REG - Time Finance PLC - Director/PDMR Shareholdings: Vesting of Options

Time FinanceAnnouncement

03/10/2023 07:00

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RNS Number : 4634O  Time Finance PLC  03 October 2023

3 October 2023

 

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 the vesting of an aggregate of 790,166 historically awarded share
options following achievement of time-based performance criteria in relation
to the Company's 2020 Unapproved Share Option Scheme (the "2020 Scheme") and
the achievement of profit-based performance criteria in relation to the
Company's 2022 Unapproved Share Option Scheme (the "2022 Scheme").

 

The terms of the 2020 Scheme and 2022 Scheme were previously announced by the
Group on 29 October 2020 and 22 July 2022 respectively. It remains the Board's
strong intention that existing ordinary shares held by the Company's Employee
Benefit Trust will be utilised to meet any future exercise of these vested
options and also of any further 2022 Scheme options that could vest in the
future. The vested options are all held by the below Directors/PDMRs of the
Company and may be exercised at any time prior to the exercise expiry date.

 

                   Position  Number of Vested Options  Scheme       Exercise expiry
 Ed Rimmer         CEO       411,666                   2022 Scheme  30 September 2028
 Steve Nichols     PDMR      100,000                   2022 Scheme  30 September 2028
 Sharon Bryden     PDMR      100,000                   2022 Scheme  30 September 2028
 James Roberts     CFO       123,500                   2020 Scheme  30 September 2024
 Lorraine Neyland  PDMR      31,000                    2020 Scheme  30 September 2024
 Phil Chesham      PDMR      24,000                    2020 Scheme  30 September 2024

 

The 2020 Scheme is now complete with no further options under the scheme
remaining unvested.

 

There remain a further unvested 1,223,333 share options previously granted
under the 2022 Scheme. Subject to the recipients' continued employment with
the Group and the achievement of stretching profit targets for the next two
financial years, the remaining currently unvested 2022 Scheme options would
vest in equal tranches in October 2024 and October 2025.

 

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

 

Cavendish Securities plc (NOMAD and Broker)

Ben Jeynes / Charlie Combe (Corporate Finance)
                                     0207 220 0500

Michael Johnson / George Budd (Sales)

 

Walbrook PR
 
                          0207 933 8780

Paul Vann / Joe Walker
 
                 07768 807631

TimeFinance@walbrookpr.com

 

About Time Finance:

 

Time Finance's purpose is to help UK businesses thrive and survive through the
provision of flexible funding facilities. It offers a multi-product range for
SMEs concentrating on asset, 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
(http://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

                                                                   4.     Ed Rimmer

                                                                   5.     Steve Nichols

                                                                   6.     Sharon Bryden
 2    Reason for the notification

 a)   Position/status                                              1.     Chief Financial Officer

                                                                   2.     PDMR

                                                                   3.     PDMR

                                                                   4.     Chief Executive Office

                                                                   5.     PDMR

                                                                   6.     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  Share Options over Ordinary Shares of 10p each

      Identification code

 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       1.     123,500

                                                                   2.     Nil pence       2.     31,000

                                                                   3.     Nil pence       3.     24,000

                                                                   4.     Nil pence       4.     411,666

                                                                   5.     Nil pence       5.     100,000

                                                                   6.     Nil pence       6.     100,000
 d)   Aggregated information

      - Aggregated volume                                          n/a - see table above

      - Price
 e)   Date of the transaction                                      2 October 2023

 f)   Place of the transaction                                     Outside of a trading venue

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

n/a - see table above

e)

 

Date of the transaction

 

2 October 2023

f)

 

Place of the transaction

Outside of a trading venue

 

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