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| Date/Time | Headline | Source |
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| 1 | ||
| 04-11-09 | RNS |
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RNS Number : 9523B Phorm Inc 04 November 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares
already issued to which voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
subject to the notification obligation: 4. Full name of shareholder(s) See Section 9. (if different from 3.): 5. Date of the transaction and 02 November 2009 date on which the threshold is crossed or reached:
notified:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
USU7171X1029 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: 908,686 shares (5.408%) are under the control of Scottish Widows Investment Partnership Ltd, a wholly owned subsidiary of Scottish Widows Group Ltd, a wholly owned subsidiary of Lloyds TSB Bank plc, a wholly owned subsidiary of Lloyds Banking Group plc (Direct/Indirect Interests). Proxy Voting:
12. Date on which proxy holder will cease to hold voting rights: N/A
13. Additional information: Notification using the Total Voting Rights
15. Contact telephone number: 0113 235 7729 This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-11-09 | RNS |
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RNS Number : 7788B Phorm Inc 02 November 2009 Phorm, Inc. ('Phorm' or 'the Company') Result of Annual General Meeting Phorm (AIM: PHRM and PHRX), the web personalisation technology company, today announces that all resolutions were duly passed at the AGM which was held today at 12.00pm. Enquiries: Phorm, Inc. Sarah Simon +44 7836 633674/+44 20 7297 2433 (analysts and investors) Alex Laity +44 7917 682293/+44 20 7297 2710 (press) Citigate Dewe Rogerson +44 20 7638 9571 Simon Rigby Justin Griffiths Canaccord Adams Limited +44 20 7050 6500 (Nominated Adviser) Mark Williams Andrew Chubb This information is provided by RNS The company news service from the London Stock Exchange END
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| 06-10-09 | RNS |
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RNS Number : 3251A Phorm Inc 06 October 2009 6 October 2009 Phorm, Inc. ('Phorm' or 'the Company') Notice of AGM and Shareholder Proxy Statement Phorm (AIM: PHRM and PHRX), the web personalisation technology company, today announces that it will hold its annual general meeting (AGM) at 12.00 pm on 2 November 2009, at the Company's offices at Liberty House, 222 Regent Street, London W1B 5TR. The notice and proxy statement outlining details of the AGM were posted to shareholders yesterday and a copy of the same will shortly be available on the investor relations section of the Phorm website (www.phorm.com). Enquiries: Phorm, Inc: Sarah Simon +44 20 7297 2433 (analysts and investors) Alex Laity +44 20 7297 2710 (press) Citigate Dewe Rogerson +44 20 7638 9571 Simon Rigby Justin Griffiths Canaccord Adams Limited +44 20 7050 6500 (Nominated Adviser) Mark Williams Andrew Chubb This information is provided by RNS The company news service from the London Stock Exchange END
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| 02-10-09 | RNS |
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RNS Number : 1077A Phorm Inc 02 October 2009 TR-1: NOTIFICATION OF MAJOR INTEREST IN SHARES
shares to which voting rights are attached:
2 Reason for the notification (please tick the appropriate box or boxes):
An acquisition or disposal of voting rights
An acquisition or disposal of qualifying financial instruments which may result in the acquisition of shares already issued to which
voting rights are attached
An acquisition or disposal of instruments with similar economic effect to qualifying financial instruments
An event changing the breakdown of voting rights
Other (please specify):
reached:
8. Notified details: A: Voting rights attached to shares
if possible using
the ISIN CODE
USU717X1029 B: Qualifying Financial Instruments Resulting situation after the triggering transaction
C: Financial Instruments with similar economic effect to Qualifying Financial Instruments Resulting situation after the triggering transaction
Total (A+B+C)
Number of voting rights Percentage of voting rights
9. Chain of controlled undertakings through which the voting rights and/or the financial instruments are effectively held, if applicable: 888,686 shares (5.142%) are under the control of Insight Investment Management (Global) Limited, a wholly owned subsidiary of Insight Investment Management Limited, a wholly owned subsidiary of HBOS Insurance & Investment Group Limited, a wholly owned subsidiary of HBOS plc, a wholly owned subsidiary of Lloyds Banking Group plc (Direct/Indirect Interests). Proxy Voting:
12. Date on which proxy holder will cease to hold voting rights: N/A
13. Additional information: Notification using the Total Voting Rights
15. Contact telephone number: 0131 243 5301 This information is provided by RNS The company news service from the London Stock Exchange END
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| 21-09-09 | RNS |
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This news article is displayed preformatted as it may contain results tables
RNS Number : 3532Z
Phorm Inc
21 September 2009
21st September 2009
Phorm, Inc. ('Phorm' or 'the Company')
Interim results for the six month period ended 30 June 2009
Phorm (AIM: PHRM and PHRX), the web personalisation technology company, today announces its unaudited financial statements for the six months ended 30 June 2009.
