AGM Statement (6334F)
June 19 2012 - 2:00AM
UK Regulatory
TIDMPHRM
RNS Number : 6334F
Phorm Inc
19 June 2012
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 GBP100m. 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
- ends -
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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