1PM PLC Issue of Equity, Key Dates and Proposed Dividend (9734K)
September 03 2019 - 2:00AM
UK Regulatory
TIDMOPM
RNS Number : 9734K
1PM PLC
03 September 2019
3 September 2019
1pm plc
(the "Group" or the "Company")
Issue of equity following earn-out achievement
Confirmation of key dates including 2019 Annual Results
announcement
Proposed final dividend
1pm plc (AIM: OPM), the AIM listed independent specialist
provider of finance facilities to UK SMEs, announces a further
issue of equity to satisfy the achieved earn-out consideration for
Positive Cashflow Finance Limited ("Positive"), key dates in the
2019 financial calendar and details of the Group's proposed final
dividend payment.
Issue of Equity
As announced on 18 June 2019, following the successful
achievement of profit targets, the share-based consideration in
relation to the second of three earn-out payments is payable to the
vendors of Positive. Accordingly, 1,388,888 new ordinary shares of
10p each in the Company ("New Ordinary Shares") will be issued to
the vendors.
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 the 1,388,888 new Ordinary Shares
to be admitted to trading on AIM, with admission expected to take
place on 4 September 2019. Following admission, the Company's
issued share capital will comprise 88,985,316 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 88,985,316.
Key Dates
The Group will announce audited annual results for the year
ended 31 May 2019 on Wednesday 25 September 2019 and is proposing
to hold its Annual General Meeting ("AGM") on 6 November 2019.
Proposed Dividend
It is anticipated that at the AGM, the Board will seek
shareholder approval to declare a final dividend of 0.56p per
ordinary share for the year ended 31 May 2019. This dividend will
be payable on 12 December 2019 to shareholders who are on the
register of members of the Company on 1 November 2019.
This proposed final dividend is in line with the Group's
progressive Dividend Policy announced on 26 July 2018 which stated
the Board's intention to increase the total annual dividend by
approximately 30% per annum in the years 2018 to 2021 from the 2017
level. A summary of the proposed and paid dividends is set out in
the table below
Dividend Payments 31 May 2019 31 May 2018 31 May 2017
Final 0.56*p 0.65p 0.50p
------------ ------------ ------------
Interim 0.28p n/a n/a
------------ ------------ ------------
Total for year 0.84p 0.65p 0.50p
------------ ------------ ------------
* proposed final dividend subject to approval at the AGM.
Ian Smith, 1pm plc Group CEO, said:
"I am delighted that we are able to issue the additional equity
due in relation to Positive's earnout which clearly demonstrates
its continued excellent performance as part of the 1pm Group and
also to reaffirm our progressive Dividend Policy for the second
year, signalling our intent to progressively reward shareholders as
the business continues to develop."
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, Julian Morse
(Sales) 0207 397 8900
Walbrook PR 0207 933 8780
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About 1pm:
1pm's strategy is to focus on providing or arranging the finance
UK SMEs require to fund their businesses and arranging vehicle and
property-backed finance for consumers. The multi-product range for
SMEs includes asset, vehicle, loan and invoice finance facilities.
The Group operates a "hybrid" lending and broking model enabling it
to optimize business levels through market and economic cycles.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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