1PM PLC New Funding Line (3087X)

TIDMOPM

RNS Number : 3087X

1PM PLC

07 February 2013

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 GBP500,000 ("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.

 
 
     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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