Time Finance PLC Exercise of Options & Director/PDMR Shareholdings

RNS Number : 3427J

Time Finance PLC

24 October 2024

 

24 October 2024

 

Time Finance plc

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

 

Exercise of Share 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 2022 Unapproved Share Option Scheme (the "Scheme").

 

The exercises of 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 remains at 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 611,667 ordinary shares allocated from the EBT in satisfying the nil cost Option exercises, an aggregate of 108,093 ordinary shares have been sold by certain Scheme participants at a price of 58.00 pence per ordinary share to meet tax liabilities arising from the exercises of Options. The balance of ordinary shares from the exercises have been retained by the participants in accordance with the terms of the Scheme.

 

As a result of these exercises of Options, Ed Rimmer, the Company's Chief Executive Officer, is now interested in an increased 919,831 ordinary shares representing 0.9% of the Company's issued ordinary share capital.

 

Scheme Participant	Position	Ordinary Shares from Option exercises	Ordinary Shares disposed of
Ed Rimmer	CEO	411,667	Nil
Steve Nichols	PDMR	100,000	53,000
Sharon Bryden	PDMR	100,000	55,093

 

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

 

Cavendish Capital Markets (NOMAD and Broker)

Ben Jeynes / Dan Hodkinson (Corporate Finance)                                                            0207 220 0500

Michael Johnson / George Budd / Charlie Combe (Sales and ECM)

 

Walbrook PR                                                                                                                            0207 933 8780

Nick Rome / Joe Walker                                                                                          [e-mail]

 

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.

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.     Ed Rimmer 2.     Steve Nichols 3.     Sharon Bryden
2	Reason for the notification
a)	Position/status	1.     Chief Executive 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 2.     Nil 3.     Nil   1.     411,667 2.     100,000 3.     100,000
d)	Aggregated information   - Aggregated volume   - Price	n/a - see table above
e)	Date of the transaction	22 October 2024
f)	Place of the transaction	Outside of a trading venue

 

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.     Steve Nichols 2.     Sharon Bryden
2	Reason for the notification
a)	Position/status	1.     PDMR 2.     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.     58.0 pence 2.     58.0 pence   1.     53,000 2.     55,093
d)	Aggregated information   - Aggregated volume   - Price	n/a - see table above
e)	Date of the transaction	22 October 2024
f)	Place of the transaction	AIMX

 

 

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