Business
Capital Reorganisation
Capital Reorganisation.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 6784J 1PM PLC 19 July 2013 \n \n\n19 July 2013\n1PM PLC\n(AIM: OPM)\n \nPosting of Annual Report\nand\nProposed Capital Reorganisation\n \n1pm plc (\"1pm\" or \"the Company\"), the AIM traded specialist provider of asset finance facilities to the SME sector, announces that its Notice of AGM and Annual Report and Accounts for the year ended 31 May 2013 are being sent to shareholders today. In addition, the Company is also sending a circular and notice of a general meeting convened to approve, inter alia, a proposed capital reorganisation (the \"Circular\"). The above documents can be viewed from the Company's website, www.1pm.co.uk \n \nBackground to and reasons for the Capital Reorganisation\n \nThe Company proposes to carry out the Capital Reorganisation such that every Existing Ordinary Share will be consolidated into New Ordinary Shares on the basis of 0.006818 New Ordinary Shares for each 1 Existing Ordinary Share. \n \nThe Company's current share capital is divided into 4,395,618,769 ordinary shares of 0.068181817561983476709241120825081)pence each. Over the twelve months ending at close of business on 17 July 2013 (the latest practical date prior to the publication of the Circular) the Company's share price on AIM has ranged between 0.075p and 0.295p.\n \nThe trading performance of the Company over the past two financial years has improved significantly, culminating in the recent announcement of its results for the financial year to 31 May 2013.The Company reported revenues of £3.11m (2012: £2.31m, 2011: £1.33m) and pre-tax profits of £0.77m (2012: £0.44m, 2011: £0.20m ). In addition, the Company's lease portfolio as at 31 May 2013 was £14.8m which represents an increase of 126 per cent. from the level reported as at 31 May 2010 (£6.55m).\n \nTo reinforce the trading and financial progress made by the Company, the Board believes that it would be appropriate and beneficial to both the Company and its Shareholders to undertake the Capital Reorganisation. The Capital Reorganisation will, if implemented, allow the Company's share price to be consolidated such that it is no longer at a sub penny share price. \n \nUnder the Capital Reorganisation, which is proposed to be effected pursuant to the power to consolidate shares provided in Article 43.1 of the ...