8 Jun 2017 08:20
8 June 2017
1pm plc
(the "Group" or the "Company")
Completion of Tracx Finance Limited acquisition,
Directorate change
and
Director/PDMR dealings
Further to the announcements on 18 May 2017 and 7 June 2017, 1pm plc is pleased to announce that, following admission to trading on AIM of the 28,861,117 New Ordinary Shares this morning, the acquisition of Tracx Finance Limited has now completed. Tracx Finance Limited is the holding company and 100% shareholder of its trading subsidiary Gener8 Finance Limited. The Board is pleased to welcome the Gener8 team to the Group and is excited by the prospects of the Group's newly established Commercial Finance Division.
Following the completion of the Acquisition, Edward Rimmer is today appointed to the Board of the Company as the Managing Director of the Commercial Finance Division and CEO of Gener8 Finance Limited. Mr. Rimmer brings over 20 years' experience in commercial finance, most recently acting as UK CEO of Bibby Financial Services Limited. All information required under Schedule 2(g) of the AIM Rules in relation to Edward Rimmer's appointment was included in the Circular that was sent to shareholders on 18 May 2017.
The Company also announces that, following admission, the purchases of Ordinary Shares by certain existing Directors as part of the Placing, as announced on 18 May 2017, have now completed. Edward Rimmer purchased 33,000 Ordinary Shares as part of the Placing. In addition, Ron Russell subscribed for 128,906 shares in the Open Offer. Further information on these transactions is set out below.
The Company is pleased to report that, as noted in the Circular sent to shareholders on 18 May 2017, trading in the financial year to 31 May 2017 was in line with market expectations.
Commenting on the completion of the acquisition, placing and oversubscribed Open Offer, 1pm Chief Executive Ian Smith said: "The successful fundraising to finance both the acquisition of Tracx Finance and the possible second acquisition, together with the establishment of our new Commercial Finance Division, under the leadership of Ed Rimmer, whom I am delighted to welcome to the Board, together represent important milestones in the ongoing growth and development of the Group. They demonstrate the implementation of a key element of the Group's stated strategic plan which is to continue to expand our offering to UK SMEs by adding adjacent financial products and services which are complementary to our existing Asset Finance and Business Loans portfolios and which also create significant cross-selling opportunities."
Capitalised terms used in this announcement have the meanings given to them in the Circular dated 18 May 2017.
For further information, please contact: |
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1pm plc |
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Ian Smith, Chief Executive Officer | 01225 474230 |
James Roberts, Chief Financial Officer | 01225 474230 |
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Cenkos (NOMAD) |
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Max Hartley, Harry Pardoe (NOMAD), Julian Morse (Sales) | 0207 397 8900 |
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Walbrook PR | 0117 985 8989 |
Paul Vann | 07768 807631 |
| paul.vann@walbrookpr.com |
1
| Details of the person discharging managerial responsibilities / person closely associated
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| Name
| John Newman | ||||
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| Reason for the notification
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| Position/status
| Non-Executive Chairman | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
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| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
| Name
| 1pm plc | ||||
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| LEI
| N/a | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
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b)
| Nature of the transaction
| Purchase of Ordinary Shares | ||||
c)
| Price(s) and volume(s)
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d)
| Aggregated information
- Aggregated volume
- Price
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55,500 Ordinary Shares
45p per Ordinary Share
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e)
| Date of the transaction
| 8 June 2017 | ||||
f)
| Place of the transaction
| N/a | ||||
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| Details of the person discharging managerial responsibilities / person closely associated
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| Name
| Ian Smith | ||||
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| Reason for the notification
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| Position/status
| Chief Executive Officer | ||||
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| Initial notification /Amendment
| Initial notification | ||||
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| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
| Name
| 1pm plc | ||||
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| LEI
| N/a | ||||
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| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
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b)
| Nature of the transaction
| Purchase of Ordinary Shares | ||||
c)
| Price(s) and volume(s)
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d)
| Aggregated information
- Aggregated volume
- Price
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55,500 Ordinary Shares
45p per Ordinary Share
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e)
| Date of the transaction
| 8 June 2017 | ||||
f)
| Place of the transaction
| N/a | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| Mike Nolan | ||||
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| Reason for the notification
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a)
| Position/status
| Chief Risk Officer | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
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| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
| Name
| 1pm plc | ||||
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| LEI
| N/a | ||||
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| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
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b)
| Nature of the transaction
| Purchase of Ordinary Shares | ||||
c)
| Price(s) and volume(s)
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d)
| Aggregated information
- Aggregated volume
- Price
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55,500 Ordinary Shares
45p per Ordinary Share
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e)
| Date of the transaction
| 8 June 2017 | ||||
f)
| Place of the transaction
| N/a | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| James Roberts | ||||
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| Reason for the notification
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| Position/status
| Chief Finance Officer | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
| Name
| 1pm plc | ||||
b)
| LEI
| N/a | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
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b)
| Nature of the transaction
| Purchase of Ordinary Shares | ||||
c)
| Price(s) and volume(s)
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d)
| Aggregated information
- Aggregated volume
- Price
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22,000 Ordinary Shares
45p per Ordinary Share
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e)
| Date of the transaction
| 8 June 2017 | ||||
f)
| Place of the transaction
| N/a | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| Julian Telling | ||||
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| Reason for the notification
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| Position/status
| Non-Executive Officer | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
| Name
| 1pm plc | ||||
b)
| LEI
| N/a | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
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b)
| Nature of the transaction
| Purchase of Ordinary Shares | ||||
c)
| Price(s) and volume(s)
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d)
| Aggregated information
- Aggregated volume
- Price
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55,500 Ordinary Shares
45p per Ordinary Share
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e)
| Date of the transaction
| 8 June 2017 | ||||
f)
| Place of the transaction
| N/a | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| Edward Rimmer | ||||
2
| Reason for the notification
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a)
| Position/status
| Managing Director - Commercial Finance Division | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
| Name
| 1pm plc | ||||
b)
| LEI
| N/a | ||||
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| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
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a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
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b)
| Nature of the transaction
| Purchase of Ordinary Shares | ||||
c)
| Price(s) and volume(s)
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d)
| Aggregated information
- Aggregated volume
- Price
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33,000 Ordinary Shares
45p per Ordinary Share
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e)
| Date of the transaction
| 8 June 2017 | ||||
f)
| Place of the transaction
| N/a | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
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a)
| Name
| Ron Russell | ||||
2
| Reason for the notification
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a)
| Position/status
| Non-Executive Director | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a)
| Name
| 1pm plc | ||||
b)
| LEI
| N/a | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| |||||
a)
| Description of the financial instrument, type of instrument
Identification code
| Ordinary Shares of 10p each
| ||||
b)
| Nature of the transaction
| Purchase of Ordinary Shares | ||||
c)
| Price(s) and volume(s)
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d)
| Aggregated information
- Aggregated volume
- Price
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128,906 Ordinary Shares
45p per Ordinary Share
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e)
| Date of the transaction
| 8 June 2017 | ||||
f)
| Place of the transaction
| N/a | ||||