LONDON (Alliance News) - Phorm Corp Ltd said it has been unable to secure funding to continue its activities, and as such, is in the process of ceasing its trading activities and cutting its headcount and overheads.
The company's nominated adviser has resigned with immediate effect, Phorm said, which will result in the cancellation of its shares within 30 days under AIM rules should the company fail to appoint a replacement nomad. Phorm's nominated adviser was Strand Hanson Ltd.
The company's shares remain suspended.
Phorm said it has commenced an orderly cessation of its operations, and is "mindful" that in light of its uncertain financial position, lack of trading activities and uncertain financial position, its board, major shareholders and or creditors may seek for the company 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," Phorm said.
Additionally, Phorm noted that its website is currently unavailable due to amounts it owes to the supplier of its hosting services, which it is currently unable to satisfy. The website is not expected to become available prior to cancellation.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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