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1pm completes acquisition of invoice finance provider

1pm Plc completed the acquisition of invoice finance provider Tracx Finance Ltd., including its wholly owned trading subsidiary, Gener8 Finance Ltd.

As part of the deal, Edward Rimmer was appointed to 1pm's board as managing director of the company's newly established commercial finance division and CEO of Gener8 Finance.

Also June 8, 28,861,117 new ordinary shares of 1pm were admitted to trading on AIM, comprising a placement of 22 million shares at 45 pence apiece to raise £9.9 million and an open offer to existing shareholders of 6,861,117 new ordinary shares at the same price on a 1-for-8 basis, which raised £3.1 million. The open offer was 110% subscribed.

Tracx Finance was acquired for total cash consideration of about £5.3 million, funded by a portion of the net proceeds from the fundraising. 1pm said in May that it would use the remainder of the proceeds to finance the initial consideration for a second possible invoice finance acquisition, as well as to strengthen its balance sheet.

The Bath, U.K.-based company noted that its enlarged share capital comprises 83,750,052 ordinary shares after admission of the shares to trading on AIM.