Increase in Block Discounting Facilities

RNS Number : 6148E

1PM PLC

11 April 2011

 



1PM PLC

(AIM: OPM)

Increase in Block Discounting Facilities

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 total increase of £500,000 with two of its existing block discounting providers ("the BD Increase").  The BD Increase will be exclusively used for the purpose of writing new lease agreements.

Further to the half yearly results released in December 2010, the Company confirms that the lease portfolio has continued to grow above management's expectation.  Block discount funding is an important source of funding to the Company and the BD Increase will provide additional capital to support further growth of the lease portfolio

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]

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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