1pm acquires MH Holdings for £12m

28th Jul 2015 17:00

(ShareCast News) - Finance firm 1pm has acquired MH Holdings for £12m and plans to raise £7.3m in a placing of shares to fund the deal.MH Holdings is a provider of equipment finance and an equipment and vehicles broker with an annualised turnover of £5.1m. It is the only trading company of which is Academy Leasing in Warrington.Chairman Ian Smith said: "The acquisition of MHH substantially increases the size of our business and significantly expands both our customer base and our portfolio of products and services."Furthermore, 1pm plans to raise £6.5m before expenses pursuant to the placing and £0.76m pursuant to the open offer to fund the acquisition.WH Ireland, the company's nominated adviser, lead the deal and announced on Tuesday that, in line with research procedures, it has suspended its forecasts, recommendation and target price.1pm announced last week a maiden dividend as it reported a 20% hike in pre-tax profits for the year. The AIM listed company posted pre-tax up a fifth to £1.62m, from £1.35m the year before.Shares were down 2.96% to 65.5p on Tuesday.