Business
New Debt Facilities
New Debt Facilities.
About this update from Time Finance Plc
[{"type":"text","content":"\n 1PM PLC\n\n(\"1PM\" or the \"Company\")\n\nNew Debt Facilities\n\n\nThe board of 1PM, the AIM quoted independent provider of asset finance facilities to small businesses, is pleased to\nadvise shareholders of a significant increase in bank facilities available to the Company.\n\nTwo of the Company's existing funders have reviewed and increased the facilities made available to the Company by a\ntotal of £500,000 and a third funder has reinstated a line of £500,000. This increases the total funding lines available\nto the Company from £1,000,000 to £2,000,000. Of this facility the funds available for lending have increased from\n£132,000 to £848,730, an increase of 543%. All funding lines are on a revolving basis.\n\nMike Johnson, Executive Chairman, commented, \"These increases clearly demonstrate the confidence our funders have in the\nrepositioning of the Company and the depth of experience within the restructured Board, thus enabling us to maximise\nthese revolving facilities and continue developing the business in line with designated projections.\"\n\n29 November 2007\n\nFor further information, contact:\n\n1pm plc Mike Johnson 08707 397 397\n Chairman\n\nBlomfield Corporate Finance Limited Nick Harriss 020 7512 0191\n\nSVS Securities plc Ian Callaway 020 7638 5600 \n ","length":1490,"tagName":"div"}]