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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