7th Feb 2013 07:00
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.
| |||||||||||||||||||||||||||
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
|
Related Shares:
OPM.L