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Time Finance plc announced the vesting of an aggregate of 611,666 share options on 3 October 2024 from its 2022 Unapproved Share Option Scheme, following the achievement of profit-based performance criteria. These nil-cost options, exercisable until 30 September 2028, were awarded to CEO Ed Rimmer (411,667), PDMR Steve Nichols (100,000), and PDMR Sharon Bryden (100,000).
| Date | 4 Oct 2024 |
| Time | 07:00:05 |
| Category | Director/PDMR dealings |
| ID | 9028G |
04 October 2024
Time Finance plc
("Time Finance", the "Group" or the "Company")
Unapproved Share Option Scheme - Vesting of Option Awards
Time Finance plc, the AIM listed independent specialist finance provider, announces the vesting of an ag-gregate of 611,666 historically awarded share options following 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 2022 Scheme were previously announced by the Group on 22 July 2022. 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 in the amounts below and may be exercised at nil-cost at any time prior to the exercise expiry date.
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Name |
Position |
Number of Vested Options |
Exercise Expiry |
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Ed Rimmer |
CEO |
411,667 |
30 September 2028 |
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Steve Nichols |
PDMR |
100,000 |
30 September 2028 |
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Sharon Bryden |
PDMR |
100,000 |
30 September 2028 |
There remain a further unvested 611,667 share options previously granted under the 2022 Scheme. Sub-ject to the recipients' continued employment with the Group and the achievement of stretching profit targets for the current financial year, the remaining unvested 2022 Scheme options would vest in October 2025.
The notifications below, provided in accordance with the requirements of the UK Market Abuse Regula-tion, provide further details.
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For further information, please contact: |
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Time Finance plc |
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Ed Rimmer, Chief Executive Officer |
01225 474230 |
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James Roberts, Chief Financial Officer |
01225 474230 |
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Cavendish Capital Markets (NOMAD and Broker) |
0207 220 0500 |
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Ben Jeynes / Dan Hodkinson (Corporate Finance) Michael Johnson / George Budd / Charlie Combe (Sales and ECM) |
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Walbrook PR |
0207 933 8780 |
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Nick Rome / Joe Walker |
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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 appro-priate, enabling it to optimize business levels through market and economic cycles. More information is available on the Company website: www.timefinance.com.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
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1 |
Details of the person discharging managerial responsibilities / person closely associated |
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a) |
Name |
1. Ed Rimmer 2. Steve Nichols 3. Sharon Brydon
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2 |
Reason for the notification |
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a) |
Position/status |
1. Chief Executive Officer 2. PDMR 3. PDMR
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b) |
Initial notification /Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Time Finance plc |
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b) |
LEI |
213800VG3QJGBP2MKR86
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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 |
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a)
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Description of the financial instrument, type of instrument Identification code |
Ordinary Shares of 10p each
ISIN: GB00BCDBXK43
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b) |
Nature of the transaction |
Vesting of awards under 2022 Unapproved Share Option Scheme
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c) |
Price(s) and volume(s)
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d) |
Aggregated information - Aggregated volume - Price |
N/A Single transactions |
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e) |
Date of the transaction |
3 October 2024
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f) |
Place of the transaction |
Outside of a trading venue |
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