Feeds

Phorm issues shares to raise cash

£2m fast funding

Intelligent flash storage arrays

Phorm told the Stock Exchange today that it will issue a million shares to institutional investors in order to bolster its dwindling cash reserves.

The company is currently concentrating on Brazil and China. It is still under police investigation in the UK for failing to inform BT customers that it was snooping on their browsing habits.

The share placing was made by Mirabaud Securities LLP on behalf of Phorm which took advice from Canaccord Genuity Limited.

The placing will represents 6.4 per cent of all shares after the issue.

Kent Ertugrul, CEO of Phorm, said: "Following the successful launch in Brazil, I am pleased that shareholders have demonstrated their continuing support through this placing.

"We now intend to pursue the financial and operational strategies outlined in our recent full year results statement."

Successful launch? The Brazilian ministry of Justice has opened investigations into both Phorm and its ISP partner Oi.

The ad peddler lost $100m in the last financial year.

Press release available from here, in the latest news box. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
WHY did Sunday Mirror stoop to slurping selfies for smut sting?
Tabloid splashes, MP resigns - but there's a BIG copyright issue here
Spies, avert eyes! Tim Berners-Lee demands a UK digital bill of rights
Lobbies tetchy MPs 'to end indiscriminate online surveillance'
How the FLAC do I tell MP3s from lossless audio?
Can you hear the difference? Can anyone?
Google hits back at 'Dear Rupert' over search dominance claims
Choc Factory sniffs: 'We're not pirate-lovers - also, you publish The Sun'
Inequality increasing? BOLLOCKS! You heard me: 'Screw the 1%'
There's morality and then there's economics ...
While you queued for an iPhone 6, Apple's Cook sold shares worth $35m
Right before the stock took a 3.8% dive amid bent and broken mobe drama
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.
Beginner's guide to SSL certificates
De-mystify the technology involved and give you the information you need to make the best decision when considering your online security options.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.