20 December 2022
Time Finance plc
("Time Finance", the "Group" or the "Company")
Exercise of Employee Options and Director/PDMR Shareholdings
Time Finance plc, the AIM listed independent specialist finance provider, announces the exercise of share options ("Options") under the Company's Unapproved Share Option Scheme (the "Scheme").
The Option exercises, of nil cost Options under the Scheme by certain of the Company's directors and PDMRs, have been satisfied through the allocation of existing ordinary shares held by the Time Finance Employee Benefit Trust ("EBT") and, as such, no new ordinary shares have been issued in connection with the Option exercises. Therefore, the total number of ordinary shares with voting rights in the Company following admission will remain 92,512,704. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Group under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules,
Of the aggregate of 178,500 ordinary shares allocated from the EBT in satisfying the Option exercises, 102,631 Ordinary Shares have been sold at a price of 21.2 pence per ordinary share to meet the tax liabilities arising from the exercises of Options, with the balance of Ordinary Shares from the exercises being retained by the participants in accordance with the terms of the Scheme.
| Participant | Position | Ordinary Shares from Option exercises | Ordinary Shares disposed of |
| James Roberts | CFO | 123,500 | 48,413 |
| Lorraine Neyland | PDMR | 31,000 | 10,608 |
| Phil Chesham | PDMR | 24,000 | 9,848 |
As a result of the exercise of Options and taxation related disposal of New Ordinary Shares, James Roberts, the Company's Chief Financial Officer, is now interested in 524,086 ordinary shares, representing 0.6% of the Company's issued ordinary share capital.
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) | |
| Ben Jeynes / Max Gould (Nomad) Julian Morse (Sales) | 0207 397 8900 |
| | |
| Walbrook PR | 0207 933 8780 |
| Paul Vann / Joe Walker | 07768 807631 |
| |
About Time Finance:
Time Finance's core strategy is to provide the finance UK SMEs require to fund their businesses. It offers a multi-product range for SMEs including asset, vehicle, loan and invoice finance. While focussed on being an 'own-book' lender the Group does retain the ability to broke-on deals where appropriate, 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. Phil Chesham
| ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status | 1. Chief Finance Officer 2. PDMR 3. 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 | Ordinary Shares of 10p each
| ||||
| b)
| Nature of the transaction
| Exercise of nil cost share options under Unapproved Share Option Scheme | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price |
n/a - see table above | ||||
| e)
| Date of the transactions
| 19 December 2022 | ||||
| f)
| Place of the transaction | Outside of a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated | |||||
| a)
| Name
| 1. James Roberts 2. Lorraine Neyland 3. Phil Chesham
| ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status | 1. Chief Finance Officer 2. PDMR 3. 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 | Ordinary Shares of 10p each
| ||||
| b)
| Nature of the transaction
| Sale of ordinary shares of 10p each pursuant to exercises of nil cost share options under Unapproved Share Option Scheme | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
- Aggregated volume
- Price |
n/a - see table above | ||||
| e)
| Date of the transactions
| 19 December 2022 | ||||
| f)
| Place of the transaction | AIMX | ||||
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