TIDMOPM

RNS Number : 4682V

1PM PLC

03 November 2017

03 November 2017

1pm plc

(the "Group" or the "Company")

Acquired entities achieve earn-out targets

Issue of equity and Director/PDMR dealings.

1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to the SME sector, is pleased to announce that both Academy Leasing Limited ("Academy") and Bradgate Business Finance Limited ("Bradgate"), successfully achieved their respective earn-out targets for the financial year ended 31 May 2017. Accordingly, the Company announces an issue of equity to satisfy earn-out consideration due to the vendors of Academy and Bradgate.

The consideration now payable to the vendors of Academy is approximately GBP1.31 million, payable in new ordinary shares of 10p each in the Company ("New Ordinary Shares") at a price of 66.7p per New Ordinary Share. As a result the Company will issue 1,960,270 New Ordinary Shares, including 1,469,497 to be issued to Michael Nolan, Managing Director - Asset Finance Division. Following the issue of New Ordinary Shares, Mr Nolan will have a total interest in 5,430,103 ordinary shares in the Company, representing approximately 6.31 per cent. of its issued share capital. This issue of shares completes the earn-out relating to Academy.

The consideration now payable to the vendors of Bradgate is approximately GBP0.18 million, payable in New Ordinary Shares at a price of 54.31p per New Ordinary Share, representing the average quoted closing price of the Company's shares for the 30-day period to 31 May 2017. Accordingly, the Company will issue 337,568 New Ordinary Shares to the vendors of Bradgate, including 168,480 New Ordinary Shares to Ian Sullivan, a PDMR, and 304 New Ordinary Shares to his wife Joanna Sullivan; and 168,480 New Ordinary Shares to Richard Arnold, a PDMR, and 304 New Ordinary Shares to his wife Claire Arnold. This issue of shares relates to the first year of a three-year earn-out for Bradgate.

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 date of issue.

Application has been made for 2,297,838 new Ordinary Shares to be admitted to trading on AIM, with admission expected to take place on 6 November 2017. Following admission, the Company's issued share capital will consist of 86,100,936 ordinary shares. There are no ordinary shares held in treasury. Therefore, in accordance with the FCA's Disclosure and Transparency Rule 5.6.1, the Company confirms that following Admission, the total number of voting rights in the Company will be 86,100,936.

A further announcement will be made following Admission regarding the PDMR dealings in accordance with article 19(3) of the Market Abuse Regulation:

For further information please contact:

1pm plc

Ian Smith, Chief Executive Officer

James Roberts, Chief Financial Officer 01225 474230

Cenkos (NOMAD)

Max Hartley (NOMAD). Julian Morse (Sales) 0207 397 8900

Walbrook PR

Paul Vann 0117 985 8989

                                                                                                                                             or   07768 807631

Paul.vann@walbrookpr.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

IOEKMMGMKFLGNZG

(END) Dow Jones Newswires

November 03, 2017 03:00 ET (07:00 GMT)

Time Finance (LSE:TIME)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Time Finance Charts.
Time Finance (LSE:TIME)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Time Finance Charts.