Information  X 
Enter a valid email address

1PM plc (OPM)

  Print      Mail a friend       Annual reports

Wednesday 03 September, 2008

1PM plc

Increase in Borrowing Facilities


                                     1pm plc

                            ("1pm" or the "Company")

                         Increased funding drives growth

The  board of 1pm, a provider of asset finance facilities to the small  business
community, is pleased to announce that it has secured a further £1,100,000  from
two  of  its existing lenders to now provide an increased total funding facility
of £4.5 million, an increase of 30%.

This  new funding capability in addition to the recent successful Placing  which
raised £656,500, enables 1pm to secure increasing volumes of new business.

As  highlighted at the time of the Company's preliminary results,  announced  on
30th  June,  1pm continues to experience significant levels of new  business  as
small  businesses continue to look for new ways of financing asset purchases  in
the  absence  of debt facilities being provided by traditional lenders  such  as
high street banks.

Mike Johnson, Chairman stated:

"I  am  delighted that the Company is being recognised by both debt funders  and
equity  investors. The credit crunch means that smaller businesses  are  looking
for new ways of financing asset purchases thereby increasing demand for 1pm. Our
success  has  been  achieved  because  of our  definitive  underwriting  process
supported by a robust collection procedure. I look forward to reporting  further
progress in due course."

Enquiries:

Mike Johnson, Chairman 1pm       08707 397 397
plc

Ian Callaway, SVS Securities     020 7638 5600
plc

Nick Harriss, Blomfield          020 7489 4500
Corporate Finance

Shane Dolan, Biddicks            020 7448 1000