Exercise of Options & Director/PDMR Shareholdings
Updated : 07:01
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 Timefinance@walbrookpr.com
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)
|
| ||||
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)
|
| ||||
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 |
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.