Phorm Corp Share Discussion Threads

[btcustomer] 16/4/2016 21:36

Phorm are phinally phinished.

So much for all those misleading ramps!
The cash ran out.
The revenues never arrived.
The investors finally gave up.

Even the CEO is gone - Phorm's phone will be answered by a NY litigator specialising in bankruptcy hearings.

Bye. Parting is such sweet sorrow. Must go - I have a bottle of Kent sparkling wine to open!



Phorm Corporation Limited Update and Resignation of Nominated Adviser
14/04/2016 9:00am
UK Regulatory (RNS & others)

Phorm Corp (LSE:PHRM)
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1 Month : From Mar 2016 to Apr 2016
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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 [phone]

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCIIMPTMBABMJF

(END) Dow Jones Newswires

April 14, 2016 05:00 ET (09:00 GMT)

[bluecar1] 16/4/2016 20:03

Soul Limbo 15 Apr'16 - 12:46 - 51357 of 51359
how did they manage to extract over $317m from investors over the years is just mind boggling. All for nought.

how did they manage to extract money from? , simple, think of the old adage "a fool and their money are easilly parted", also very few investors where gambling their own money but clients who trusted them to make good investments on their behalf (even if in high risk funds)

so many investors seemed to have believed the spiel from the "management team" everytime they entered a new market, some of them appeared to have been "in" from the start and didn't seem to learn, others seem to swallow hook line and sinker to the bitter end

and if you look back over the life of phorm since the BT trials, myself, BTC, felix etc have said their was isuues with the tech and the amount of cash burn needed a massive revenue stream to support it which they never managed to get more than a few percent of, so little chance of success and that is from a non investor just using common sense and looking at the legal issues

the biggest question is where did all the money go? most years the largest chunk of money seemed to go to R&D, so whoever ran that must be unhappy the gravy train just hit the buffers?

[felixcatuk] 16/4/2016 18:55

Still sounds over-priced.

Can't argue with Mr Baylis maths... Happy to offer the cash register for Mr. Pingus...

.


Given Smith has resigned (according to LinkedIn) I'm curious to know, who are the remaining "board" members Baylis refers to in his "corporate suicide note"?

[knigel] 16/4/2016 13:37

Google can have it for free now..

[pingusp] 16/4/2016 11:19

Wat no cash register Felix ?

[felixcatuk] 15/4/2016 22:42

@SoulLimbo "All for nought"

I wouldn't say that. The Phorm scam has lead to some major changes to the legislation protecting personal information.

And I'm sure the former directors would disagree too (if you can find them). They did rather well of the $400m that has vanished.

Creditors and shareholders are the big losers. Which serves them right.

But yes. $400m in losses is just astounding.

[andy pipkin] 15/4/2016 15:48

12iq

I havnt held a share in this dog for over 7 years. Sorry to disappoint you.

[soul limbo] 15/4/2016 12:46

how did they manage to extract over $317m from investors over the years is just mind boggling. All for nought.

[igbertsponk] 15/4/2016 09:23

So when you sit back and look at it sensibly, the only people who seem to have made significant moolah out of this lovely company are HamsterWheel and Kent. Good eh?

[hamstersbrain] 15/4/2016 09:21

As I observed some time ago: Bonkers Sponkers

[deko] 15/4/2016 09:18

Ig you liar.

[12bn] 15/4/2016 09:07

What sort of saddo would spend years ramping this dog when they didn't even hold it? That would be one sick dude! :)

[12bn] 15/4/2016 09:04

Yes Igbert,there's no flies on you! :)

[igbertsponk] 15/4/2016 08:58

You calling me a liar 12bn ?

When's the huggers party? Or am I not invited ?

[12bn] 15/4/2016 05:55

bluecar1,this flea ridden dog is dead. It is no more. It is deceased! :)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-

[bluecar1] 14/4/2016 22:04

well been following this at work on my mobile

time to break out the song "happy days are here again"

except phorm may be dead (we hope , not convinced totally until delaware and companies house etc say dissolved / struck off)

but it will be replaced by more companies with yet more dubious standards of privacy invading advertising tech or more ISP's trying to extract the urine by trying to monetise their customers internet communications without freely given consent so the fight will continue

[12bn] 14/4/2016 21:47

PMSL ROFLOL PMSL ROFLOL Andy Pipkin HAS LOST THE LOT HERE! Well I must admit that he does deserve his success!

[hamstersbrain] 14/4/2016 20:59

Just one last blast for old time's sake - the forum wouldn't be the same without it:

Zoooooooommmmmmmmmm!

gibber slobber

[pingusp] 14/4/2016 20:47

bye, missing you already...NOT

Where will the dynamic due surface next? Insomnis doesn'r seem to be cutting it perhaps a burger bar.

[btcustomer] 14/4/2016 19:20

Hint - now that Phorm are well and truly busted, the failed rampers are an irrelevance and can safely be ignored.

Break out the bubbly!