the Subsidiaries into formal insolvency processes in order to seek to preserve value for creditors and other stakeholders.

Accordingly, the board of Mirriad Limited expects to appoint Phil Reynolds of FRP Advisory and Robert Ferne of Begbies Traynor as Administrators and is in the process of making such appointment and the Liquidators of Mirriad Advertising Private Limited, the Company's Indian subsidiary, will be confirmed in due course.

The Subsidiaries represent substantially all of the trading business, activities and assets of the Group.

As a consequence, on appointment of the Administrators to the Subsidiaries, the Company will cease to own, control or conduct all or substantially all of its existing trading business, activities or assets. The Company would therefore be regarded as an AIM Rule 15 cash shell ("AIM Rule 15 Cash Shell") from that point.

As an AIM Rule 15 Cash Shell, the Company would be required to make an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 (including seeking re-admission under the AIM Rules for Companies) within six months of becoming an AIM Rule 15 Cash Shell. Alternatively, within such time period, the Company can seek to become an investing company pursuant to AIM Rule 8, which requires, inter alia, the raising of at least £6 million and publication of an admission document. In the event that the Company did not complete a reverse takeover under AIM Rule 14 within such six month period or seek re-admission to trading on AIM as an investing company pursuant to AIM Rule 8 (either being, a "Re-admission Transaction"), the Company's ordinary shares would be suspended from trading pursuant to AIM Rule 40. Thereafter, if a Re-admission Transaction has not been completed within a further six-month period, admission to trading on AIM of the Company's ordinary shares would be cancelled.

It is not anticipated that the cash balances, if any, available to the Company following completion of the insolvency processes will enable the Company to continue to trade as a going concern. It is therefore anticipated that the Company would be required to raise additional funds in the near future. As a result, in accordance with AIM Rule 40, trading in the Company's ordinary shares on AIM has been suspended with effect from 15:45 BST on 27 April 2026 pending clarification of the Company's financial position.

The Board is currently assessing its strategic options and will update shareholders as and when appropriate. A further announcement will be made in due course.