Business
Placing of New Shares, New Debt Facilities &...
Placing of New Shares, New Debt Facilities &....
About this update from Time Finance Plc
[{"type":"text","content":"\n 1PM PLC\n (\"1PM\" or the \"Company\")\n Announcement of Placing of New Shares, New Debt Facilities & Board Changes\n\n24 October 2007\n\nThe Company is pleased to announce that it has raised approximately £675,000\nbefore expenses through an equity placing by SVS Securities (the \"Placing\"). The\ndirectors of the Company have subscribed for shares to the value of £310,000 in\nthe Placing. The Placing was significantly oversubscribed.\n\nThe placing monies will increase 1pm's capital base enabling the Company to\nwrite a greater volume of business than recently possible and thus exploit the\nopportunities within the thriving £5 billion traditional small ticket leasing\nmarket.\n\nIn conjunction with the Placing, the Company is also pleased to announce the\nfollowing changes to the Board:\n\nMichael (\"Mike\") Richard Johnson (63) has been appointed as full-time executive\nchairman with immediate effect. Mike Johnson joined 1pm in February 2007 as non-\nexecutive chairman, bringing over 30 years experience in the asset finance\nindustry, to help accelerate the growth of the business.\n\nMaria-Louise (\"Maria\") Hampton (29) has been appointed as operations director\nwith immediate effect. Maria has worked for the Company since 2003. She has\nbeen instrumental in the restructuring of 1pm's business procedures and\nimplementing strict underwriting procedures and controlled debt management\nsystems.\n\nAs a result of the procedures Maria has put in place, 1pm has seen a significant\nimprovement in bad debt levels which have fallen from 8 per cent in May 2006 to\n2 per cent. in the first quarter of this financial year.\n\nPaul David (\"Paul\") Connell (40) has been appointed as a non-executive director\nwith immediate effect. Paul set up and still owns, First Financial (UK) Limited\nin 1990. First Financial is a general finance broker based in Bexley, Kent. Paul\nis experienced in asset finance lending and has previously worked with chairman\nMike Johnson at First Sierra Financial Inc, a large US asset finance group\nduring the late 1990s.\n\nAnthony (\"Tony\") Ffrancon Williams (49) has stepped down as a director with\nimmediate effect. The board would like to thank him for his efforts.\n\nRodney Owen Channon (49) remains as finance director.\n\nThe following directors have subscribed for shares in the placing:\n\nName No. o...