Time Finance PLC New Loan Accreditation & Financial Calendar Update (7540X)
May 06 2021 - 2:00AM
UK Regulatory
TIDMTIME
RNS Number : 7540X
Time Finance PLC
06 May 2021
6 May 2021
Time Finance plc
("Time Finance", the "Group" or the "Company")
Government-backed Recovery Loan Scheme Accreditation
and
2021 Financial Calendar Update
Time Finance plc, the AIM listed independent specialist finance
provider, is pleased to announce that it has been approved as an
accredited lending partner under the UK Government's Recovery Loan
Scheme ("RLS") which is administered by British Business Bank. RLS
is the successor scheme to the Coronavirus Business Interruption
Scheme ("CBILS") of which the Group was also an accredited
lender.
The Company also announces a number of key dates in its 2021
Financial Calendar.
RLS Accreditation
The British Business Bank has approved Time Broker Finance Ltd,
a wholly-owned subsidiary of the Company, for accreditation as a
participating lender under RLS.
Since the beginning of the COVID-19 crisis, Time Finance has
resolved to remain open for new business to support credit-worthy,
robust SMEs as well as helping its existing 20,000+ customers. The
RLS accreditation provides an additional channel for Time Finance
to deliver support to SMEs, adding to the Group's current lending
activities comprising Asset Finance, Loan Finance and Invoice
Finance. RLS accreditation also provides the added benefit of a
government-backed guarantee covering 80% of the repayments due from
each borrower.
Time Broker Finance intends to be an active lender for the
duration of the RLS scheme which is currently scheduled to run
until the end of 2021.
Financial Calendar Update
The Company intends to provide a trading update for the year
ending 31 May 2021 on Wednesday 16 June 2021. It is the Board's
current expectation that on publication of this trading update it
will be possible to reinstate market guidance and to provide an
update on its dividend policy.
The Group plans to announce audited annual results for the year
ending 31 May 2021 on Tuesday 21 September 2021 and is proposing to
hold its Annual General Meeting on Thursday 21 October 2021.
James Roberts, Chief Financial Officer, commented:
"We are delighted to have been approved as an accredited partner
to the UK Government's latest business lending programme in
response to COVID-19. CBILS provided a lifeline to many viable UK
businesses and I fully expect the RLS will do the same. This new
product line will sit neatly alongside our multi-product offering
to UK SMEs and will help us deliver further funding into the UK
economy".
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (as amended), which forms
part of domestic UK law pursuant to the European Union (Withdrawal)
Act 2018. Upon publication of this announcement via a Regulatory
Information Service, this inside information is now considered to
be in the public domain.
For further information,
please contact:
Time Finance plc
Ed Rimmer, Interim Chief
Executive Officer 01225 474230
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 / Nicholas Johnson 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
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
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.
END
NORGUGDUGXGDGBL
(END) Dow Jones Newswires
May 06, 2021 02:00 ET (06:00 GMT)
Time Finance (LSE:TIME)
Historical Stock Chart
From Sep 2024 to Oct 2024
Time Finance (LSE:TIME)
Historical Stock Chart
From Oct 2023 to Oct 2024