Artboard 1myriad__tick

Myriad Group AG – Annual General Meeting June 2019

Myriad Group AG Annual General Meeting - Meeting Room on Observation Deck B, Zurich Airport. Tuesday, June 18, 2019, 08:30 a.m.

Myriad Group AG announces an Annual General Meeting to be held at Zurich Airport on Tuesday, June 18, 2019 at 08.30am.

Myriad Group AG Annual General Meeting

Meeting Room on Observation Deck B, Zurich Airport.

Tuesday, June 18, 2019, 08:30 a.m.
(doors open at 8.15 a.m.)

08:30 – 09:45 a.m.        Business Update

09:45 – 10:00 a.m.        Break / Registration of Shareholders

10:00 a.m.                       Formal Part of the Annual Shareholders‘ Meeting

 

Dear Shareholders,

Following our delisting from the SIX Swiss Exchange (SIX) on 30thApril 2018, we are pleased to report that we have now successfully restructured the core operating components of Myriad Group AG. Myriad Connect, the mobile messaging and authentication specialist, and Thingstream the global IoT connectivity platform are now completely independent operational entities.

Business Update

Connect

The Connect Division, led by Fabien Delanaud (CEO Myriad Connect), comprising USSD Core and Connect Hub operating segments, has maintained a strong presence in its key markets in Africa and Latin America, continuing to provide high quality service to major telco customers such as Orange and Telefonica. In early 2019, the company has signed multi-year agreements with major customers ensuring that Myriad will be a key technology partner in the years to come. However, as the Company communicated previously, price pressure in our traditional USSD infrastructure business continues to persist, contributing to a decline in revenue compared to 2017.

On the Connect Hub side, progress with commercial reach has taken longer than initially expected during 2018 and consequently our ability to generate revenue is taking longer than planned. However, the business has made progress in Kenya achieving full commercial reach agreements with mobile network operator (“MNO”) partners in our initial target market for Connect Hub, we are now able to launch revenue generating services in that country. With network reach agreements also signed with four country specific MNO partners, the business is now launching proof-of-concepts for enterprise services in a number of key markets. Myriad Connect continues to pursue these opportunities and is now targeting full commercial reach coverage in additional countries and live commercial engagements in 2019.

Thingstream

Philipp Bolliger was appointed Thingstream CEO on 1 August 2018. Philipp joined us from Husqvarna Group, where he served as Director Global Product Management Smart Systems, following Husqvarna’s acquisition of Koubachi AG, which was founded by Philipp. Koubachi AG was a start-up and spin-off from ETH Zurich, bringing the Internet of Things to the plant space in the home and garden.

During 2018, Thingstream has earned USD 0.1 million revenue from early commercial deals. These early customers are predominantly purchasing small volumes as complete proof-of-concepts for larger projects or small scale commercial deals. Progress with commercial customers continues to be slow but steady as we develop a pipeline of potential customers building their next generation of IoT solutions. The pipeline development is focusing on distribution and technology partnerships, with 21 agreements signed to date.

Following approval of the transaction at our EGM on 24 April 2019, the Thingstream Management Team, lead by Philipp Bolliger acquired 51% of the Ordinary Share Capital of Thingstream AG. The transaction allows Myriad Group AG and therefore its shareholders, to retain a shareholding of up to 49% in Thingstream AG, enabling it to benefit from any value created in the future, but without having to bear the full down-side risk of continuing to be the lead-investor of an early stage start-up. This new structure provides the maximum flexibility for Thingstream to raise funds independently of Myriad, and to operate in an independent manner, whilst still enabling Myriad to participate in any value created in the future.

The continued focus in 2019 will be on expanding the ecosystem of enabling relationships with both hardware manufacturers and software platforms and executing on the pipeline of opportunity that the business continues to generate.

Formal agenda items

Please access the formal AGM invitation here (invitation will appear in your downloads folder), this sets out the detailed agenda items proposed by the Board for approval at the forthcoming Annual General Meeting. We are pleased to invite you, as investors, to attend this Shareholder meeting and we look forward to welcoming you on the day.

Following our delisting from the SIX Swiss Exchange, we produce audited statutory entity financial statements. The 2018 audited statutory financial statements for Myriad Group AG will be presented to the AGM for approval; please contact investor_relations@myriadgroup.com if you would like to receive a copy of these financial statements. To enable our shareholders to continue to track the Group’s financial performance we also will continue to present results on a Group consolidated basis.

Thank you

The Chairman and the Executive Management team would like to thank you, our shareholders, for your continued confidence and support in Myriad Group AG. We would also like to take this opportunity to thank our team members for the commitment and contribution they have made to the business through a challenging time.

Sincerely,

Leonardo De Luca

Chairman

Further reading