Exercise of Options & Director/PDMR Shareholdings

RNS Number : 5796B

Time Finance PLC

14 February 2022

 

14 February 2022

Time Finance plc

("Time Finance", the "Group" or the "Company")

Exercise of Employee Options and Director/PDMR Shareholdings

Time Finance plc, the AIM listed independent specialist finance provider, announces the exercise of share options ("Options") under the Company's Unapproved Share Option Scheme (the "Scheme").

The Option exercises, of nil cost Options under the Scheme by certain of the Company's directors and PDMRs, have been satisfied through the allocation of existing ordinary shares held by the Time Finance Employee Benefit Trust ("EBT") and, as such, no new ordinary shares have been issued in connection with the Option exercises.  Therefore, the total number of ordinary shares with voting rights in the Company following admission will remain 92,512,704. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Group under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules,

Of the aggregate of 171,500 ordinary shares allocated from the EBT in satisfying the Option exercises, 102,631 Ordinary Shares have been sold at a price of 26 pence per ordinary share to meet the tax liabilities arising from the exercises of Options, with the balance of Ordinary Shares from the exercises being retained by the participants in accordance with the terms of the Scheme.

Participant	Position	Ordinary Shares from Option exercises	Ordinary Shares disposed of
James Roberts	CFO	123,500	75,087
Alun Winter	PDMR	24,000	13,392
Phil Chesham	PDMR	24,000	14,152

As a result of the exercise of Options and taxation related disposal of New Ordinary Shares, James Roberts, the Company's Chief Financial Officer, is now interested in 448,999 ordinary shares, representing 0.5% of the Company's issued ordinary share capital.

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)
Ben Jeynes / Max Gould (Nomad) Julian Morse (Sales)	0207 397 8900
Walbrook PR	0207 933 8780
Paul Vann / Nicholas Johnson	07768 807631
	[e-mail]

About Time Finance:

Time Finance's core strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses. It offers a multi-product range for SMEs including asset, vehicle, loan and invoice finance. While primarily an 'own-book' lender the Group does 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.  Alun Winter 3.  Phil Chesham
2	Reason for the notification
a)	Position/status	1.  Chief Finance Officer 2.  PDMR 3.  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	Ordinary Shares of 10p each
b)	Nature of the transaction	Exercise of nil cost share options under Unapproved Share Option Scheme
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.  Nil pence 2.  Nil pence 3.  Nil pence 1.  123,500 2.  24,000 3.  24,000
d)	Aggregated information - Aggregated volume - Price	n/a - see table above
e)	Date of the transaction	11 February 2022
f)	Place of the transaction	Outside of a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.  James Roberts 2.  Alun Winter 3.  Phil Chesham
2	Reason for the notification
a)	Position/status	1.  Chief Finance Officer 2.  PDMR 3.  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	Ordinary Shares of 10p each
b)	Nature of the transaction	Sale of ordinary shares of 10p each pursuant to exercises of nil cost share options under Unapproved Share Option Scheme
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.  26 pence 2.  26 pence 3.  26 pence 1.  75,087 2.  13,392 3.  14,152
d)	Aggregated information - Aggregated volume - Price	n/a - see table above
e)	Date of the transaction	11 February 2022
f)	Place of the transaction	AIMX

 

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