Appointment of Administrators to Mirriad plc
Mirriad Advertising plc has been placed into administration following the earlier appointment of administrators to its UK operating subsidiary, Mirriad Limited, as key supplier and employee contracts were found to be held by the parent company. Joint Administrators have been appointed to protect and preserve value for creditors and stakeholders, with the intention of an orderly process for the Group's remaining assets and liabilities, including intangible assets. While there is a possibility of exiting administration on a solvent basis if creditors are repaid in full, there is no guarantee, and any residual value would be distributed to creditors and potentially shareholders before dissolution. The company's ordinary shares remain suspended from trading on AIM.
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On 29 April 2026, the Company announced the appointment of administrators to its UK operating subsidiary, Mirriad Limited. Following this appointment, it has become apparent that a number of key supplier and employee contracts are held by Mirriad plc rather than Mirriad Limited. As a result, certain liabilities and obligations associated with the Group's business sit within Mirriad plc. The directors of Mirriad plc (the "Board") have therefore resolved to place Mirriad plc into administration in order to protect and preserve value for creditors and stakeholders. Philip Reynolds of FRP Advisory and Robert Ferne of Begbies Traynor have therefore been appointed as Joint Administrators of the Company ("Administrators").
The appointment is intended to support an orderly process in respect of the Company's remaining assets and liabilities, including the realisation of the Group's intangible assets. If creditors are repaid in full, the Administrators' current expectation is that the Company may be able to exit administration on a solvent basis, following which control would be returned to the Board.
Shareholders should note that this outcome remains subject to a number of factors, including the level of realisations achieved, the quantum of admitted creditor claims, and the costs of the administration. There is no guarantee that such realisations will be achieved, and should they not, any residual value to transpire from the administration process will be distributed to the agreed creditors and, should funds permit, the Company's shareholders with the Company being dissolved thereafter. The Company's ordinary shares remain suspended from trading on AIM.
As a result of the appointment of the Administrators, the Company will no longer be able to convene the general meeting pursuant to the requisition notice announced on 28 April 2026.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.