1pm announces placing, open offer

1pm has announced a placing and open offer for up to £13.0m, via the issue of up to 28.86m new shares at 45p each, the proceeds being used in part to satisfy the £5,25n cash consideration for the purchase of Tracx Finance Ltd.

The remaining net proceeds would be used to finance the initial consideration for a further possible acquisition and to strengthen the company's balance sheet.

Tracx Finance wholly owned Gener8 Finance Ltd, a specialist invoice finance provider to SMEs.

"The remaining net proceeds will be used to finance the initial consideration for a further Possible Acquisition and to strengthen the Company's balance sheet," the company said.

At 9:30am: (LON:OPM) 1pm PLC share price was -5p at 50.5p