REG - Time Finance PLC - Vesting of Share Options

Time FinanceAnnouncement

01/10/2021 07:00

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RNS Number : 6968N  Time Finance PLC  01 October 2021

1 October 2021

 

 

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
305,500 previously awarded nil cost options over ordinary shares of 10 pence
each in the capital of the Company have today vested (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 vesting associated with the Scheme that may arise
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 an expiry date of 30 September 2022
being 12 months from today's vesting date.

 

                   Position  Number of Vested Options
 James Roberts     CFO       123,500
 Jennifer Bodey    PDMR      31,000
 Lorraine Neyland  PDMR      31,000
 Holly Mapstone    PDMR      24,000
 Alun Winter       PDMR      24,000
 Phil Chesham      PDMR      24,000
 Tansy Cunningham  PDMR      24,000
 David Jones       PDMR      24,000

 

A further 611,000 share options previously granted under the Scheme remain
unvested due to the time-based element of their criteria. Subject to continued
employment this would see half of the remaining figure vest in October 2022
and the final half in October 2023 proportionate to the allocation of those
that have vested today.

 

The notification below, provided in accordance with the requirements of the UK
Market Abuse Regulation, provides 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 / Nicholas Johnson                07768 807631
                                             paul.vann@walbrookpr.com (mailto:paul.vann@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
(http://www.timefinance.com) .

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         1.     James Roberts

                                                                   2.     Jennifer Bodey

                                                                   3.     Lorraine Neyland

                                                                   4.     Holly Mapstone

                                                                   5.     Alun Winter

                                                                   6.     Phil Chesham

                                                                   7.     Tansy Cunningham

                                                                   8.     David Jones
 2    Reason for the notification

 a)   Position/status                                              1.     Chief Finance Officer

                                                                   2.     PDMR

                                                                   3.     PDMR

                                                                   4.     PDMR

                                                                   5.     PDMR

                                                                   6.     PDMR

                                                                   7.     PDMR

                                                                   8.     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.     31,000

                                                                   4.     Nil pence       4.     24,000

                                                                   5.     Nil pence       5.     24,000

                                                                   6.     Nil pence       6.     24,000

                                                                   7.     Nil pence       7.     24,000

                                                                   8.     Nil pence       8.     24,000

 d)   Aggregated information

      - Aggregated volume                                          n/a - see table above

      - Price
 e)   Date of the transaction                                      1 October 2021

 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

 

1 October 2021

f)

 

Place of the transaction

Outside of a trading venue

 

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