Block Discounting Facility Increase

RNS Number : 4145S

1PM PLC

21 November 2011

 



1pm plc (AIM: OPM)

("1pm" or "the Company")

Block Discounting Facility Increase

1pm plc, the specialist independent provider of lease asset finance to the SME sector, announces that it has agreed a £1,000,000 increase on an existing block discounting facility. The increase represents a 50 per cent uplift on the existing block discounting facility with this funder and will be exclusively used for the purpose of writing new lease contracts. As at 31 August 2011 1pm's lease portfolio had risen to £10.6m.

Maria Hampton, Managing Director of 1pm, commented:

"We are delighted to have agreed such a significant increase with one of our existing block discounters and the Board is very pleased with the increased support.  As announced in the AGM trading update, we have had an encouraging start to FY2012 and continue to self-fund part of the portfolio growth. The increase in funding greatly enhances the Company's capacity to meet the growing demand for new business, especially as larger banks continue to restrict lending to our customer base."

For further information, please contact:

1pm plc	www.1pm.co.uk
Mike Johnson, Chairman Maria Hampton, Managing Director	0844 967 0944 0844 967 0944
WH Ireland (NOMAD)
Mike Coe Marc Davies	0117 945 3470
Walbrook PR Ltd	020 7933 8780
Paul McManus	07980 541 893
	[e-mail]

About 1pm plc

1pm plc is an established small ticket leasing company focused on providing SMEs with an accessible funding pool. Customers must have clear credit histories and an ability to pay their commitments. Assets leased are business critical. 1pm typically lends between £1,000 - £30,000 for between 12 and 60 months.

 

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