Business
New LTIP & Director/PDMR Shareholding
New LTIP & Director/PDMR Shareholding.
About this update from Time Finance Plc
[{"type":"text","content":"\n \n \n 22 July 2022\n \n \n \n \n \n \n \n \n Time Finance plc\n \n \n (\"Time Finance\", the \"Group\" or the \"Company\")\n \n \n \n \n \n \n \n \n \n \n \n \n \n New Long Term Incentive Plan\n \n \n \n \n \n \n \n \n \n Director/PDMR Shareholding\n \n \n \n \n \n \n \n \n Time Finance plc, the AIM listed specialist finance provider announces the establishment of a 2022 Share Option Scheme (the \"2022 OptionScheme\" or the \"Scheme\"). The 2022 Option Scheme has been designed to incentivise and retain the Company's executives and senior management to deliver sustainable growth for the Company's shareholders and any options awarded under the 2022 Option Scheme are expected to be satisfied without further dilution for the Group's shareholders. The Group also announces awards of share options under the 2022 Option Scheme as set out below.\n \n \n \n \n \n \n 2022 Share Option Scheme\n \n \n \n \n \n \n The Company has established the 2022 Option Scheme as an unapproved (i.e. non tax-advantaged) share option scheme under which nil-cost options over ordinary shares of 10 pence each in the capital of the Company (\"Options\") may be awarded. Options awarded under the 2022 Option Scheme will be subject to a three-year vesting period from the date of grant, with the number of awards which ultimately vest dependent on the grantee's continued service and on stretching performance conditions set by the Time Finance Remuneration Committee.\n \n \n \n \n \n The Options today awarded under the 2022 Option Scheme, details of which are provided below, are the only Options that will be awarded under the Scheme. No future Option awards will be made under the 2022 Option Scheme.\n \n \n \n \n \n As a result, it is currently expected that the Options awarded under the 2022 Option Scheme will be capable of being satisfied in full from unallocated existing ordinary shares held by the Company's Employee Benefit Trust, without any further dilutionary effect.\n \n \n \n \n \n The sale of ordinary shares acquired pursuant to exercises of Options will not be permitted for a period of 12 months, save for sales of ordinary shares to meet the income tax and both the employee and employer National Insurance liabilities on exercise, subject to orderly market and closed period restrictions. The sal...