5 Jun 2020 07:00
5 June 2020
1pm plc
("1pm", the "Group" or the "Company")
Issue of Equity following earn-out achievement
Notice of Results and AGM
1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to UK SMEs, announces a further and final issue of new ordinary shares of 10p each in the Company ("Ordinary Shares") to satisfy the achieved earn-out consideration in respect of the Company's historical acquisition of Positive Cashflow Finance Limited ("Positive"). The Company also confirms key dates in the 2020 financial calendar.
Issue of Equity
As announced on 18 June 2019, following the successful achievement of profit targets, a third and final share based earn-out payment is payable to the vendors of Positive. Accordingly, 1,388,888 new Ordinary Shares will now be issued. 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 ("Admission"), with Admission expected to take place on 10 June 2020. Following Admission, the Company's issued share capital will comprise 90,374,204 Ordinary Shares. There are no Ordinary Shares held in treasury. Therefore, in accordance with the FCA's Disclosure Guidance and Transparency Rules, the Company confirms that following Admission the total number of voting rights in the Company will be 90,374,204.
Notice of Results and Annual General Meeting
The Group is planning to announce audited annual results for the year ended 31 May 2020 on Tuesday 22 September 2020 and is proposing to hold its Annual General Meeting on Thursday 22 October 2020. In addition, the Company intends to provide a scheduled trading update on Tuesday 23 June 2020.
For further information, please contact: | |
1pm plc | |
Ian Smith, Chief Executive Officer | 07768 394162 |
James Roberts, Chief Financial Officer | 01225 474230 |
Cenkos (NOMAD) | |
Max Hartley / Ben Jeynes (Nomad) 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.