Director/PDMR Shareholding

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 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) Michael Johnson/George Budd (Sales)	0207 397 8900
Walbrook PR	0207 933 8780
Paul Vann / Joe Walker	07768 807631
	[e-mail]

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.  Lorraine Neyland 3.  Alun Winter 4.  Phil Chesham
2	Reason for the notification
a)	Position/status	1.  Chief Finance Officer 2.  PDMR 3.  PDMR 4.  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 Identification code	Share Options over Ordinary Shares of 10p each
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 2.  Nil pence 3.  Nil pence 4.  Nil pence 1.  123,500 2.  31,000 3.  24,000 4.  24,000
d)	Aggregated information - Aggregated volume - Price	n/a - see table above
e)	Date of the transaction	3 October 2022
f)	Place of the transaction	Outside of a trading venue

 

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