Time Finance PLC New LTIP & Director/PDMR Shareholding (4213T)
July 22 2022 - 1:00AM
UK Regulatory
TIDMTIME
RNS Number : 4213T
Time Finance PLC
22 July 2022
22 July 2022
Time Finance plc
("Time Finance", the "Group" or the "Company")
New Long Term Incentive Plan
Director/PDMR Shareholding
Time Finance plc, the AIM listed specialist finance provider
announces the establishment of a 2022 Share Option Scheme (the
"2022 Option Scheme" or the "Scheme"). The 2022 Option Scheme has
been designed to incentivise and retain the Company's executives
and senior management to deliver sustainable growth for the
Company's shareholders and any options awarded under the 2022
Option Scheme are expected to be satisfied without further dilution
for the Group's shareholders. The Group also announces awards of
share options under the 2022 Option Scheme as set out below.
2022 Share Option Scheme
The Company has established the 2022 Option Scheme as an
unapproved (i.e. non tax-advantaged) share option scheme under
which nil-cost options over ordinary shares of 10 pence each in the
capital of the Company ("Options") may be awarded. Options awarded
under the 2022 Option Scheme will be subject to a three-year
vesting period from the date of grant, with the number of awards
which ultimately vest dependent on the grantee's continued service
and on stretching performance conditions set by the Time Finance
Remuneration Committee.
The Options today awarded under the 2022 Option Scheme, details
of which are provided below, are the only Options that will be
awarded under the Scheme. No future Option awards will be made
under the 2022 Option Scheme.
As a result, it is currently expected that the Options awarded
under the 2022 Option Scheme will be capable of being satisfied in
full from unallocated existing ordinary shares held by the
Company's Employee Benefit Trust, without any further dilutionary
effect.
The sale of ordinary shares acquired pursuant to exercises of
Options will not be permitted for a period of 12 months, save for
sales of ordinary shares to meet the income tax and both the
employee and employer National Insurance liabilities on exercise,
subject to orderly market and closed period restrictions. The sale
of ordinary shares in the ensuing period of 12 months will be
permitted subject to orderly market and close period
restrictions.
Following the implementation of the 2022 Share Option Scheme, no
further share options will be awarded under the Company's 2020
Share Option Scheme, details of which were announced by the Company
on 29 October 2020 (the "2020 Option Scheme"). 405,000 unvested
share options remain in issue under the 2020 Option Scheme.
Share Option Awards
Under the 2022 Option Scheme, the Company has today granted a
total of 1,835,000 Options (the "Awarded Options"), representing
1.98 per cent. of the Company's current undiluted issued ordinary
share capital.
The Awarded Options will vest in three equal tranches over a
three-year period subject to stretching annual performance
conditions in respect of the profitability of the Group over the
three years ended 31 May 2025 and to Remuneration Committee
discretion.
Vested Awarded Options may be exercised at nil-cost from the
date of vesting up until the date falling 5 years from the date of
vesting, provided that the recipient remains an employee of the
Group at the date that the Awarded Options are exercised.
Of the Awarded Options, 1,235,000 Awarded Options have been
granted to Ed Rimmer, the Company's Chief Executive Officer and the
remaining 600,000 Awarded Options have been granted to PDMR's of
the Group. The notifications below, provided in accordance with the
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)
Julian Morse (Sales) 0207 397 8900
Walbrook PR 0207 933 8780
Paul Vann /Joseph Walker 07768 807631
Timefinance@walbrookpr.com
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 .
The information below is disclosed in accordance with Article
19 of the EU Market Abuse Regulation.
Details of the person discharging managerial responsibilities
1 / person closely associated
a) Name 1) Ed Rimmer
2) Steve Nichols
3) Sharon Bryden
-------------------------- --------------------------------------
Reason for the notification
2
------------------------------------------------------------------
a) Position/status 1) Chief Executive Officer
2) PDMR
3) 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 for
4 (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 Ordinary Shares of 10p each
financial instrument,
type of instrument ISIN: GB00BCDBXK43
Identification code
-------------------------- --------------------------------------
b) Nature of the transaction Award of nil-cost share options
-------------------------- --------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1) nil 1,235,000
2) nil 300,000
3) nil 300,000
----------
-------------------------- --------------------------------------
d) Aggregated information
- Aggregated volume n/a single transactions
- Price
-------------------------- --------------------------------------
e) Date of the transaction 1) 21 July 2022
2) 21 July 2022
3) 21 July 2022
-------------------------- --------------------------------------
f) Place of the transaction Outside of a trading venue
-------------------------- --------------------------------------
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