Business
Issue of Equity & Director/PDMR Dealings
Issue of Equity & Director/PDMR Dealings.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 4682V 1PM PLC 03 November 2017 \n\n \n03 November 2017\n1pm plc\n(the \"Group\" or the \"Company\")\n\nAcquired entities achieve earn-out targets\nIssue of equity and Director/PDMR dealings.\n1pm 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. \nThe consideration now payable to the vendors of Academy is approximately £1.31 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.\nThe consideration now payable to the vendors of Bradgate is approximately £0.18 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.\nThe 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.\nApplication has been made for 2,297,838 new Ordinary Shares to be admitted to trading on AIM, wi...