14 Apr 2016 10:00
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