New Funding Line

RNS Number : 7470J

1PM PLC

05 July 2011

 



1PM PLC

(AIM: OPM)

New Funding Line

1pm plc ("1pm" or "the Company"), the AIM listed independent provider of asset finance facilities to the SME sector, is pleased to announce that it has agreed a new funding line of up to £300,000 ("the Facility").  The Facility has been agreed with the wife of Ron Russell. Ron Russell is a non-executive director who has an interest in 882,609,050 shares in the Company representing approximately 26.90 per cent.  The Facility is exclusively for the purpose of writing new leases.

The Facility provides for the draw down of up to three tranches of £100,000, giving a maximum value of £300,000.  Each draw down will be subject to an interest charge of 10 per cent. per annum and is repayable in 36 equal installments.  There is no time limit on the availability of the Facility and no fees other than the interest charges.  As at the date of this announcement the Company has drawn down £nil under the Facility.

Prior to the agreement of this Facility the Company has outstanding liabilities to Ron Russell totaling £883,916.

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.

1pm plc
Mike Johnson, Chairman	0844 967 0944
Maria Hampton, Managing Director	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:

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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