TIME FINANCE PLC

Management Reports • Jun 17, 2013

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RNS Number : 1565H

1PM PLC

17 June 2013

The following amendment has been made to the 'Issue of Equity and Trading Update' announcement released on 17 June 2013 at 7.00 a.m. under RNS No 1326H.

The original announcement incorrectly stated that the issue price was "0.015 pence", it should have said 0.15p.

All other details remain unchanged.

The full amended text is shown below.

For Immediate Release                                                                                                              17 June 2013

1PM PLC

(AIM: OPM)

£1.5million Institutional Equity Investment and

Pre-close Trading Update

Strong trading momentum maintained throughout second half

1pm plc (the "Company")(AIM: OPM), the AIM listed specialist independent provider of asset finance facilities to the SME sector, is pleased to announce that it has raised £1,500,000 through the issue of 1,000,000,000 new ordinary shares at a price of 0.15 pence per share to Henderson Global Investors. The monies raised will provide additional working capital and lending facilities to the Company.

The Company is also pleased to issue the following trading update ahead of the announcement of its final results for the year ended 31 May 2013 which will be released by 16th July 2013.

Results for the full year ended 31 May 2013 will demonstrate another year of strong organic growth with profits before tax set to exceed £750,000 which is above current market expectations. The financial year has seen record levels of new business written of £7.8m (FY12: £4.96m), with sales during the final month of May totalling approximately £920,000, the highest monthly figure achieved by the Company to date.  The lease portfolio likewise has grown significantly and as at 31 May 2013, stood at £14.8m (FY12: £11m) an increase of 35 per cent. over the course of the year.

Maria Hampton, CEO of 1pm, commented:

"We are delighted to have secured the investment from Henderson, a leading institutional investor.  We believe Henderson's investment in 1pm is a strong endorsement of what we have achieved to date and of our future prospects. On the trading front, we are very pleased with the progress made by the Company over the past 12 months, especially finishing the year with record sales. The significant increase in new business written not only reflects the continuing financial needs of UK SME's but also 1pm's growing reputation within the asset finance sector throughout the UK ."

Dealing and share capital

Application has been made for the 1,000,000,000 new ordinary shares to be admitted to trading on AIM. Dealings are expected to commence on 20 June 2013.

In accordance with the provisions of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following this issue, its issued share capital will comprise 4,395,618,769 Ordinary Shares of approximately 0.06818p each. All of the 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 is therefore 4,395,618,769.

This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

For further information, please contact:
1pm plc
Maria Hampton, CEO	0844 967 0944
WH Ireland (NOMAD)
Mike Coe	0117 945 3470
Winningtons Financial PR	0117 985 8989
Paul Vann	07768 807631
	[email protected]

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 £1,000 to £50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.

Mission Statement - 'Helping the UK economy grow by supporting SMEs'

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

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