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Time Finance PLC Unapproved Share Option Scheme -- Vesting of Awards

21/05/2021 7:00am

UK Regulatory (RNS & others)


1pm (LSE:OPM)
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RNS Number : 4122Z

Time Finance PLC

21 May 2021

21 May 2021

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 share price performance criteria in relation to the Company's Unapproved Share Option Scheme (the "Scheme") a total of 2,138,500 previously awarded nil cost options over ordinary shares of 10 pence each in the capital of the Company have today vested (the "Vested Options"). The terms of the Scheme were previously announced by the Group on 29 October 2020.

The Vested Options are all held by the below Directors/PDMRs of the Company and may be exercised at any time prior to an expiry date of 21 May 2022 being 12 months from today's vesting date.

 
                     Position    Number of Vested Options 
 James Roberts          CFO               864,500 
                    ----------  ------------------------- 
 Jennifer Bodey        PDMR               217,000 
                    ----------  ------------------------- 
 Lorraine Neyland      PDMR               217,000 
                    ----------  ------------------------- 
 Holly Mapstone        PDMR               168,000 
                    ----------  ------------------------- 
 Alun Winter           PDMR               168,000 
                    ----------  ------------------------- 
 Phil Chesham          PDMR               168,000 
                    ----------  ------------------------- 
 Tansy Cunningham      PDMR               168,000 
                    ----------  ------------------------- 
 David Jones           PDMR               168,000 
                    ----------  ------------------------- 
 

A further 916,500 share options have been granted under the Scheme but remain unvested due to the time-based element of their criteria. Subject to continued employment this would see a third vesting in October 2021, a further third in October 2022 and a final third in October 2023 proportionate to the allocation of those that have vested today.

The notification below, provided in accordance with the requirements of the UK Market Abuse Regulation, provides further details.

 
 For further information, 
  please contact: 
 
 Time Finance plc 
 Ed Rimmer, Interim Chief 
  Executive Officer                             01225 474230 
 James Roberts, Chief Financial 
  Officer                                       01225 474230 
 
 Cenkos Securities plc (NOMAD) 
 Max Hartley / Ben Jeynes 
  (Nomad) 
  Julian Morse (Sales)                         0207 397 8900 
 
 Walbrook PR                                   0207 933 8780 
 Paul Vann / Nicholas Johnson                   07768 807631 
                                    paul.vann@walbrookpr.com 
 

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. Jennifer Bodey 
                                     3. Lorraine Neyland 
                                     4. Holly Mapstone 
                                     5. Alun Winter 
                                     6. Phil Chesham 
                                     7. Tansy Cunningham 
                                     8. David Jones 
     ----------------------------  ------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------- 
 a)   Position/status               1. Chief Finance Officer 
                                     2. PDMR 
                                     3. PDMR 
                                     4. PDMR 
                                     5. PDMR 
                                     6. PDMR 
                                     7. PDMR 
                                     8. PDMR 
     ----------------------------  ------------------------------------- 
 b)   Initial notification          Initial notification 
       /Amendment 
     ----------------------------  ------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------- 
 a)   Name                          1pm 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            Share Options over Ordinary Shares 
       financial instrument,         of 10p each 
       type of instrument 
 
       Identification code 
     ----------------------------  ------------------------------------- 
 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         1. 864,500 
                                        2. Nil pence         2. 217,000 
                                        3. Nil pence         3. 217,000 
                                        4. Nil pence         4. 168,000 
                                        5. Nil pence         5. 168,000 
                                        6. Nil pence         6. 168,000 
                                        7. Nil pence         7. 168,000 
                                        8. Nil pence         8. 168,000 
                                                      ----------------- 
     ----------------------------  ------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume            n/a - see table above 
 
       - Price 
     ----------------------------  ------------------------------------- 
 e)   Date of the transaction       20 May 2021 
     ----------------------------  ------------------------------------- 
 f)   Place of the transaction      Outside of a trading venue 
     ----------------------------  ------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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