1PM PLC Positive Cashflow achieves First Year earn-out (6876E)
October 22 2018 - 2:00AM
UK Regulatory
TIDMOPM
RNS Number : 6876E
1PM PLC
22 October 2018
22 October 2018
1pm plc
(the "Group" or the "Company")
First year earn-out targets achieved for successful
acquisition
1pm plc (AIM: OPM), the AIM listed independent specialist
provider of finance facilities to UK SMEs and consumers, is pleased
to announce that Positive Cashflow Finance Limited ("Positive"),
has successfully achieved the first of its earn-out targets
following its acquisition in June 2017. Accordingly, the Company
announces an issue of equity to satisfy the earn-out
consideration.
The consideration now payable to the vendors of Positive is made
through the issuance of 1,388,888 new ordinary shares of 10p each
in the Group ("New Ordinary Shares").This issue of shares is the
first of three potential earnout pay-outs based on pre-agreed
increases in profit before tax at Positive for the years ending 31
May 2018, 2019 and 2020.
The New Ordinary Shares will be credited as fully paid and will
rank pari passu in all respects with the existing Ordinary Shares
in issue. The New Ordinary Shares are subject to various lock-in
arrangements for a minimum period of 12 months from the date of
issue.
Application has been made for 1,388,888 new Ordinary Shares to
be admitted to trading on AIM, with admission expected to take
place on 23 October 2018. Following admission, the Company's issued
share capital will consist of 87,596,428 Ordinary Shares. There are
no Ordinary Shares held in treasury. Therefore, in accordance with
the FCA's Disclosure and Transparency Rule 5.6.1, the Company
confirms that following Admission, the total number of voting
rights in the Company will be 87,596,428.
Ian Smith, 1pm plc Group CEO, said:
"I am delighted that we are in the position to fully pay-out the
first year of Positive's earnout. This reflects an excellent
performance by Positive as part of the 1pm Group. The earnout
involved hitting some challenging growth targets and to fully
achieve them reflects well on the strength and potential of
Positive as a business. This performance, combined with the other
successful earnouts achieved across the Group from our other
acquisitions for the year ended 31 May 2018, adds to our conviction
that we have acquired and successfully integrated well run, growing
businesses with extremely capable teams who are adding value to the
Group as a whole."
For further information, please contact:
1pm plc
Ian Smith, Chief Executive Officer 01225 474230
James Roberts, Chief Financial Officer 01225 474230
Cenkos (NOMAD)
Max Hartley (NOMAD), Julian Morse (Sales) 0207 397 8900
Walbrook PR
Paul Vann 020 7933 8780
07768 807631
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END
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