Phorm Corp Share Discussion Threads

[btcustomer] 25/2/2016 07:09

Wot - no cash announcement?

As announced on 1 February 2016, the Company is required to secure further equity funding of at least GBP2.5 million, at a price at or around the then prevailing market price, by 24 February 2016, in order to satisfy the remaining condition to draw down of the final US$2.25 million third tranche under the Loan ("Tranche 3"). A further announcement will be made as and when appropriate.

Presumably, "no announcement" means no CASH?


Or did Meditor roll over and let Phorm tickle their tummmy in an attempt to save their existing investment?

What's the difference between that and extortion?

-- Tranche 3: US$2,250,000 to be drawn down on 24 February 2016, subject to the Company having drawn down on Tranche 2 and the Company raising a minimum of GBP2,500,000 via an equity raising, at a price at or around the then prevailing market price, by 24 February 2016. Meditor may waive such conditions at its sole discretion. This will incur a further arrangement fee of 30 million new Ordinary Shares, to be issued to Meditor within one month of draw down (or such later date as agreed between the parties).

[rigmarole] 25/2/2016 00:29

The silence of unlucky lambs, perhaps.

[felixcatuk] 24/2/2016 22:56

.


Very quiet today. Surprisingly quiet. Dead silent.

[btcustomer] 24/2/2016 17:14

Oh dear - that's a whole UK trading day gone - and no announcement about the £2.5m. The announcement on the 4th Feb said they were "REQUIRED to secure further equity funding of at least £2.5 million, at a price at or around the then prevailing market price, by 24 February 2016".

I wonder what the next excuse will be?

Will the shares be trading tomorrow?

Time for someone to ring that new Singapore-based NED Mr Jieyuan with the bankruptcy background and tell him its time for the pre-pack/takeover/liquidation plan B? (or maybe it was actually plan A all the time?)

[bluecar1] 24/2/2016 10:13

wot no pit props yet?

i suppose we will have to wait for the US to wake up before any announcement, as with the mid afternoon time of the last update

as ever DYOR CAREFULLY AND THOROUGHLY

[btcustomer] 24/2/2016 08:39

Wot - no £2.5m yet?

[bluecar1] 24/2/2016 08:04

so the question is will they or won't they raise the cash?

to often it seems the old adage of "a fool and their money" seems to come true with this company

as ever DYOR carefully and thoroughly

[btcustomer] 23/2/2016 16:04

With the latest price drop, £2.5m will require the issue of a nice round 1/4 of a billion MORE shares - deadline tomorrow.

That's an awful lot of IZAL to flush down a very small and apparently blocked late 2015 $1.48m "sales pipeline".

Any very gullible investors out there who either have more money than sense, or who don't mind being part of an inexplicable international 13yr old conspiracy to keep this $400m-losing communications-intercepting cros-border data-sharing disaster afloat?

[bluecar1] 23/2/2016 15:46

whoops

MMOOOOZZ!!!!

slippery slope beware

DYOR

[bluecar1] 23/2/2016 13:55

not even pit props spotted

total lack of interest? or waiting to see if the they have met the contions to get the last traunch of cash?

as ever DYOR carefully

[btcustomer] 22/2/2016 16:09

What makes you think I know nothing about Viollette? I said they were mysterious - not the same thing at all.

Phorm need £2.5m cash by Wednesday. Exciting isn't it? They've never been quite this near the wire before - at least not with such an embarrassing build up. Last time they had this much of an embarrassment was the failed £20m Chinese funding. It's getting a bit late for good news now.


Interim Results - 30th September 2015
As at 30 September 2015, our sales pipeline in Russia is approximately $0.98m. ... These campaigns are slated for the Autumn of 2015. After a few months of operations in the U.S., our sales pipeline exceeds $0.5m.

After all the wild predictions from Bigger Capital in January, about Phorm earning $7m in H1 2015, and $20m in H2 2015 - we finally get something that actually equates to reality, in the interim results, 30/9/2015, where they admit that their "sales pipeline" in Russia is $0.98m and in the US, $0.5m.

Total "pipeline" = $1.48m.

That's not cash, remember, just a "sales pipeline" - and we already know how POOR Phorm are at converting markets into revenues. It's also a pathetic performance when measured against ACTUAL revenues in H2 2014, of $1.05m".

And there you have it - those Jan 2015 predictions from management, via Bigger, of H2 income of £$20m, had turned by September 30th 2015, into a total "sales pipeline" of $1.48m for Russia and USA markets combined, despite all the earlier promises of "rapid" progress to commercial levels of revenue. "Jam tomorrow" - which never got delivered.

