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Phorm raises £10m of new money

Tue, 22nd Mar 2011 15:53

Targeted online advertising firm Phorm is raising £16.1m from the issue of loan notes with an annualised interest charge of 15%. Existing loan notes worth £6.1m will be cancelled so the net cash inflow will be £10m before expenses. The loan notes are repayable at the end of October 2013 and the interest will be added to the principal and paid at that time. If the loan notes are repaid before this date then the holders will receive 235,000 shares for each £1m repaid. Additional shares could also be issued if certain other things happen. One holder of the old loan notes can convert the new loan notes into shares after 15 months at a price of 75p a share. The others have to wait for 18 months. The loan notes are secured on non-cash assets and intellectual property. AIM-quoted Phorm has delivered a number of advertising campaigns in recent weeks and the results are encouraging. This has helped to indicate how ell the model will work. The initial business has been in Brazil and revenues are still modest.
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10 Jun 2009 16:37

London close: Miners buoy Footsie

Footsie finished higher but with much diminished gains after surging in early dealings led by buoyant mining stocks then falling back as Wall Street retreated. Miner ENRC surged ahead after it said sales and production volumes during the first quarter were better than prior expectations though pri

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10 Jun 2009 15:06

London afternoon: Equities off the top

Shares have eased back in the first half of the afternoon session, though Footsie remains in positive territory. Miners and banks remain the best performers. Miner ENRC surges ahead after it said sales and production volumes during the first quarter were better than prior expectations though pricin

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10 Jun 2009 12:19

London midday: Miners continue to rally

Footsie is up more than 100 points with miners and banking shares driving the market forward. Miner ENRC is one of the main risers. Today it said sales and production volumes during the first quarter were better than prior expectations though pricing pressures remain. Vedanta, Xstrata, Kazakhmys, R

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10 Jun 2009 08:49

London open: Miners lift Footsie

London's blue chips have made good gains early on with miners pushing on strongly. Miner ENRC leads the blue chip index. Today it said sales and production volumes during the first quarter were better than prior expectations though pricing pressures remain. Vedanta, Kazakhmys and Antofagasta are al

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10 Jun 2009 07:40

London pre-open: Early rise expected

London's blue chips are expected to rise in early dealings Wednesday with traders predicting a 35 point gain. Bike and car parts retailer Halfords upped its dividend after delivering a slightly better than expected 2.4% rise in full-year profits. Profit before tax and exceptional items for the 52 w

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10 Jun 2009 07:10

Phorm raises £15m

Phorm, the controversial internet ad monitor specialist, is to raise £15m through a placing of new shares at 450p. The firm intends to use the cash to continue the implementation of its service in the UK and Korean markets, and for general working capital purposes. The placing amounts to just over

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