Phorm to Raise £10m through New Placement

Online ad targeting specialist Phorm has placed 100 million new ordinary shares on the London Stock Exchange AIM market, in order to raise £10m for 'general working capital purposes'.

Phorm strikes partnerships 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.

Investors involved in the placing include US technology investment companies Iroquois Master Fund and Kingsbrook Opportunities Master Fund. As part of the transaction, existing investors Meditor European Master Fund has committed to another £3.9m, and Viollette Company to £3m in the shares, which will begin trading on AIM from 22nd November.

Shares in Phorm were trading down 4.6% at £0.13 yesterday afternoon.

Web site: www.phorm.com .