daily mail artical4 Oct 2013 16:24
10MARKET REPORT: Phorm Corporation shares double on China debutBy Geoff FosterPUBLISHED: 22:29, 3 October 2013 | UPDATED: 22:29, 3 October 2013Trading a million light years away from the sky-high ‘jam tomorrow’ level above £37 a share attained in 2007, Phorm Corporation still continues to attract buyers to keep dealers on their toes. Shares of the loss-making global personalisation technology company more than doubled to 6.26p before closing 3.12p or 96 per cent higher at 6.38p. Demand was fuelled by news its Chinese operations had averaged 4.3m users a day in its first week of operations. The company said a nationwide opt-in process had begun in China, where an average of 4.3million users a day considerably dwarfs the 3.6million opted-in users a month or even daily active users of 1.2million it had announced for the rest of its business. Shares: Phorm Corporation more than doubled to 6.26p before closing 3.12p or 96 per cent higher at 6.38pPhorm recently moved its head office from Delaware in the US to Singapore to focus on opportunities in Asia. It raised £10million in July via a placing of 208.3million shares at 0.048p to help build its business in Turkey and work towards launching commercial operations in China.Phorm’s shares crashed after its UK plans hit major problems when it was revealed it had trialled its controversial internet ‘spying’ technology without the knowledge or consent of tens of thousands of BT’s customers. Eventually, BT, TalkTalk and Virgin Media all pulled out, forcing Phorm to look to overseas markets.
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