Block Discounting Facility Increase (4145S)

TIDMOPM

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 GBP1,000,000 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 GBP10.6m.

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                             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 
                                      paul.mcmanus@walbrookpr.com

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 GBP1,000 - GBP30,000 for between 12 and 60 months.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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