Time Finance PLC Directorate Changes (7323K)
06 January 2021 - 6:00PM
UK Regulatory
TIDMTIME
RNS Number : 7323K
Time Finance PLC
06 January 2021
6 January 2021
Time Finance plc
("Time Finance", the "Group" or the "Company")
Directorate Changes
Time Finance plc, the AIM listed independent specialist finance
provider, announces the following directorate changes.
John Newman, Non-Executive Chairman of the Company, has informed
the Board of his intention to retire. As part of a succession plan
already agreed by the Board and currently in progress, he will step
down on appointment of his successor. The Company is currently in
discussions with potential candidates and an announcement in
connection with the appointment of a new Chairperson will be made
in due course.
In addition, following recent discussions between the directors,
the Company's principal shareholders, and Ian Smith, its Chief
Executive Officer ("CEO"), it has been decided that, following the
recent re-branding of the Group to Time Finance and the successful
leadership of the Group through the impact of the Covid-19 pandemic
to date and given Ian's intention in any event to retire at the end
of 2021, now is an appropriate time for Ian to step down from the
role of CEO of the Group. Ian will leave the Group's employment and
cease to be a director of the Company once a suitable successor is
appointed.
A process is underway to identify a potential successor as CEO
and the Company will make a further announcement in due course.
John Newman commented:
"Under Ian's leadership the Group successfully implemented a
"buy and build" strategy that he was instrumental in building and
directing and which has taken the Group from a single product
Company to being a specialist provider of a wide range of finance
products to UK SMEs. This transformation has been due in no small
part to Ian's dedication and commitment to our business and to
supporting and guiding every member of our team in meeting the
Group's strategic objectives over the last five years. The Board's
sincere thanks and appreciation are extended to Ian with our best
wishes for the future."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
For further information,
please contact:
Time Finance plc
Ian Smith, Chief Executive
Officer 07768 394162
James Roberts, Chief Financial
Officer 01225 474230
Cenkos Securities plc (NOMAD)
Max Hartley / Ben Jeynes
(Nomad)
Julian Morse (Sales) 0207 397 8900
Walbrook PR 0207 933 8780
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About Time Finance:
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
More information is available on the Company website
www.timefinance.com
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