Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has announced that following the achievement of time-based criteria in relation to the Company’s Unapproved Share Option Scheme, a total of 305,500 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 and it is intended that existing ordinary shares held by the Company’s Employee Benefit Trust be utilised to meet any future exercise of these Vested Options and of any further vesting associated with the Scheme that may arise in the future.
The Vested Options are all held by the below Directors/PDMRs of Time Finance and may be exercised at any time prior to an expiry date of 30 September 2022 being 12 months from today’s vesting date.
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A further 611,000 share options previously granted under the Scheme remain unvested due to the time-based element of their criteria. Subject to continued employment this would see half of the remaining figure vest in October 2022 and the final half in October 2023 proportionate to the allocation of those that have vested today.