Business
New Block Discounting Facilit
New Block Discounting Facilit.
About this update from Time Finance Plc
[{"type":"text","content":"\n RNS Number : 9804V 1PM PLC 11 November 2010 \n \n\n1PM PLC\n(AIM: OPM)\n \nNew Block Discounting Facility\n \n1pm plc (\"1pm\" or \"the Company\"), the specialist provider of lease asset finance to the SME sector, is pleased to announce that it has agreed a new block discounting facility of up to £500,000 (\"the BD Facility\"). The BD Facility will be exclusively used for the purpose of writing new lease contracts\n \nAs previously announced, trading in the financial year to date has been very positive. Since the start of the financial year (31 May 2010) the lease portfolio has grown by 34.5 per cent. and as at 31 October 2010 was valued at £8.7m adding value to our balance sheet. Block discount funding is an important source of funding to the Company and, alongside the loan from Ron Russell announced in October, the BD Facility will provide additional capital to support further growth of the lease portfolio.\n \nMichael Johnson, Chairman of 1pm, commented:\n \n\"It is excellent news that we have agreed a new block discounting facility which we believe shows improving confidence in 1pm and the market which we operate. Given the very strong growth in sales this financial year the timing of new funds is pleasing as we are seeing a significant opportunity for 1pm to take further advantage of improving market conditions.\"\n \n\n\n\n\nContacts:\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n1pm plc\n\n\nwww.1pm.co.uk\n\n\n\n\nMike Johnson, Chairman\n\n\n+44 (0) 844 967 0944\n\n\n\n\nMaria Hampton, Managing Director\n\n\n+44 (0) 844 967 0944\n\n\n\n\n\n\n\n\n\n\n\n\nWH Ireland Limited\n\n\nwww.wh-ireland.co.uk\n\n\n\n\nMike Coe / Marc Davies\n\n\n+44 (0) 117 945 3470\n\n\n\n\n \n\nThis information is provided by RNSThe company news service from the London Stock Exchange END MSCFMMMMVGRGGZM \n ","length":4299,"tagName":"div"}]