TIME FINANCE PLC

AGM Information • Aug 25, 2015

National Storage Mechanism | Additional information

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RNS Number : 0303X

1PM PLC

25 August 2015

25 August 2015

1pm plc

("1pm" or "the Company")

Result of General Meeting to approve Acquisition, Placing and Open Offer;

Directorate changes

1pm plc (AIM: OPM), the AIM listed specialist independent provider of finance facilities to the SME sector,  announces that, at the Annual General Meeting and General Meeting of the Company held today in Bath, all resolutions put to shareholders were duly passed.  Accordingly, the Acquisition, Placing and Open Offer announced on 28 July 2015 are expected to complete, conditional on Admission, on 26 August 2015.

The Open Offer closed for applications at 5.00 p.m. on 21 August 2015 and the Company announces that valid applications under the Open Offer were received from Qualifying Shareholders in excess of the 1,270,847 New Ordinary Shares being offered. Therefore, as stated in the Circular and in accordance with the terms and conditions of the Open Offer, applications under the Excess Application Facility will be allocated in such manner as the Directors may determine.  Excess monies in respect of any application which is not met in full will be returned to the applicant (at the applicant's risk) without interest as soon as practicable thereafter by way of cheque or CREST payment, as appropriate.

The total amount subscribed by Placees and Qualifying Shareholders in the Fundraising is approximately £7.263 million by way of:

·      a Placing of 10,833,334 New Ordinary Shares at 60 pence per share to raise £6.5 million (before expenses); and

·      a further issue of 1,270,847 New Ordinary Shares at 60 pence per share to Qualifying Shareholders pursuant to the Open Offer raising £0.763 million (before expenses)

Taken together with the Placing Shares, this will result in the allotment of a total of 12,104,181 New Ordinary Shares, raising £7.263 million (before expenses). In addition, a further 3,575,712 New Ordinary Shares are expected to be issued as part of the consideration for the Acquisition.

Application for admission to trading on AIM of the 15,679,893 new Ordinary Shares being issued pursuant to the Acquisition, Placing and Open Offer has been made and admission is expected to take place on 26 August 2015.  The New Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue.

In accordance with the provisions of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following these issues, its issued share capital will comprise 52,534,463 Ordinary Shares of 10p each.  All of these Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury.  The total number of voting rights in the Company will therefore be 52,534,463 on Admission.

This announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 28 July 2015, copies of which are available on the Company's website at www.1pm.co.uk.  Capitalised terms in this announcement have the same meaning as given in the Circular.

As set out in the Circular, in accordance with Schedule 2(g) of the AIM Rules and on completion of the Acquisition the following persons will be appointed to the Board:

Director	Current directorships	Past directorships held within last five years
Michael Nolan, aged 59 (Chief Strategic Officer)	Academy Leasing Limited Harrogate Leasing Limited MH Holdings (UK) Limited Speakertone Limited Unique Leasing Limited	KCAS Rentals Limited One Capital Ltd
Hazel Jacques, aged 48 (Chief Marketing Officer)	Academy Leasing Limited Harrogate Leasing Limited MH Holdings (UK) Limited Speakertone Limited Unique Leasing Limited	KCAS Rentals Limited One Capital Ltd
Julian Telling, aged 54 (Non-executive Director)	7 Jesmond Road Management Co. Limited Aquarela Developments Limited Bristol Flying Centre Limited Bristol Groundschool Limited Capitecs Limited Centreline Air Charter Limited Dynamic Heating Services Limited Heron Capital Julian Telling Consulting Limited Quartet Community Foundation The Clifton Club Company Limited	Brightside Group Limited STM Group plc
John Newman, aged 69 (Non-executive Director)	None	Airsprung Furniture Limited Airsprung Group plc Headway Bristol Brain Injury Association Limited

M Nolan was a director of Leigh At Hilton Park Limited, a rugby club, which entered a creditors' voluntary arrangement in 2004 and was liquidated in 2007.

J Newman was a director of Wensum Group PLC when it was put into liquidation in 2009.

There are no further disclosures required in accordance with Schedule 2(g) of the AIM Rules.

For further information, please contact:
1pm plc
Ian Smith, Chairman	01225 474 230
Maria Lewis, Chief Operating Officer	01225 474 230
WH Ireland (NOMAD)
Mike Coe / Ed Allsopp	0117 945 3470
Walbrook PR	0117 985 8989
Paul Vann	07768 807631
	[email protected]

About 1pm:

At the second Annual Small Cap Awards held in May 2014, the Company won two awards including the most prestigious category "Company of the Year". Chief Executive, Maria Lewis and Finance Director, Helen Walker were also jointly awarded Small Cap Executive Director of the Year.

The Company was admitted to AIM in August 2006.

1pm plc is an established independent 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 provides asset finance from £1,000 to £50,000 for a period of between 12 and 60 months and £1,000 to £50,000 for business loans (repaid over 3-60 months).

Mission Statement - 'Helping the UK economy grow by providing finance to businesses'

More information is available on the Company website www.1pm.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

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