March brought a welcome boost for listed lessors 1pm plc and St Helen’s Finance plc, with both raising funds for new growth during the month.
For AIM-quoted 1pm, a fresh issue of securities saw £1.15 million (€1.27 million) raised for portfolio growth, which the company said would allow it to reduce gearing on its lease book, allowing better margins on new business.
At the start of the month, however, 1pm’s financial director Rod Channon stepped down from his position, as the company reeled in the wake of £220,000 interim losses caused by heavy write-offs.
Nevertheless, 1pm now claims new business levels ahead of expectations, and that the second half of its financial year, ending in May 31, will “accelerate” the business’s return to profitability.
Meanwhile, St Helen’s Finance plc, a company listed on the PLUS market, has raised funds for new professions finance subsidiary SHF Legal through a convertible loan note offering by City of London Group (COLG).
As a result of the deal, COLG will have the option to acquire a 20 percent equity stake in SHF legal for £125,000 at any point until March 11, and will provide a £1 million lending facility for a new product line.
In addition, COLG also has the option to acquire a further 5 percent of SHF Legal for £132,000 at any time up to 31 March 2013.
Fred Crawley
