1pm Share Discussion Threads

[speedsgh] 06/1/2021 08:03

Both CEO Ian Smith & Chairman John Newman are leaving...

Directorate Changes -

Time Finance plc, the AIM listed independent specialist finance provider, announces the following directorate changes.

John Newman, Non-Executive Chairman of the Company, has informed the Board of his intention to retire. As part of a succession plan already agreed by the Board and currently in progress, he will step down on appointment of his successor. The Company is currently in discussions with potential candidates and an announcement in connection with the appointment of a new Chairperson will be made in due course.

In addition, following recent discussions between the directors, the Company's principal shareholders, and Ian Smith, its Chief Executive Officer ("CEO"), it has been decided that, following the recent re-branding of the Group to Time Finance and the successful leadership of the Group through the impact of the Covid-19 pandemic to date and given Ian's intention in any event to retire at the end of 2021, now is an appropriate time for Ian to step down from the role of CEO of the Group. Ian will leave the Group's employment and cease to be a director of the Company once a suitable successor is appointed.

A process is underway to identify a potential successor as CEO and the Company will make a further announcement in due course.

John Newman commented:

"Under Ian's leadership the Group successfully implemented a "buy and build" strategy that he was instrumental in building and directing and which has taken the Group from a single product Company to being a specialist provider of a wide range of finance products to UK SMEs. This transformation has been due in no small part to Ian's dedication and commitment to our business and to supporting and guiding every member of our team in meeting the Group's strategic objectives over the last five years. The Board's sincere thanks and appreciation are extended to Ian with our best wishes for the future."

[red ninja] 07/12/2020 20:09

Yes fair enough that makes sense, thank for that.
Looked at that one too quickly.

[speedsgh] 07/12/2020 17:31

Red Ninja - AFAIUI all of the options are at nil cost i.e. they won't cost the beneficiary a penny.

They will be entitled to 30% of the 4,756,537 nil-cost options (i.e. 1,426,961 options) in three equal annual tranches on 1/10/21, 1/10/22 & 1/10/23 subject to the recipients' continued employment with the Group on those respective dates regardless of the company's share price on those dates. In other words there is no performance hurdle; the share price could be 0.1p on those dates but they would still be entitled to 30% of the options.

The other 70% vest when the share price meets or exceeds 31p. There is no mention of timing here so not sure if this ties in with the dates for the 3 tranches above (1/10/21, 1/10/22 & 1/10/23) or whether the 70% can be exercised at any point once the share price has met or exceeded 31p regardless of subsequent share price performance. But again these 70% are nil cost and will not cost the beneficiary a penny.

That's the way I see it anyway. Happy to be corrected but seems like they will have to do very little to benefit from a nice little options package "representing up to 5.0 per cent. of the current fully diluted share capital of the Company".

[red ninja] 07/12/2020 16:21

Yes I agree, I mean I am sure they get reasonable pay.
It is daylight robbery.

I am a bit confused by the RNS is says 5% nil cost but then has :-

"· 30 per cent. of Share Options awarded to each recipient vest in three equal annual tranches on 1 October 2021, 1 October 2022 and 1 October 2023 subject to the recipients' continued employment with the Group on those respective dates.

· 70 per cent. of Share Options awarded to each recipient vest at a quoted share price of 31 pence per share, which represents a market capitalisation equal to the unaudited consolidated Tangible Net Asset Value of the Group as at 31 August 2020."
"

I presume that means they get 30% at no cost and 70% they pay 31p for ?

31p is a bombed price though.

[smithie6] 07/12/2020 15:54

example May 2017

"new Ordinary Shares at the Issue Price of 45 pence per share. "

2015
"New Ordinary Shares at 60 pence per share"

imo it is immoral & wrong to give any reward to directors unless they can show that those investors have made a profit

if the performance target is a lower price then the directors are being rewarded for bad performance, being rewarded for shareholders/investors putting up hard cash & making a loss.

rubs salt in the wound imo

[red ninja] 07/12/2020 15:21

Smithie6,

Why so negative if you don't mind me asking ?

[smithie6] 07/12/2020 15:10

can anyone help me with spelling

which spelling is correct :-

thieves

or

thiefs ?

[speedsgh] 07/12/2020 12:52

Such an inspirational new name. I wonder how much they paid an agency to come up with that?!

Change of Name to Time Finance plc -

1pm plc, the AIM listed independent specialist finance provider to UK SME businesses is pleased to announce that the Company's name is changing to Time Finance plc with immediate effect. All subsidiary businesses within the 1pm Group will hereafter form part of the Time Finance brand. A resolution giving the Directors authority to change the Company's name was approved by shareholders at the Company's AGM held on 6 November 2019. The change of Company name has been formally registered at Companies House and a new certificate issued.

With effect from Tuesday 8 December 2020, trading in the Company's ordinary shares on AIM will commence under the new name and the new ticker will be TIME. The Company's ISIN (GB00BCDBXK43) and SEDOL remain unchanged. Shareholders should note that their shareholdings will be unaffected by the change of name and existing share certificates should be retained as no new share certificates will be issued. The Company's website will change to www.timefinance.com with effect from 8.00am today and all information pursuant to AIM Rule 26 will be available at this address.

