Phorm Corporation Limited Update and Resignation of Nominated Adviser (2041V)
April 14 2016 - 4:00AM
UK Regulatory
TIDMPHRM
RNS Number : 2041V
Phorm Corporation Limited
14 April 2016
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
This information is provided by RNS
The company news service from the London Stock Exchange
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