Phorm Corporation Limited Issue of US$500,000 of Convertible Loan Notes (3143S)
16 Março 2016 - 9:37AM
UK Regulatory
TIDMPHRM
RNS Number : 3143S
Phorm Corporation Limited
16 March 2016
The following amendments have been made to the 'Issue of
US$500,000 of Convertible Loan Notes' announcement released at 7.00
a.m. on 16 March 2016 under RNS Number: 2160S.
The conversion price will be the lower of (i) 1 penny per
Ordinary Share; or (ii) the price per Ordinary Share at which the
Company issues any Ordinary Shares before 30 April 2016 (corrected
from 1 April 2016 in the original announcement); or (iii) the
conversion price of any other convertible debt issued by the
Company or another group company before 30 April 2016 (corrected
from 1 April 2016 in the original announcement).
All other details remain unchanged.
16 March 2016
Phorm Corporation Limited
("Phorm" or the "Company")
Issue of US$500,000 of Convertible Loan Notes
Phorm (AIM: PHRM), a leading advertising-technology company and
first party data platform provider, announces that it has yesterday
constituted a new convertible loan note instrument (the
"Convertible Loan Note Instrument") further to which Mr Michael
Bigger, an existing shareholder in the Company, has subscribed for
GBP350,000 principal amount (equivalent to approximately
US$500,000) of loan notes (the "Loan Notes").
In accordance with the terms of the Convertible Loan Note
Instrument, interest shall accrue on the Loan Notes at a rate of 12
per cent. per annum. The Loan Notes, together with any potential
further loan notes as may be issued pursuant to the Convertible
Loan Note Instrument, together with accrued interest thereon, will
be repayable on 22 April 2017 (the "Maturity Date"). The Loan Notes
are unsecured.
The Loan Note holder can elect at any time that repayment of the
principal amount of the Loan Notes, together with accrued interest
thereon, be satisfied, in full or in part, by way of the issue of
new ordinary shares of nil par value each in the capital of Phorm
("Ordinary Shares") at a conversion price which is the lower of (i)
1 penny per Ordinary Share; or (ii) the price per Ordinary Share at
which the Company issues any Ordinary Shares before 30 April 2016;
or (iii) the conversion price of any other convertible debt issued
by the Company or another group company before 30 April 2016.
The Company may, at any time prior to the Maturity Date, redeem
all Loan Notes outstanding (including accrued interest thereon) in
cash, by serving written notice on the Loan Note holders at such
time, provided that the Ordinary Shares shall have traded on AIM at
a volume weighted average price per Ordinary Share in excess of
GBP1 per Ordinary Share, on each business day in a period of 10
consecutive business days immediately preceding the date on which
notice was given to the Loan Note holders.
The Company intends to use the net proceeds from the
abovementioned issue of the Loan Notes for its immediate working
capital purposes and intends to raise additional equity and/or debt
finance in the near term to fund its ongoing working capital
requirements.
The Company remains in advanced discussions with certain of its
shareholders and other parties regarding potential additional
funding, which is required to be secured before the Company can
seek for the suspension of its Ordinary Shares from trading on AIM
to be lifted. There can be no guarantee that such discussions will
result in any additional funds being raised. A further announcement
will be made in due course as appropriate.
-Ends-
For further information please contact:
Phorm Corporation Limited
Timothy Smith (Chief Executive Officer) +44 (0) 20 3397 6001
Mirabaud Securities LLP (Broker) +44 (0) 20 7321 2508
Jason Woollard
Peter Krens
Strand Hanson Limited (Nominated Adviser) +44 (0) 20 7409 3494
James Harris Matthew Chandler James Dance
About Phorm:
Phorm is a leading advertising-technology and first party data
platform provider that enables brands and publishers to address
online users with personalised content and advertising. Phorm's
innovative platform delivers a more interesting online experience
for the user and addressable campaign results for marketers. For
more information, please visit: www.phorm.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IODAKADNBBKDPND
(END) Dow Jones Newswires
March 16, 2016 08:37 ET (12:37 GMT)
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