The cash-raising disaster of Jan 18th 2016, and the current scramble for a further £2.5m cash by Wednesday as a condition of $2.5m further tranche of Meditor loan funding, suggests that those "sales pipelines" may be seriously blocked.
(If you have better figures - do please produce them)

[andy pipkin] 22/2/2016 14:24

100% buys today.

[andy pipkin] 22/2/2016 13:08

Do you know that for a fact,or are you speculating?

You know nothing about Viollette.Shame.

[btcustomer] 22/2/2016 09:21

Meanwhile the mystery offshore Viollette investor sits quietly in the background mulling over their options.

[igbertsponk] 22/2/2016 08:30

Try busking.

[btcustomer] 22/2/2016 08:09

Phorm need £2.5m cash by Wednesday.

[btcustomer] 19/2/2016 11:08

Time to call a drainage engineer to unblock the "sales pipelines"
and a locksmith to unlock the "value"?

[btcustomer] 18/2/2016 17:39

Four working days left for Phorm to sell £2.5m worth of shares to gullible investors - and at the present SP, that means disposing of a further 232.55m shares - around 23% more shares in issue.

At these prices, the most interesting stuff is not Phorm's abysmal cash flow or pathetic revenues - it's the story of who is bending which investors' arm up behind which shareholders' backs, and who ends up either controlling the company, or which non-controlling interest can demand a takeover offer be made, and which of them can threaten bankruptcy with whatever leverage they have under various stock exchange rules about takeover and control.

It becomes important because of the sheer volume of new shares being issued for such small amounts of money - and another $8m worth of shares have to be issued during 2016 AFTER 24th Feb, unless revenues show miraculous growth to commercially useful levels (ie. the sort that pays the bills).

And is there anything worth buying anyway, given the apparent lack of patented technology, and the fact that a bankrupted company's workforce will work for the highest bidder.

It would be truly ironic if the story of Phorm ended up mirroring the story of how control of iMarker was wrested from the grip of Mikhail Berlizev in May - July 2014
( Twitter - @mberlizev )



because the original team left iMarker when that takeover occurred and Phorm had to put in new people. Although strangely they never announced anything about the Russian asset to Phorm's shareholders or prospective investors... - maybe they were embarrassed at only earning R44.7m during H1 2015 (£409k/$589k at today's rates - not even enough to cover the Golden Boot payments!) from their newly acquired existing Russian business.

Those were the only revenues we heard about in the July 2015 operational update - what a let-down from the Bigger predictions of $7m for that half-year's revenues which he had made only six months earlier on management advice.

Weren't Phorm telling us that with their new ad-tech model, there would no longer be delays on entering new markets, before the revenues started coming in? Or was that another thing they got wrong in their January operational update last year? (around the time Bigger was publishing his latest information about projected 2015 revenues)


Revenue is currently anticipated to build rapidly with prices and margins increasing following the international New Year holiday periods. Large commercial campaigns have now been allocated in budgets for 2015.


and again in the June 2015 annual financial report for 2014?


Commercial operations started in the US in late April 2015, with a series of test campaigns. The initial results from these campaigns have been most encouraging such that, within a matter of just a few weeks, the first test campaigns have been successfully converted to revenue generating commercial campaigns. These initial results strongly indicate that we should be able to comfortably meet the demands of the US market and we currently expect commercial revenues from the US to grow rapidly in 2015.

Oh dear - instead we got a failed funding (not the first either), a £2.5m bailout and a predicted cash requirement for 2016 of a further $8m.

What happened to all those revenue predictions then?
Was someone telling porkies? They didn't get the revenue did they? - just the bailout cash - the only sort they seem to be able to find.

[bluecar1] 18/2/2016 10:12

I seem to remember far more of igberts posts being deleted than BTCustomers

Igbert, when in glass houses?

Zoom seems to have mooz'ed :P

[btcustomer] 18/2/2016 09:57

35918 28/2/14, 38435 20/3/14, 47411 11/3/15, 49961 6/10/15

Anyone seen Phorm's revenue figures?

[igbertsponk] 18/2/2016 09:00

I respect your privacy BTCustomer.

[btcustomer] 18/2/2016 08:55

£2.5m worth of shares MUST be sold within the week.
Even at 1.075p they are expensive. Where are Phorm's revenues?

[igbertsponk] 18/2/2016 08:28

Don't think I mentioned Google, so no idea why BTCustomer is talking about "being paid by Google to post here".