New Funding Line

RNS Number : 3087X
1PM PLC
07 February 2013
 



1PM PLC

(AIM: OPM)

 

New Funding

 

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 funding line of up to £500,000 ("the Facility").  The Facility has been agreed with Ron Russell, non-executive director, who has an interest in 993,323,335 shares in the Company representing approximately 29.25 per cent.  The Facility is exclusively for the purpose of writing new lease contracts.

 

The Facility will be subject to an interest charge of 3 per cent. per annum and is repayable on demand.  There is a 12 month limit on the availability of the Facility and no fees other than the interest charges apply.  

 

Ron Russell is a director of the Company and therefore the agreement of the Facility is classified under the AIM Rules as a related party transaction. The independent directors of 1pm, that is the Directors excluding Ron Russell, having consulted with their nominated adviser, WH Ireland Limited, consider that the terms of this transaction are fair and reasonable insofar as the Company's shareholders are concerned.

 

 

 

For further information, please contact:




1pm plc


Mike Johnson, Chairman

0844 967 0944

Maria Hampton, Managing Director

0844 967 0944



WH Ireland (NOMAD)


Mike Coe

0117 945 3470

Marc Davies




Winningtons Financial PR

0117 985 8989

Paul Vann

07768 807631


paul.vann@winningtons.co.uk






About 1pm:

1pm plc is an established independent asset finance company focused on providing SMEs with accessible funding to add value to their businesses.  All customers must have good credit histories and proven ability to repay their finance commitments. 1pm currently lends from £1,000 to- £50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.

 

You can find more information on the Company website www.1pm.co.uk

 


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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