Phorm Inc Results of EGM (7876L)
September 07 2012 - 7:29AM
UK Regulatory
TIDMPHRM
RNS Number : 7876L
Phorm Inc
07 September 2012
7 September 2012
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO THE
UNITED STATES, CANADA, JAPAN OR AUSTRALIA
Phorm, Inc. ("Phorm" or the "Company")
RESULTS OF EGM AND UPDATE ON RE-DOMICILIATION
At the extraordinary general meeting of Phorm's shareholders
held today all resolutions were duly passed to give effect to the
re-domiciliation of the Company from Delaware, USA to Singapore
(the "Re-Domicile").
Completion of the Re-Domicile will trigger a requirement for the
Company's admission to trading on AIM to be cancelled, with the new
parent company of the Phorm group, Phorm Corporation Limited,
simultaneously seeking readmission to AIM. Readmission is expected
to occur at 8:00 a.m. on 11 September 2012 (the "Admission
Date").
On completion of the Re-Domicile, Phorm Corporation Limited
will:
-- change its ISIN to SG9999009278;
-- trade under the TIDM, PHRM; and
-- give effect to depositary interest arrangements to enable
investors to settle their interest in Phorm Corporation Limited
shares in CREST, as more detailed in the circular dated and sent to
Phorm shareholders on 13 August 2012 (the "Circular").
Each common share in Phorm, Inc. outstanding on the Merger Date
(10 September 2012) will be converted into and represent the right
to receive either a share in Phorm Corporation Limited or the Cash
Consideration. All Phorm, Inc. shareholders will receive shares in
Phorm Corporation Limited except for Non-Accredited US
Shareholders, who will receive the Cash Consideration. Existing
share certificates in Phorm, Inc. will be cancelled on the Merger
Date and new certificates in Phorm Corporation Limited are expected
to be dispatched within 14 days of the Admission Date. Share
certificates in Phorm Corporation Limited may be dematerialised
into CREST via depository interest arrangements.6 Holders of shares
in Phorm, Inc. via the existing depository interests will
automatically receive depository interests in Phorm Corporation
Limited on the Admission Date.
Capitalised terms in this announcement have the meaning given to
it in the Circular. Further announcements in relation to the
Re-Domicile will be made in due course.
Kent Ertugrul, CEO of Phorm, commented, "This is a major
milestone in the Company's stock market development as for the
first time all of the holding company's shares will trade in one
line and, more importantly, all of the shares will be CREST
eligible. We believe this will provide significant assistance to
the shares' liquidity."
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
Hudson Sandler +44 20 7796 4133
Charlie Jack
Charlie Barker
- 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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