1PM PLC New £2million Block Discounting Facility (2553E)

TIDMOPM

RNS Number : 2553E

1PM PLC

29 May 2012

1PM PLC

(AIM: OPM)

New GBP2million Block Discounting Facility

1pm plc ("1pm" or "the Company"), the AIM listed specialist independent provider of lease asset finance to the SME sector, is pleased to announce that it has agreed a new GBP2 million block discounting facility with a UK based commercial and retail bank. The funds will be used exclusively for the purpose of writing new lease contracts.

Maria Hampton, Managing Director of 1pm, commented:

"This is excellent news for 1pm and is the single largest tranche of funds granted to us to date. We have worked very hard to grow the business in a controlled but prudent manner increasing the size and quality of our loan book. This new facility reflects the increased reputation and financial standing the company now has within the industry following its improved trading performance and strengthening balance sheet.

This new facility, along with our existing credit lines will provide much needed funding to the SME market throughout the UK and Northern Ireland whose ability to expand has been hindered over recent years due to the lack of credit available via the banking industry.

To meet growing demand we have increased the amount we will advance from GBP30,000 to GBP50,000 for equipment purchases, and widened the range of assets which we will lend against. The extra funds will enable the Company to continue with its growth strategy and to support both existing and new customers".

 
 For further information, please 
  contact: 
 
 1pm plc 
 Mike Johnson, Chairman                            0844 967 0944 
 Maria Hampton, Managing Director                  0844 967 0944 
 
 WH Ireland (NOMAD) 
 Mike Coe                                          0117 945 3470 
 Marc Davies 
 
 Winningtons Financial PR                          0117 985 8989 
 Paul Vann                                          07768 807631 
                                     paul.vann@winningtons.co.uk

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 GBP1,000 to- GBP50,000 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

This information is provided by RNS

The company news service from the London Stock Exchange

END

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