Time Finance PLC Director/PDMR Shareholdings: Vesting of Options (4634O)
03 Octubre 2023 - 1:00AM
UK Regulatory
TIDMTIME
RNS Number : 4634O
Time Finance PLC
03 October 2023
3 October 2023
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 the vesting of an aggregate of 790,166
historically awarded share options following achievement of
time-based performance criteria in relation to the Company's 2020
Unapproved Share Option Scheme (the "2020 Scheme") and the
achievement of profit-based performance criteria in relation to the
Company's 2022 Unapproved Share Option Scheme (the "2022
Scheme").
The terms of the 2020 Scheme and 2022 Scheme were previously
announced by the Group on 29 October 2020 and 22 July 2022
respectively. It remains the Board's strong intention that existing
ordinary shares held by the Company's Employee Benefit Trust will
be utilised to meet any future exercise of these vested options and
also of any further 2022 Scheme options that could vest 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 the exercise expiry date.
Position Number of Vested Scheme Exercise expiry
Options
Ed Rimmer CEO 411,666 2022 Scheme 30 September 2028
--------- ----------------- ------------ ------------------
Steve Nichols PDMR 100,000 2022 Scheme 30 September 2028
--------- ----------------- ------------ ------------------
Sharon Bryden PDMR 100,000 2022 Scheme 30 September 2028
--------- ----------------- ------------ ------------------
James Roberts CFO 123,500 2020 Scheme 30 September 2024
--------- ----------------- ------------ ------------------
Lorraine Neyland PDMR 31,000 2020 Scheme 30 September 2024
--------- ----------------- ------------ ------------------
Phil Chesham PDMR 24,000 2020 Scheme 30 September 2024
--------- ----------------- ------------ ------------------
The 2020 Scheme is now complete with no further options under
the scheme remaining unvested.
There remain a further unvested 1,223,333 share options
previously granted under the 2022 Scheme. Subject to the
recipients' continued employment with the Group and the achievement
of stretching profit targets for the next two financial years, the
remaining currently unvested 2022 Scheme options would vest in
equal tranches in October 2024 and October 2025.
The notifications below, provided in accordance with the
requirements of the UK 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
Cavendish Securities plc (NOMAD and Broker)
Ben Jeynes / Charlie Combe (Corporate Finance) 0207 220 0500
Michael Johnson / George Budd (Sales)
Walbrook PR
0207 933 8780
Paul Vann / Joe Walker
07768 807631
TimeFinance@walbrookpr.com
About Time Finance :
Time Finance's purpose is to help UK businesses thrive and
survive through the provision of flexible funding facilities. It
offers a multi-product range for SMEs concentrating on asset, loan
and invoice finance. While focussed on being an 'own-book' lender,
the Group does retain the ability to broke-on deals where
appropriate, 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. Phil Chesham
4. Ed Rimmer
5. Steve Nichols
6. Sharon Bryden
---------------------------- -------------------------------------
Reason for the notification
2
-------------------------------------------------------------------
a) Position/status 1. Chief Financial Officer
2. PDMR
3. PDMR
4. Chief Executive Office
5. PDMR
6. PDMR
---------------------------- -------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------- -------------------------------------
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. 411,666
5. Nil pence 5. 100,000
6. Nil pence 6. 100,000
------------
---------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume n/a - see table above
- Price
---------------------------- -------------------------------------
e) Date of the transaction 2 October 2023
---------------------------- -------------------------------------
f) Place of the transaction Outside of a trading venue
---------------------------- -------------------------------------
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END
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October 03, 2023 02:00 ET (06:00 GMT)
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