REG - Time Finance PLC - New LTIP & Director/PDMR Shareholding

Time FinanceAnnouncement

22/07/2022 07:00

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RNS Number : 4213T  Time Finance PLC  22 July 2022

22 July 2022

 

Time Finance plc

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

 

 

New Long Term Incentive Plan

 

Director/PDMR Shareholding

 

Time Finance plc, the AIM listed specialist finance provider announces the
establishment of a 2022 Share Option Scheme (the "2022 Option Scheme" or the
"Scheme"). The 2022 Option Scheme has been designed to incentivise and retain
the Company's executives and senior management to deliver sustainable growth
for the Company's shareholders and any options awarded under the 2022 Option
Scheme are expected to be satisfied without further dilution for the Group's
shareholders. The Group also announces awards of share options under the 2022
Option Scheme as set out below.

 

2022 Share Option Scheme

 

The Company has established the 2022 Option Scheme as an unapproved (i.e. non
tax-advantaged) share option scheme under which nil-cost options over ordinary
shares of 10 pence each in the capital of the Company ("Options") may be
awarded. Options awarded under the 2022 Option Scheme will be subject to a
three-year vesting period from the date of grant, with the number of awards
which ultimately vest dependent on the grantee's continued service and on
stretching performance conditions set by the Time Finance Remuneration
Committee.

 

The Options today awarded under the 2022 Option Scheme, details of which are
provided below, are the only Options that will be awarded under the Scheme. No
future Option awards will be made under the 2022 Option Scheme.

 

As a result, it is currently expected that the Options awarded under the 2022
Option Scheme will be capable of being satisfied in full from unallocated
existing ordinary shares held by the Company's Employee Benefit Trust, without
any further dilutionary effect.

 

The sale of ordinary shares acquired pursuant to exercises of Options will not
be permitted for a period of 12 months, save for sales of ordinary shares to
meet the income tax and both the employee and employer National Insurance
liabilities on exercise, subject to orderly market and closed period
restrictions. The sale of ordinary shares in the ensuing period of 12 months
will be permitted subject to orderly market and close period restrictions.

 

Following the implementation of the 2022 Share Option Scheme, no further share
options will be awarded under the Company's 2020 Share Option Scheme, details
of which were announced by the Company on 29 October 2020 (the "2020 Option
Scheme"). 405,000 unvested share options remain in issue under the 2020 Option
Scheme.

 

Share Option Awards

 

Under the 2022 Option Scheme, the Company has today granted a total of
1,835,000 Options (the "Awarded Options"), representing 1.98 per cent. of the
Company's current undiluted issued ordinary share capital.

 

The Awarded Options will vest in three equal tranches over a three-year period
subject to stretching annual performance conditions in respect of the
profitability of the Group over the three years ended 31 May 2025 and to
Remuneration Committee discretion.

 

Vested Awarded Options may be exercised at nil-cost from the date of vesting
up until the date falling 5 years from the date of vesting, provided that the
recipient remains an employee of the Group at the date that the Awarded
Options are exercised.

 

Of the Awarded Options, 1,235,000 Awarded Options have been granted to Ed
Rimmer, the Company's Chief Executive Officer and the remaining 600,000
Awarded Options have been granted to PDMR's of the Group. The notifications
below, provided in accordance with the 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)  0207 397 8900

 Julian Morse (Sales)

 Walbrook PR                                 0207 933 8780
 Paul Vann /Joseph Walker                    07768 807631
                                             Timefinance@walbrookpr.com

 

 

 

About Time Finance:

Time Finance's core strategy is to focus on providing or arranging 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 primarily an
'own-book' lender the Group does 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
(http://www.timefinance.com/) .

 

 

 The information below is disclosed in accordance with Article 19 of the EU
 Market Abuse Regulation.

1     Details of the person discharging managerial responsibilities / person closely
    associated
 a)    Name                                                         1)    Ed Rimmer

                                   2)    Steve Nichols

                                   3)    Sharon Bryden

 2  Reason for the notification
 a)    Position/status                                              1)    Chief Executive 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  Ordinary Shares of 10p each

        Identification code

                                   ISIN: GB00BCDBXK43

 b)    Nature of the transaction                                    Award of nil-cost share options

 c)    Price(s) and volume(s)

 Price(s)       Volume(s)
                                                                 1)    nil      1,235,000

                                   2)    nil      300,000

                                   3)    nil      300,000

 d)    Aggregated information

    -Aggregated volume                                           n/a single transactions

    -Price

 e)    Date of the transaction                                      1)    21 July 2022

                                   2)    21 July 2022

                                   3)    21 July 2022

 f)    Place of the transaction                                     Outside of a trading venue

 d)

 Aggregated information

 - Aggregated volume

 - Price

  n/a single transactions

 e)

 Date of the transaction

 1)    21 July 2022

 2)    21 July 2022

 3)    21 July 2022

 f)

 Place of the transaction

 Outside of a trading venue

d)

Aggregated information

- Aggregated volume

- Price

 

 n/a single transactions

 

 

e)

Date of the transaction

1)    21 July 2022

2)    21 July 2022

3)    21 July 2022

 

 

f)

Place of the transaction

Outside of a trading venue

 

 

 

 

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