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Phorm Regulatory News (PHRM)



Regulatory News for Phorm (PHRM)


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Update and Resignation of Nominated Adviser

Thu, 14th Apr 2016 10:00

RNS Number : 2041V
Phorm Corporation Limited
14 April 2016
 

14 April 2016

 

Phorm Corporation Limited

("Phorm" or the "Company")

Financial and Operational Update

and Resignation of Nominated Adviser

Phorm (AIM: PHRM), an advertising-technology company and first party data platform provider, announces that, further to its announcement of 16 March 2016 and extensive discussions with certain of its shareholders and third parties, despite the Company's best efforts in securing financing, it has regrettably been unable to secure the additional equity and/or debt funding required for the group to continue its operational activities. Accordingly, the board of directors of Phorm (the "Board"), having taken appropriate legal advice, is in the process of ceasing the group's trading activities and taking the necessary steps to significantly reduce the group's headcount and overheads.

Having commenced an orderly cessation of the group's operations, the Board is mindful that in light of the Company's uncertain financial position, lack of trading activities and absence of any suitable funding, the Board or the Company's major shareholders and/or creditors may, subject to applicable law and restructuring advice, in due course, seek for the Company and/or group affiliated companies to commence appropriate insolvency proceedings, such as administration or liquidation. Regrettably, the Board does not anticipate that shareholders will receive any proceeds in relation to their ordinary shares from any such insolvency proceedings.

Accordingly, the Company's nominated adviser, has resigned with immediate effect, resulting in the automatic cancellation of the Company's ordinary shares of nil par value each from trading on the AIM market of the London Stock Exchange plc ("AIM") in 30 days, in accordance with Rule 1 of the AIM Rules for Companies, should the Company not appoint a replacement nominated adviser within that time ("Cancellation"). Pending such Cancellation, the Company's ordinary shares will remain suspended from trading on AIM. 

The Board notes that the Company's website is currently unavailable due to overdue amounts owed to its supplier of hosting services, which the Company is not currently in a position to satisfy, such that the website is not expected to become available prior to Cancellation.

A further announcement(s) will be made by the Company in due course as appropriate.

 

-Ends-

For further information please contact: 

Phorm Corporation Limited

Thomas Baylis                                                                         +1 516-357-3748

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCIIMPTMBABMJF






DateSourceHeadlineCategory
14-Apr-16 10:00RNSUpdate and Resignation of Nominated AdviserCompany Announcement - General
16-Mar-16 12:37RNSIssue of US$500,000 of Convertible Loan NotesCompany Announcement - General
16-Mar-16 07:00RNSIssue of US$500,000 of Convertible Loan NotesCompany Announcement - General
25-Feb-16 08:02RNSFunding Update and Statement re SuspensionCompany Announcement - General
25-Feb-16 07:55RNSSuspension - Phorm Corporation LimitedCompany Announcement - General
04-Feb-16 18:05RNSFunding UpdateCompany Announcement - General
01-Feb-16 15:49RNSSubscription Update, New Subscription & LoanCompany Announcement - General
21-Jan-16 07:00RNS-RPhorm Awarded TRUSTe Certified Privacy SealCompany Announcement - General
18-Jan-16 07:00RNSSubscription & Operational UpdateCompany Announcement - General
05-Jan-16 14:00RNSTR-1: Notification of major interest in sharesHolding(s) in Company
23-Dec-15 13:00RNSRevised Non-Executive Director CompensationDirectors' Dealings
22-Dec-15 07:00RNSDirectorate ChangeExecutive Changes
07-Dec-15 07:00RNSRepricing of OptionsCompany Announcement - General
03-Dec-15 11:00RNS-RPhorm Enables Hover Rate with Insomnis MediaCompany Announcement - General
01-Dec-15 07:00RNSNew Share Option Plan and Grant of OptionsCompany Announcement - General
18-Nov-15 07:00RNSTR-1: Notifications of Major Interests in SharesHolding(s) in Company
06-Nov-15 07:00RNSEquity fundraising of £2.1m (Approx. US$3.2m)Results and Trading Reports
28-Oct-15 07:00RNS-RPartnering Agreement with INSOMNIS Media LimitedCompany Announcement - General
20-Oct-15 07:00RNS-RAgreement with Causemo, Inc.Company Announcement - General
13-Oct-15 07:00RNS-RPhorm Hires Chief Revenue OfficerCompany Announcement - General
09-Oct-15 07:00RNS-RAgreement with Boston Globe Media GroupCompany Announcement - General
30-Sep-15 13:33RNSInterim ResultsResults and Trading Reports
28-Aug-15 14:38RNSResult of AGMResults and Trading Reports
10-Aug-15 07:00RNSNotice of Annual General MeetingResults and Trading Reports
07-Aug-15 07:48RNSEquity fundraising of approximately £3.2 millionCompany Announcement - General
29-Jul-15 07:02RNSUpdate re Board ChangesCompany Announcement - General
28-Jul-15 07:00RNSLoan Agreement & Convertible Loan Note ExtensionCompany Announcement - General
15-Jul-15 11:21RNSBoard and Management ChangesExecutive Changes
03-Jul-15 07:00RNSOperational UpdateCompany Announcement - General
02-Jul-15 07:16RNSDirectorate ChangeExecutive Changes


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