LONDON (ShareCast) - (ShareCast News) - AIM-listed 1pm has announced plans to launch a secured loan note programme (SLNP) to raise up to £7.5m in borrowing from private and institutional investors to meet demand for loans from SMEs and provide the flexibility to fund adjacent products and potential acquisitions.
The company, which provides finance facilities to the SME sector, said the SLNP will be arranged and administered through LGB Corporate Finance, which will also act as a security trustee.

It is proposed the programme will be established with the flexibility for the group to issue loan notes with a range of maturities, repayment profiles and interest rates, fixed at the date of issue.

1pm plans to complete the first draw down under the SLNP within the next calendar month.

Chief executive officer Ian Smith said: "1pm has successfully utilised funding from high net worth lenders in the past. This programme creates a more structured funding mechanism that can also be utilised by family offices and institutional investors.

"We are increasingly see opportunities to provide asset-backed loans to SMEs for 'special situations' and this form of finance is expected to provide the flexibility and resources to capitalise on these opportunities.

At 1535 GMT, the shares were down 1.6% to 60p.

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