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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
1pm Plc | LSE:OPM | London | Ordinary Share | GB00BCDBXK43 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 24.00 | 23.50 | 24.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOPM
RNS Number : 6808Y
1PM PLC
07 March 2017
7 March 2017
1pm plc
(the "Group" or the "Company")
GBP7.5m SECURED LOAN NOTE PROGRAMME
Proposed new loan note facility for providing loans to SMEs
1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to the SME sector, announces plans to launch a Secured Loan Note Programme ("SLNP") to raise up to GBP7.5m in borrowing from private and institutional investors. It is intended that the funds raised will be used primarily to meet demand for loans from SMEs, and to provide the flexibility to fund adjacent products and potential acquisitions as the Company's business develops.
The SLNP will be arranged and administered through LGB Corporate Finance which will also act as security trustee. It is proposed the programme will be established with the flexibility for the Group to issue loan notes with a range of maturities, repayment profiles and interest rates, fixed at the date of issue. The SLNP is not underwritten. The loan notes will be secured by a first fixed charge by way of sale or assignment of loans and leases written using funds provided through the SLNP, plus a first fixed and floating charge over the Company's assets and undertakings.
It is intended that issues under the SLNP will be listed on the Bermuda Stock Exchange.
Subject to completion of marketing to investors and all relevant transaction documentation, the Company plans to complete the first draw down under the SLNP within the next calendar month.
Commenting on the proposed SLNP, Ian Smith, CEO, said:
"1pm has successfully utilised funding from high net worth lenders in the past. This programme creates a more structured funding mechanism that can also be utilised by family offices and institutional investors. We increasingly see opportunities to provide asset-backed loans to SMEs for "special situations" and this form of finance is expected to provide the flexibility and resources to capitalise on these opportunities."
The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
For further information, please contact: 1pm plc Ian Smith, Chief Executive Officer 01225 474230 LGB Corporate Finance Angus Grierson, Director 0207 518 9892 Cenkos (NOMAD) Max Hartley (NOMAD), Julian Morse (Sales) 0207 397 8900 Walbrook PR 0117 985 8989 Paul Vann 07768 807631 paul.vann@walbrookpr.com
About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is a group of established independent finance companies 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.
Mission Statement - 'Helping the UK economy grow by supporting SMEs'
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
END
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(END) Dow Jones Newswires
March 07, 2017 02:01 ET (07:01 GMT)
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