New Block Discounting Facilit

RNS Number : 9804V

1PM PLC

11 November 2010

 



1PM PLC

(AIM: OPM)

New Block Discounting Facility

1pm plc ("1pm" or "the Company"), the specialist provider of lease asset finance to the SME sector, is pleased to announce that it has agreed a new block discounting facility of up to £500,000 ("the BD Facility").  The BD Facility will be exclusively used for the purpose of writing new lease contracts

As previously announced, trading in the financial year to date has been very positive.  Since the start of the financial year (31 May 2010) the lease portfolio has grown by 34.5 per cent. and as at 31 October 2010 was valued at £8.7m adding value to our balance sheet.  Block discount funding is an important source of funding to the Company and, alongside the loan from Ron Russell announced in October, the BD Facility will provide additional capital to support further growth of the lease portfolio.

Michael Johnson, Chairman of 1pm, commented:

"It is excellent news that we have agreed a new block discounting facility which we believe shows improving confidence in 1pm and the market which we operate. Given the very strong growth in sales this financial year the timing of new funds is pleasing as we are seeing a significant opportunity for 1pm to take further advantage of improving market conditions."

Contacts:
1pm plc	www.1pm.co.uk
Mike Johnson, Chairman	[phone]
Maria Hampton, Managing Director	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
Mike Coe / Marc Davies	[phone]

 

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