The board of directors of Mirriad Advertising plc (AIM:MIRI)  (the "Board") has decided to conduct a formal review of the various strategic options available to the Company to maximise value for shareholders and other stakeholders (the "Strategic Review"). The Board and the management believe that, following the Company's progress and improved position in the US market and the development of its platform capabilities including programmatic readiness, the Company is significantly undervalued and that there is meaningful upside potential to the current share price. While all options are under consideration, including raising additional equity and a sale process, there can be no assurance that the Strategic Review will result in any transaction, nor as to the terms of any transaction.

The Strategic Review should include an exploration of a wide range of options including, but not limited to, the merits of Mirriad remaining a standalone publicly listed company. It must be emphasised that this is just one of multiple alternatives being evaluated. The Board has decided that the sale process element of the Strategic Review should be undertaken under the mechanism referred to in the City Code on Takeovers and Mergers (the "Takeover Code") as a "Formal Sale Process".

There can be no certainty that an offer will be made for the Company nor as to the terms on which any offer may be made. Mirriad announces the appointment of Baden Hill, a trading name of Northland Capital Partners Ltd. ("Baden Hill") as Joint Broker to the Company alongside Nominated Adviser, Joint Financial Adviser and Joint Broker, Panmure Gordon (UK) Limited ("Panmure Gordon"), with immediate effect. The Company has appointed IEG (Deutschland) GmbH ("IEG") as Joint Financial Advisor.

Parties interested in submitting an expression of interest should contact IEG using the contact details below. It is currently expected that any party interested in submitting any form of proposal for consideration in connection with the Strategic Review (including within the formal sale process) will, at the appropriate time, enter into a non-disclosure agreement and standstill arrangement with the Company on terms satisfactory to the Board and on the same terms, in all material respects, as other interested parties before being permitted to participate in the process. The Company then intends to provide such interested parties with certain information on its business, following which interested parties shall be invited to submit their proposals.

The Company will update the market in due course regarding timings for the formal sale process.