Appointment of Administrators over UK Subsidiary

Further to the announcement of 27 April 2026, Philip Reynolds of FRP Advisory and Robert Ferne of Begbies Traynor have been appointed as Joint Administrators of the Company's UK operating subsidiary, Mirriad Limited, on 29 April 2026.

The appointment follows the Company's inability to secure the urgent funding required to enable the Group to continue trading as a going concern. The Joint Administrators are now evaluating Mirriad Limited's position to achieve the best possible recovery for its creditors.

No resolution has yet been reached in relation to Mirriad Advertising Private Limited, the Company's Indian subsidiary, and the position remains under consideration. Further announcements will be made in due course as appropriate.

All of the Company's commercial arrangements had been contracted via Mirriad Limited. Consequently, as a result of the appointment of the Joint Administrators to Mirriad Limited, the Company ceases to own, control or conduct all or substantially all of its existing trading business, activities or assets. The Company is therefore regarded as an AIM Rule 15 cash shell ("AIM Rule 15 Cash Shell").

As an AIM Rule 15 Cash Shell, the Company is 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 today's date. 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.

The Company's shares remain suspended from trading on AIM in accordance with AIM Rule 40, as it is not anticipated that the cash balances available to the Company following completion of the administrations will enable the Company to continue to trade as a going concern. It is therefore anticipated that the Company will be required to raise additional funds in the near future.