Time Finance plc (LON:TIME), 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 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 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.
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.