The rebranding follows the recent completion of the "buy and build" phase of the Group's strategic expansion which has resulted in it being able to offer a comprehensive portfolio of financing solutions tailored for the UK SME market through its enhanced lending and broking operations. The Company is now simplifying its operating structure into a single nationally recognised, market-facing product offering under the new name.

Ian Smith, Chief Executive Officer, commented:

"The underlying strength of our market position, product offering, business model and robust operating structures have proven resilient, relevant and effective during the continuing economic and trading challenges presented by the Covid-19 pandemic. The rebranding of the business is designed to further consolidate and strengthen our offering, integrating and unifying 1pm (UK) Ltd, trading as Onepm Finance, Academy Leasing; Bradgate Business Finance; Intelligent Loans; Positive Cashflow Finance and Gener8 Finance under one consistent brand name and identity to deliver a more comprehensive solution to UK SME businesses."

[red ninja] 26/11/2020 18:44

In reality the management get a share option scheme with less risk than buying in the market :-


"The Company has established the Scheme as an unapproved (i.e. non tax-advantaged) share option scheme under which up to 4,756,537 nil-cost options over ordinary shares of 10 pence each in the capital of the Company ("ShareOptions") may be awarded in respect of shares representing up to 5.0 per cent. of the current fully diluted share capital of the Company.

The vesting of Share Options is subject to service-based and market-based conditions, as follows:

· 30 per cent. of Share Options awarded to each recipient vest in three equal annual tranches on 1 October 2021, 1 October 2022 and 1 October 2023 subject to the recipients' continued employment with the Group on those respective dates.

· 70 per cent. of Share Options awarded to each recipient vest at a quoted share price of 31 pence per share, which represents a market capitalisation equal to the unaudited consolidated Tangible Net Asset Value of the Group as at 31 August 2020."

[energeticbacker] 26/11/2020 17:38

Directors purchases were high relative to their remuneration - one of Investor's Champion's Bonkers Bargains

[owenski] 26/11/2020 10:41

Indeed, 5 to 12k purchases are a market con in my books.

I pay attention when someone starts shelling out 50 - 100k or more.

[sphere25] 26/11/2020 10:38

Director buys:

John Newman Non-Executive Chairman 25,000 22.35 152,166 0.17%
Chief Executive
Ian Smith Officer 54,000 23.25 181,667 0.20%
Chief Financial
James Roberts Officer 22,933 21.75 61,702 0.07%

Hardly a bullish signal, even I buy more than that and I'm a small fish. Come on, pull your fingers out and send the market a real signal :-)

Price about to test that key resistance. Some bigger buying here of late and a nice 30% move from when highlighted, but will exit if it fails here. Purely a chart play this one, can't moan too much with moves like that.

All imo

DYOR

[sphere25] 24/11/2020 08:58

Yeah looks like those big buys are helping it to wind up for an attempted break higher with the price currently up nearly 5%.

Looks like 25p and possibly 28p if it pushes on from here - likely call it a day up there as I don't know the company. Purely a chart play this but willing to give it a chance particularly after having regretted some of the earlier sells on the first vaccine news spikes.

Clearly alot more positivity on the vaccine front now. Prices are just motoring higher and some of the laggards are yet to play catch up. Many out there are technically overbought so wouldn't be surprised to see them come off abit at some point.

On the whole, this market has the feel of one where you can literally buy, turn off your screen and come back at year end, and you'll do better than watching the daily gyrations and trying to be too cute with some in nipping in and out

Guilty! :-D

[squarepeg86] 23/11/2020 21:28

Same on Friday too, quite a few large buys both days.

[sphere25] 23/11/2020 16:20

Ticking higher. Looks like some decent chunks gone through earlier.

Beginning of the next leg up?

[sphere25] 12/11/2020 12:07

Moving well atm with the price now up 11% now. Purely a chart play this like DUKE was.

Last time it consolidated around 20 (same key mark for DUKE - market psychology with particular numbers eh) before having another leg higher, not sure how it moves this time. Hopefully one more big spike up soon to sell into.

Been taking profits too early on many. Buy and hold is clearly working best, find the beaten up ones that haven't rallied yet and wait for the tide to lift them like the rest.

Still quite a few loitering at lows being held back by the odd seller, which have priced in absolutely no recovery or very little. Try and highlight when something notable happens.

[tole] 12/11/2020 10:13

Good call here.

[wanttowin] 12/11/2020 10:09

Long may it continue, my worst performing stock since buying in the 50's,

[dangersimpson2] 12/11/2020 09:33

I wonder if a small overhang has cleared. Price seemed to be becalmed around 16p for a long time despite good results & a strong management presentation. Nothing seemed to move it. Now persistent daily buying has got this heading up quickly.

[sphere25] 12/11/2020 09:15

Chart turning up for a pop higher here?

Price up 4.2% atm

[red ninja] 10/11/2020 11:59

Unaudited consolidated Tangible Net Asset Value is given in option scheme RNS as 31p.

This share is not popular especially as many investors were burned by buying back in the 50s.

There could be a reasonable return over time here IMO.

[sphere25] 10/11/2020 11:32

Managed to get a few here.

Another laggard that is threatening to move higher.

[red ninja] 23/10/2020 11:07

Its taken a beating today, but assuming we survive Covid-19 in a few years time IMO it has a real chance of a good return.