Phorm to Raise £10m Through Share Placement

Ad personalisation specialist Phorm is aiming to raise £10m through the placement of around 91m new ordinary shares, at a price of eleven pence each.

Phorm partners with Internet Service Providers (ISPs), and users opt in to its PhormDiscover service, which then allows publishers and web sites to personalise their content and advertising to each individual. On a global basis, Phorm says there are now more than 20 million daily users on its platform, receiving more than 80 billion monthly advertising impressions from its publisher partners.

Last year, the firm raised £3m in funds through the placement of convertible secured loan notes, for its operations in China and Turkey, and issued 100 million new ordinary shares to raise £10m.

The new placing has been made with new and existing institutional and other investors, with funds to be used for general working capital purposes. It is expected that dealing will commence on 15th April.

Web site: www.phorm.com .