Business
Completion of Acquisition & Director/PDMR Dealings
Completion of Acquisition & Director/PDMR Dealings.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 5236H 1PM PLC 08 June 2017 \n\n \n8 June 2017\n1pm plc\n(the \"Group\" or the \"Company\")\n \nCompletion of Tracx Finance Limited acquisition,\nDirectorate change\nand\nDirector/PDMR dealings\n \nFurther 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.\n \nFollowing 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.\n \nThe 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.\n \nThe 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. \n \nCommenting 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...