RNS Number : 7334B

Time Finance PLC

04 October 2022

4 October 2022

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 202,500 previously awarded nil cost options over ordinary shares of 10 pence each in the capital of the Company vested on 3 October 2022 (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 Scheme options that may vest in the future.

The Vested Options are held by the below Directors/PDMRs of the Company and may be exercised at any time prior to an expiry date of 30 September 2023.

                     Position    Number of Vested Options 
 James Roberts          CFO              123,500 
                    ----------  ------------------------- 
 Lorraine Neyland      PDMR               31,000 
                    ----------  ------------------------- 
 Alun Winter           PDMR               24,000 
                    ----------  ------------------------- 
 Phil Chesham          PDMR               24,000 
                    ----------  ------------------------- 

A further 202,500 share options previously granted under the Scheme remain unvested due to the time-based element of their criteria. Subject to the recipients' continued employment with the Group, this remaining final tranche of Scheme options would vest in October 2023.

The notifications below, provided in accordance with the requirements of the UK Market Abuse Regulation, provide further details.

 For further information, please 
 Time Finance plc 
 Ed Rimmer, Chief Executive Officer                                          01225 474230 
 James Roberts, Chief Financial Officer                                      01225 474230 
 Cenkos Securities plc (NOMAD and 
 Ben Jeynes / Max Gould (Corporate 
  Michael Johnson/George Budd (Sales)                                       0207 397 8900 
 Walbrook PR                                                                0207 933 8780 
 Paul Vann / Joe Walker                                                      07768 807631 

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 .

      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                          1. James Roberts 
                                     2. Lorraine Neyland 
                                     3. Alun Winter 
                                     4. Phil Chesham 
     ----------------------------  ------------------------------------- 
      Reason for the notification 
 a)   Position/status               1. Chief Finance Officer 
                                     2. PDMR 
                                     3. PDMR 
                                     4. PDMR 
     ----------------------------  ------------------------------------- 
 b)   Initial notification          Initial notification 
     ----------------------------  ------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
 a)   Name                          Time Finance plc 
     ----------------------------  ------------------------------------- 
 b)   LEI                           213800VG3QJGBP2MKR86 
     ----------------------------  ------------------------------------- 
      Details of the transaction(s): section to be repeated 
  4    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. 24,000 
                                        4. Nil pence    4. 24,000 
     ----------------------------  ------------------------------------- 
 d)   Aggregated information 
       - Aggregated volume            n/a - see table above 
       - Price 
     ----------------------------  ------------------------------------- 
 e)   Date of the transaction       3 October 2022 
     ----------------------------  ------------------------------------- 
 f)   Place of the transaction      Outside of a trading venue 
     ----------------------------  ------------------------------------- 

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(END) Dow Jones Newswires

October 04, 2022 07:00 ET (11:00 GMT)

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