Highlights:
Year to date 2009
* Launch of Webwise Discover, the personalised content consumer and publisher proposition. Excellent response from consumers, publishers and ISPs.
* Nearing completion of a substantial market trial, launched in May, with KT, the largest ISP in South Korea.
* Discussions with ISPs in over 15 markets, including nine of the top ten globally. Significant progress in a number of major markets.
* Phorm remains active in its domestic market, and remains confident in the opportunity.
* Completion of restructuring, launched during 2008, with forecast monthly cash expenses now reduced to $1.8 million (£1.1 million) per month, in line with expectations.
* As at 31 August 2009, cash of $30.1 million (£18.5 million), reflecting equity fundraising and substantial reduction in monthly cash expenses.
Kent Ertugrul, Chief Executive of Phorm, commented: "With a strong balance sheet, a talented and committed management team and technology that has been extensively tested by a variety of partners in different markets, the Board believes that Phorm is making good progress towards the milestone of commercial deployment in a major market, with the generation of meaningful revenues. Consequently, we remain confident about the Company's future and our ability to deliver substantial shareholder value."
Enquiries:
Phorm, Inc:
Sarah Simon +44 7836 633674/+44 20 7297 2433 (analysts and investors)
Alex Laity +44 7917 682293/+44 20 7297 2710 (press)
Citigate Dewe Rogerson +44 20 7638 9571
Simon Rigby
Justin Griffiths
Canaccord Adams Limited +44 20 7050 6500
(Nominated Adviser)
Mark Williams
Andrew Chubb
Evolution Securities Limited +44 20 7071 4300
(Joint Broker)
Stuart Andrews
Mirabaud Securities LLP +44 20 321 2508
(Joint Broker)
Rory Scott
Chairman and CEO's statement
Operating losses for the six month period ended 30 June 2009 were $15.0 million (six month period ended 30 June 2008: $25.6 million) reflecting continued investment in business infrastructure, technology and people as well as the further development of products such as Webwise Discover. The operating loss includes a non-cash share-based payment charge of $2.7 million (2008: $5.9 million). Losses after taxation were $15.0 million (2008: $24.7 million). Loss per share was $1.06 (2008: $1.88).
During the period we completed our operational restructuring, launched during 2008, and, as indicated at the full year results announcement, reduced our average monthly cash burn to approximately $1.8 million (£1.1 million). In the six months to 30 June 2008, our average monthly cash burn was $3.1 million (£1.6 million). In addition to reducing our monthly expenses, we believe that we have materially improved the effectiveness of our business.
Following the equity fundraising announced on 10 June 2009, which raised $24.2 million before expenses, net assets at 30 June 2009 were $35.5 million (2008: $57.2 million). Meanwhile, at the period end our cash balance was $34.4 (£20.8 million) with no borrowings. As at 31 August 2009, consistent with the monthly cash burn noted above, our cash balance was $30.1 million (£18.5 million).
Strategy and business update:
As indicated in our full year results statement issued in June, Phorm continues to make substantial operational progress, and to engage with multiple ISPs across the globe.
In Korea, we are in the final stages of a large scale market trial in partnership with KT, the country's leading ISP, the results of which are now being evaluated. The trial involved the participation of leading local advertising agencies and publishers, with targeted advertising being served to participating Korean internet users. We look forward to updating the market in due course regarding the progress of our partnership with KT.
In the UK we announced on 6th July that BT had informed us that it had no immediate plans to deploy our service due to resource constraints. We continue to keep BT abreast of developments in our international markets as part of its evaluation of its plans with respect to interest-based advertising. Meanwhile, Carphone Warehouse, a partner with whom we had not conducted any trials, informed us of its decision to cancel its contract with Phorm. Virgin Media continues to examine behavioural advertising technologies, including Phorm. We remain in ongoing discussions with a number of UK ISPs and remain optimistic about our longer term potential in this market.
