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Directorate change ,Placing and Additional Debt...
Directorate change ,Placing and Additional Debt....
About this update from Time Finance Plc
[{"type":"text","content":"\n 1 June 2009\n 1pm plc\n\n (\"1pm\" or the \"Company\")\n\n Placing, Directorate Change and Additional Debt Financing\n\nDirectorate Change\n\n1pm, the small ticket leasing company which provides funding for small and\nemerging businesses that have a proven payment history, is pleased to announce\nthat Ronald Russell (FCCA), aged 53, was appointed to the board of 1pm as a Non-\nExecutive Director on 29 May 2009.\n\nRonald Russell has been a strong supporter of the Company since floatation. He\nhas an extensive background in both investing and advising smaller businesses.\nRonald Russell is currently a director of UK Private Healthcare Limited, Scot-\nLeasing Limited, Polish Private Healthcare Limited, and a partner of Delron LLP.\nHe has also been a director of the following companies in the past 5 years:\n\n- Cheadle Royal Hospital Limited;\n- Cheadle Royal Healthcare Limited;\n- Affinity Hospitals Holding Limited;\n- Affinity Hospitals Limited;\n- Affinity Hospitals Group Limited;\n- Middleton St George Healthcare Limited;\n- The Orthodontic Clinic Limited; and\n- Intrepid Investment Limited.\n\nFollowing the Placing (as defined below) Ronald Russell will hold 368,323,336\nordinary shares of £0.0006818 each in the Company (\"Ordinary shares\"),\nrepresenting approximately 24.25% per cent. of the issued share capital.\n\nIn accordance with paragraph (g) of Schedule Two to the AIM Rules for Companies,\nthe Company confirms that there are no further matters to be disclosed in\nrespect of Ronald Russell's appointment.\n\nIt is with regret that 1pm has been informed of the resignation of Paul Connell\nwhich was effective as of 29 May 2009. The Board would like to thank him for\nhis contribution to the Company since joining as a Non-Executive Director in\nOctober 2007.\n\n\nPlacing\n\n1pm is also pleased to announce that it has successfully completed a secondary\nplacing. The Company is encouraged by the amount that was raised given the\ncurrent market environment, which was more than the Company initially\nanticipated. The placing consists of 728,250,000 Ordinary Shares (\"Placing\nShares\") at a price of 0.07 pence per Placing Share (\"Placing Price\") raising\n£509,775 before costs and expenses (\"Placing\"). In addition 18,206,250 new\nOrdinary Shares (\"New Ordinary Shares\") have been issued to SVS, at the Placing\nPrice, in...