RNS Number : 7334B
Time Finance PLC
04 October 2022
 

4 October 2022

                                 

Time Finance plc

("Time Finance", the "Group" or the "Company")

 

Unapproved Share Option Scheme - Vesting of Awards

 

Director/PDMR Shareholding

 

Time Finance plc, the AIM listed independent specialist finance provider, announces that following the achievement of time-based criteria in relation to the Company's Unapproved Share Option Scheme (the "Scheme"), a total of 202,500 previously awarded nil cost options over ordinary shares of 10 pence each in the capital of the Company vested on 3 October 2022 (the "Vested Options").

 

The terms of the Scheme were previously announced by the Group on 29 October 2020 and it is intended that existing ordinary shares held by the Company's Employee Benefit Trust be utilised to meet any future exercise of these Vested Options and of any further Scheme options that may vest in the future.

 

The Vested Options are held by the below Directors/PDMRs of the Company and may be exercised at any time prior to an expiry date of 30 September 2023.

 


Position

Number of Vested Options

James Roberts

CFO

123,500

Lorraine Neyland

PDMR

31,000

Alun Winter

PDMR

24,000

Phil Chesham

PDMR

24,000

 

A further 202,500 share options previously granted under the Scheme remain unvested due to the time-based element of their criteria. Subject to the recipients' continued employment with the Group, this remaining final tranche of Scheme options would vest in October 2023.

 

The notifications below, provided in accordance with the requirements of the UK Market Abuse Regulation, provide further details.

 

For further information, please contact:


 


Time Finance plc


Ed Rimmer, Chief Executive Officer

01225 474230

James Roberts, Chief Financial Officer

01225 474230



Cenkos Securities plc (NOMAD and Broker)


Ben Jeynes / Max Gould (Corporate Finance)

Michael Johnson/George Budd (Sales)

0207 397 8900



Walbrook PR

0207 933 8780

Paul Vann / Joe Walker

07768 807631


                    Timefinance@walbrookpr.com

 

 

About Time Finance:

Time Finance's strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses and arranging vehicle and property-backed finance for consumers. The multi-product range for SMEs includes asset, vehicle, loan and invoice finance facilities. The Group operates a "hybrid" lending and broking model enabling it to optimize business levels through market and economic cycles.

 

 

More information is available on the Company website www.timefinance.com.

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

a)

 

Name

 

1.     James Roberts

2.     Lorraine Neyland

3.     Alun Winter

4.     Phil Chesham

2

 

Reason for the notification

 

a)

 

Position/status

1.     Chief Finance Officer

2.     PDMR

3.     PDMR

4.     PDMR

b)

 

Initial notification /Amendment

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

 

Name

 

Time Finance plc

b)

 

LEI

 

213800VG3QJGBP2MKR86

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

 

Identification code

Share Options over Ordinary Shares of 10p each

 

 

 

 

b)

 

Nature of the transaction

 

Vesting of Unapproved Share Option Scheme share options

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

1.     Nil pence

2.     Nil pence

3.     Nil pence

4.     Nil pence

1.     123,500

2.     31,000

3.     24,000

4.     24,000

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

n/a - see table above

e)

 

Date of the transaction

 

3 October 2022

f)

 

Place of the transaction

Outside of a trading venue

 

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