NEW YORK, July 2, 2015 /PRNewswire/ -- The Bigger Capital Fund, LP, Bachelier, LLC and the Bigger Family (together, "Bigger Capital" or "we"), a significant shareholder of Phorm Corporation Limited (AIM: PHRM) ("Phorm" or the "Company"), owning 20,713,435 ordinary shares, representing approximately 2.5% of the outstanding shares, today announced that it has issued an open letter to Phorm's shareholders and Board of Directors. The full text of the letter is included below:
July 2, 2015
Dear Fellow Shareholders and Directors of Phorm Corporation:
The Bigger Capital Fund, LP, Bachelier, LLC and the Bigger Family (together, "Bigger Capital" or "we") is a significant shareholder of Phorm Corporation Limited ("Phorm" or the "Company"), owning 20,713,435 ordinary shares, representing approximately 2.5% of the outstanding shares. In April 2015, we participated in the Company's latest fundraising efforts, and while negotiating the terms of our participation, Bigger Capital secured a commitment from Phorm to appoint an independent director recommended by Bigger Capital to the Board of Directors (the "Board"). On July 2, 2015, our recommended candidate, Michael Alkin, was officially appointed to the Board.
We are extremely excited about the appointment of Mr. Alkin to the Board and are pleased to have served as a catalyst for this positive development. We are confident that Mr. Alkin's addition to the Board will help the Company unlock value for all shareholders. Mr. Alkin, the Chief Investment Officer of Tullamore Capital LP, a private investment partnership, not only brings financial expertise to the Board, but also a strong network of media, ad-tech and finance executives that are already benefitting the Company's management team.
We firmly believe that Phorm has an opportunity to become a strong and profitable company. As the owner of powerful Internet core-centric, behind-the-firewall technologies and intellectual property, coupled with approximately $300 million in net operating losses (NOLs), we believe Phorm is significantly undervalued and is worth a multiple of its current stock price. Furthermore, while the market thinks of Phorm solely as an ad-tech company, it also possesses very promising opportunities in media measurement and data analytics.
It is the duty of the Board, refreshed with its new addition, to take any and all actions needed to achieve sustainable profitability and prove the power of its technology to the market in the ad-tech and media markets.
We look forward towards maintaining a constructive dialogue with Phorm as it evolves into a strong and profitable company.
Bigger Capital Fund, LP
SOURCE Bigger Capital Fund, LP