Outside Korea and the UK, we continue to make excellent progress in a number of other countries and we are particularly advanced in two markets. Our business development activities have stepped up a pace with the hiring of a small team of highly experienced salesmen, formerly at Microsoft, who have industrialised our sales process and the way in which we engage with our potential future partner ISPs. Currently we are in active discussions in over 15 markets globally, including nine of the top ten markets worldwide (as measured by 2008 online advertising spending). We are confident that our geographically diversified approach to business development means that not only do we substantially reduce the Group's reliance on any individual market, but we will also ensure that, once commercially operational, Phorm should have a solid new business pipeline going forward.
In terms of product development we have made considerable progress with respect to the Webwise Discover proposition where we have been working with a number of ISPs to develop and refine the consumer offering.
With a strong balance sheet, a talented and committed management team and technology that has been extensively tested by a variety of partners in different markets, the Board believes that Phorm is making good progress towards the milestone of commercial deployment in a major market, and the generation of meaningful revenues. Consequently, we remain confident about the Company's future and our ability to deliver substantial shareholder value.
Kent Ertugrul
Unaudited consolidated income statement
For the six months ended 30 June 2009
Interim Chairman and Chief 6 months ended 6 months ended Year
Executive Officer 30 June 30 June ended
2009 2008 31 December
Unaudited Unaudited 2008
Audited
$ $ $
Continuing operations
Revenue - - -
Cost of sales (989,108) (159,792) (517,216)
Gross loss (989,108) (159,792) (517,216)
Research and development * (2,841,344) (3,884,396) (7,135,861)
Sales and administrative (11,183,438) (21,533,766) (42,172,121)
expenses **
Operating loss (15,013,890) (25,577,954) (49,825,198)
Investment revenues 60,137 913,628 1,806,104
Finance costs (2,133) (939) (3,749)
Loss before taxation (14,955,886) (24,665,265) (48,022,843)
Tax on loss - - -
Loss for the year attributable (14,955,886) (24,665,265) (48,022,843)
to equity shareholders
Basic and diluted loss per (1.06) (1.88) (3.57)
share
* Research and development includes a charge for share-based payment expense of $0.4m (6 months ended 30 June 2008: $0.8m, year ended 31 December 2008: $1.1m)
** Sales and administrative expenses includes a charge for share-based payment expense of $2.3m (6 months ended 30 June 2008: $5.1m, year ended 31 December 2008: $6.3m)
Unaudited consolidated statement of comprehensive income
For the six months ended 30 June 2009
6 months ended 6 months ended Year
30 June 30 June ended
2009 2008 31 December
Unaudited Unaudited 2008
Audited
$ $ $
Loss for the year attributable (14,955,886) (24,665,265) (48,022,843)
to equity shareholders
Exchange differences on 1,736,528 668,244 (13,332,359)
translation of foreign
operations
Total comprehensive income for (13,219,358) (23,997,021) (61,355,202)
the period
Unaudited consolidated statement of changes in equity
Six months ended 30 June 2009 (Unaudited)
Additional paid in
Share capital Translation Accumulated deficit
capital reserve
Warrants Total
$ $ $ $ $ $
1 January 2009 13,815 115,442,602 - (13,651,565) (79,435,148) 22,369,704
Total comprehensive income for - - - 1,736,528 (14,955,886) (13,219,358)
the period
Share-based payments charge - - - - 2,661,107 2,661,107
Issue of new stock 3,414 23,641,364 - - - 23,644,778
30 June 2009 17,229 139,083,966 - (11,915,037) (91,729,927) 35,456,231
Six months ended 30 June 2008 (Unaudited)
Additional paid in
Share capital Translation Accumulated deficit
capital reserve
Warrants Total
$ $ $ $ $ $
1 January 2008 12,136 54,220,477 - (329,206) (38,797,641) 15,105,766
Total comprehensive income for - - - 668,244 (24,665,265) (23,997,021)
the period
Share-based payments charge - - - - 5,919,165 5,919,165
Issue of new stock 1,679 60,147,586 - - - 60,149,265
30 June 2008 13,815 114,368,063 - 339,038 (57,543,741) 57,177,175
Year ended 31 December 2008 (Audited)
Additional paid in
Share capital Translation Accumulated deficit
capital reserve
Warrants Total
$ $ $ $ $ $
1 January 2008 12,136 54,220,477 - (329,206) (38,797,641) 15,105,766
Total comprehensive income for - - - (13,322,359) (48,022,843) (61,345,202)
the period
Share-based payments charge - - - - 7,385,336 7,385,336
Issue of new stock 1,679 61,222,125 - - - 61,223,804
