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Phorm issues shares to raise cash

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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.

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