Time Finance PLC Vesting of Share Options (6968N)
October 01 2021 - 2:00AM
UK Regulatory
TIDMTIME
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)
Julian Morse (Sales) 0207 397 8900
Walbrook PR 0207 933 8780
Paul Vann / Nicholas Johnson 07768 807631
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 .
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 Initial notification
/Amendment
---------------------------- -------------------------------------
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 Share Options over Ordinary Shares
financial instrument, of 10p each
type of instrument
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
---------------------------- -------------------------------------
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