31 December 2008 13,815 115,442,602 - (13,651,565) (79,435,148) 22,369,704
Unaudited consolidated balance sheet
as at 30 June 2009
30 June 30 June 31 December
2009 2008 2008
Unaudited Unaudited Audited
$ $ $
Non-current assets
Property, plant and equipment 1,157,463 912,181 713,874
Total non-current assets 1,157,463 912,181 713,874
Current assets
Other receivables 1,372,808 1,497,662 1,823,700
Cash and cash equivalents 34,415,206 59,687,015 23,246,726
Total current assets 35,788,014 61,184,677 25,070,426
Total assets 36,945,477 62,096,858 25,784,300
Current liabilities
Trade payables (387,280) (1,037,757) (734,693)
Other payables (921,755) (3,419,668) (2,631,405)
Obligations under finance leases (10,651) (4,019) (10,068)
Provisions (159,793) (325,770) (23,192)
Total current liabilities (1,479,479) (4,787,214) (3,399,358)
Non-current liabilities
Obligations under finance leases (9,767) (3,421) (15,238)
Provisions - (129,048) -
Total non-current liabilities (9,767) (132,469) (15,238)
Total liabilities (1,489,246) (4,919,683) (3,414,596)
Net assets 35,456,231 57,177,175 22,369,704
Equity
Share capital 17,229 13,815 13,815
Additional paid in capital 139,083,966 114,368,063 115,442,602
Translation reserve (11,915,037) 339,038 (13,651,565)
Accumulated deficit (91,729,927) (57,543,741) (79,435,148)
Stockholders' equity 35,456,231 57,177,175 22,369,704
Unaudited consolidated cash flow statement
for the six months ended 30 June 2009
Note 6 months ended 6 months ended Year
30 June 30 June ended
2009 2008 31 December
Unaudited Unaudited 2008
Audited
$ $ $
Net cash used in operating
activities
Net cash used in operations 3 (13,289,920) (18,047,709) (42,354,599)
Income tax paid - - -
Net cash used in operating (13,289,920) (18,047,709) (42,354,599)
activities
Cash flows from / (used in)
investing activities
Interest received 60,137 913,628 1,806,104
Purchase of property, plant (976,022) (540,005) (784,709)
and equipment
Net cash from / (used) in (915,885) 373,623 1,021,395
investing activities
Cash flows from financing
activities
Interest paid (2,133) (939) (3,749)
Proceeds from issue of shares, 23,644,778 60,149,265 61,223,804
net of expenses
Repayment of obligations under (4,888) (13,150) (26,618)
finance leases
Net cash from financing 23,637,757 60,135,176 61,193,437
activities
Net increase in cash and cash 9,431,952 42,461,090 19,860,233
equivalents
Cash and cash equivalents 23,246,726 16,557,681 16,557,681
brought forward
Effect of foreign exchange 1,736,528 668,244 (13,171,188)
rates
Cash and cash equivalents 34,415,206 59,687,015 23,246,726
carried forward
Represented by:
Positive cash balances 34,415,206 59,687,015 23,246,726
Notes to the interim financial statements (unaudited)
for the six months ended 30 June 2009
1. Basis of preparation
The annual consolidated financial statements of the Company are prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards ("IFRS") as adopted by the European Union.
These interim financial statements include the results of operations, the financial position, the cash flow statement, the statement of comprehensive income and the statement of changes in equity of Phorm, Inc. (the "Company") and its subsidiaries (together, "the Group") as at and for the six months ended 30 June 2009. The same accounting policies, presentation and methods of computation are followed in the interim financial statements as applied in the Group's latest annual audited financial statements. For the six months ended 30 June 2009, the Group has adopted IAS 1 "Presentation of Financial Statements" and accordingly has presented a statement of comprehensive income.
The AIM rules do not require the interim financial statements to be prepared in compliance with IAS 34 "Interim Financial Reporting" and these interim financial statements have not been prepared under that standard.
These interim financial statements have not been audited or reviewed.
The information for the year ended 31 December 2008 does not constitute a complete set of financial statements. A copy of the financial statements for that year are available on the Phorm web-site, www.phorm.com. The auditors' report on those statements was not qualified.
The financial statements have been prepared in US dollars.
The Company was incorporated on 18 April 2007 and on 3 May 2007, acquired the entire share capital of 121Media, Inc. (now known as Phorm UK, Inc.) Each outstanding share of capital stock of 121Media, Inc. was automatically converted into a share of the Company and the common stock of the Company was admitted to trading on the AIM market of the London Stock Exchange on 4 May 2007.
