New £3m loan facility for audio-visual specialist Mirada
Mirada plc, an audio-visual content interaction specialist, has announced that the company has entered into a secured one-year loan facility for up to £3m.
The proceeds from the facility are to be used alongside London-headquartered Mirada’s existing debt financing facilities for general working capital purposes of the company, including the implementation of customer contracts announced during 2017.
The directors of Mirada believe that monies drawn down from the facility will strengthen the company’s balance sheet, whilst giving the company the opportunity to secure new customer contracts and negotiate and renew other debt financing facilities, such as invoice discounting facilities.
José Luis Vázquez, CEO of Mirada plc, commented: “The Company is currently in an expansion phase and is investing in the deployment of its recently won contracts, which have intensive working capital requirements.
“We are very grateful for the support provided from our largest shareholder, which will greatly help with the cash flow requirements of our current deployments and in converting our strong pipeline of new business opportunities.”
The facility comprises two tranches: £1.5m to be drawn down within two months of the date of the facility, failing which the facility shall be cancelled, and thereafter up to a further £1.5m which can be drawn down in minimum tranches of £100k, with any amount not drawn down within 11 months of the date of the facility then being cancelled.
It is intended that Facility A will be drawn down imminently.
The facility is being provided by Kaptungs Limited. Kaptungs is the owner of 10,639,183 ordinary shares in Mirada, which represents 7.65 per cent of the voting rights in the company.
Mirada creates and manages products and services for digital TV operators and broadcasters. With almost 20 years of experience, the company focuses on the future of digital television.
It offers a complete suite of end-to-end modular products for set-top boxes, PC, smartphones and tablets, all with supposedly innovative user interface designs.