19 Jun 2012 07:00
19 June 2012
Phorm, Inc. ('Phorm' or 'the Company')
AGM Statement
At the Annual General Meeting of the Company to be held at 11.00am today, Kent Ertugrul, CEO of Phorm, will make the following statement:
"I'm pleased to be able to inform investors that significant progress has been made on all the opportunities highlighted to investors last October. It has taken longer than expected to achieve, but the outcome is very significant. On 1 June 2012 we announced an equity fundraising into our Chinese business which valued that opportunity alone at £100m. This is extremely significant and represents a giant step forward in that region.
Today I am pleased to announce further details of our intention to re-domicile the holding company of the group from Delaware in order to simplify the trading mechanics around the Company's shares and enhance their liquidity.
It is intended to undertake a corporate reorganisation to form a new holding company ("New Topco") for the group, incorporated outside the US in Singapore. As a result of the reorganisation, current shareholders will receive one share of the New Topco subsidiary for each share of Phorm Inc they currently own. The redomiciliation will be subject to shareholder approval, and various tax and regulatory clearances. We expect to post the appropriate documentation to shareholders in the next two months and will make a further announcement at that point.
So far this financial year the future prospects of the Company have been materially enhanced by the huge amount of work done behind the scenes and we look forward to announcing a number of further commercial launches during this financial year."
For Enquiries
Phorm, Inc.
Mark Williams (analysts & investors) +44 20 7297 2326
Alex Laity (media) +44 20 7297 2710
Liberum Capital +44 20 3100 2222
(Nominated Advisor and Joint Broker)
Chris Bowman
Richard Bootle
Mirabaud Securities LLP +44 20 7321 2508
(Joint Broker)
Jason Woollard
Peter Krens
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About Phorm
Phorm is a global personalisation technology company that makes content and advertising more relevant to the consumer. Phorm's innovative platform preserves user privacy and delivers a more interesting online experience.
Phorm's partners include leading Internet Service Providers (ISPs), Publishers, Ad Networks and Advertisers.
A Delaware, US incorporated company, Phorm was admitted to the AIM market of the London Stock Exchange in 2004 and has over 140 employees and contractors.
For more information, please visit: www.phorm.com