The reorganisation was accomplished by a merger of a wholly-owned subsidiary of the Company with and into 121Media, Inc. pursuant to Section 251(g) of the Delaware General Corporation Law.
The Directors have prepared cash flow forecasts which indicate that the Group has adequate resources to continue in operational existence for the foreseeable future. In preparing these forecasts the directors have taken into account the following key factors:
a. the timing of commercial deployment of the Group's services;
b. take-up rates by consumers, publishers and advertisers;
c. the estimated net revenue per advert that will flow to the Group;
d. the level of committed and variable costs; and
e. macro-economic factors
The Directors have concluded, based on the cash flow forecasts, that it is appropriate to prepare the accounts on a going concern basis.
2. Loss per share
The calculation of the basic earnings per share and diluted earnings per share is based on the loss attributable to equity shareholders of $ 14,955,886 (31 December 2008: $ 48,022,843; 30 June 2008: $ 24,665,265) divided by the weighted average number of shares in issue during the period.
The weighted average number of shares used in the calculations is set out below:
6 months ended 6 months Year
30 June ended ended
2009 30 June 31 December
2008 2008
Number of Number of Number of
shares shares shares
14,156,765 13,124,627 13,446,940
3. Reconciliation of operating loss to net cash used in operating activities
6 months ended 6 months ended Year
30 June 30 June ended
2009 2008 31 December
2008
$ $ $
Operating loss (15,013,890) (25,577,954) (49,825,198)
Depreciation and amortization 532,432 287,111 612,170
Share-based payment expense 2,661,107 5,919,165 7,385,336
Decrease/(increase) in other 450,891 (147,427) (473,465)
receivables
(Decrease)/increase in trade (1,920,460) 1,471,396 (53,442)
payables, other payables and
provisions
Net cash used in operating (13,289,920) (18,047,709) (42,354,599)
activities
4. Share-based payments
The Group issues equity-settled share-based payments to certain employees and consultants.
The cost of share-based compensation awards is recognised as an expense. Equity-settled share-based payments are measured at fair value, excluding the impact of non-market vesting conditions at the date of grant. The fair value determined at the date of grant is expensed on a straight-line basis over the vesting period, based on the Group's estimate of shares that will eventually vest and adjusted for the effect of non-market based vesting conditions.
For equity-settled share-based payments with market-based vesting conditions, the fair value is determined at the date of grant, having regard to the expected achievement of such performance conditions. Once determined, the expected achievement is not adjusted, even where the market-based vesting conditions are not subsequently met.
The charges arising under IFRS 2 included in the income statement are:
6 months ended 6 months Year
30 June ended ended
2009 30 June 31 December
2008 2008
$ $ $
Share-based payment expense (2,661,107) (5,919,165) (7,385,336)
Employer's taxes on share options, principally comprising employers' National Insurance contributions in the UK, are calculated using the market value of the company's shares at the reporting date, and pro-rated over the vesting period of the options.
The credit / (charge) arising in respect of UK Employers National Insurance and US social security included in the income statement are:
6 months ended 6 months Year
30 June ended ended
2009 30 June 31 December
2008 2008
$ $ $
Employer's National Insurance 562,274 992,894
contributions and US social (136,601)
security tax credit/(charge)
5. Approval by the Board of Directors
The unaudited interim financial statements were approved by the Board and authorised for issue on 18th September 2009.
6. Copies of this statement will be posted on the Phorm website www.phorm.com and will be available from the Company*s UK principal office at Liberty House, 222 Regent Street, London, W1B 5TR.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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| 14-09-09 | RNS |
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RNS Number : 9853Y Phorm Inc 14 September 2009 14 September 2009 Phorm, Inc. ('Phorm' or the 'Company') Notice of Interim Results The Company (AIM: PHRM and PHRX) will be announcing its results for the six months ended 30 June 2009 via RNS, at 7.00am (BST) on Monday 21 September 2009. There will be a conference call for analysts and investors at 8.30am (BST) on the day. Those wishing to participate should register in advance by contacting Sarah Simon at sarah.simon@phorm.com. Shareholders are also advised that the Company will hold its AGM on Monday 2 November 2009. Related documentation will be sent to shareholders in due course. For Investor Enquiries: Phorm, Inc. Sarah Simon +44 20 7297 2433 Canaccord Adams Limited +44 20 7050 6500 (Nominated Adviser) Mark Williams Andrew Chubb For Media Enquiries: Citigate Dewe Rogerson +44 20 7638 9571 Simon Rigby Justin Griffiths
This information is provided by RNS The company news service from the London Stock Exchange END
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