VLS Velocys Plc

TIDMVLS

RNS Number : 9732S

Velocys PLC

14 July 2020

 
  Velocys plc 
   ("Velocys" or the "Company") 
   14 July 2020 
   Results of General Meeting and Open Offer 
   Velocys plc (VLS.L), the sustainable fuels technology company, announced on 24 June 2020 and 
   25 June 2020 that it proposed to raise up to approximately GBP21 million through a Placing, 
   Retail Offer and Open Offer, conditional (amongst other things) upon the passing of certain 
   resolutions by shareholders. The Company is pleased to announce that the resolutions set out 
   in the circular published on 26 June 2020 and put to shareholders at the General Meeting held 
   earlier today were duly passed by means of a poll. A summary of the voting results is set 
   out below: 
    Resolution       FOR                     AGAINST               TOTAL          WITHHELD* 
                     No. of votes   %        No. of        %       No. of votes   No. 
                      cast                    votes cast            cast 
                    -------------  -------  ------------  ------  -------------  ---------- 
    Resolution 
     1 
     To grant 
     the directors 
     authority 
     to allot 
     shares in 
     the Company 
     in the 
     amounts 
     set out in 
     the notice 
     of general 
     meeting         317,413,903    99.99%     38,614      0.01%   317,452,517     121,877 
                    -------------  -------  ------------  ------  -------------  ---------- 
    Resolution 
     2 
     Conditionally 
     on Resolution 
     1, to empower 
     the directors 
     to disapply 
     pre-emption 
     rights on 
     the issue 
     of shares 
     in the 
     Company 
     in the 
     amounts 
     set out in 
     the notice 
     of general 
     meeting         315,900,540    99.55%    1,423,381    0.45%   317,323,921     250,473 
                    -------------  -------  ------------  ------  -------------  ---------- 
 
 
   *A vote withheld is not a vote in law and counts neither "For" nor "Against" the relevant 
   resolution. 
   Furthermore, the Company is pleased to announce that the Open Offer, which closed for acceptances 
   at 11.00 a.m. on 13 July 2020, was significantly oversubscribed, with final valid applications 
   including Excess Entitlements from Eligible Shareholders in respect of 104,608,452 Open Offer 
   Shares representing a take-up of approximately 523% of the maximum number of Open Offer Shares 
   available. Eligible Shareholders who have validly applied for their Basic Entitlement of Open 
   Offer Shares will receive their Basic Entitlement in full, while applications for additional 
   Open Offer Shares through the Excess Entitlements have been scaled back on a pro rata basis, 
   such that the maximum number of Open Offer Shares of 19,999,957 have been issued by the Company. 
 
   Accordingly, the Company will raise total gross proceeds of approximately GBP21 million through 
   the Placing, Retail Offer and Open Offer. Application has been made for 419,999,957 New Ordinary 
   Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission of the 
   VCT Shares (22,950,000 New Ordinary Shares) will occur on 15 July 2020 and Admission of the 
   General Placing Shares, Retail Shares and Open Offer Shares (397,049,957 New Ordinary Shares) 
   will occur on 16 July 2020. Following Admission, the Company will have 1,063,756,057 Ordinary 
   Shares in issue. 
 
   The Company does not currently hold any shares in treasury. Accordingly, the above figure 
   of 1,063,756,057 Ordinary Shares may be used by shareholders of the Company as the denominator 
   for the calculations by which they will determine if they are required to notify their interest 
   in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure 
   Guidance and Transparency Rules. 
   Unless otherwise defined herein, capitalised terms used in this announcement shall have the 
   same meanings as defined in the circular sent to shareholders of the Company on 26 June 2020. 
   ---- Ends ---- 
   For further information, please contact: Velocys 
     Henrik Wareborn, CEO 
     Andrew Morris, CFO 
     Lak Siriwardene, Head of Communications & 
     Sustainability                               +44 1865 800821 
    Numis Securities (Nomad and joint broker) 
     Stuart Skinner 
     Emily Morris 
     Alamgir Ahmed                                +44 20 7260 1000 
    Canaccord Genuity (Joint broker) 
     Henry Fitzgerald-O'Connor 
     James Asensio                                +44 20 7523 8000 
    Radnor Capital (Investor relations) 
     Joshua Cryer 
     Iain Daly                                     +44 20 3897 1830 
    Field Consulting (PR) 
     Robert Jeffery                               +44 20 7096 7730 
 
   Certain information contained in this announcement would have constituted inside information 
   (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this 
   Announcement. The person responsible for arranging the release of this Announcement on behalf 
   of the Company is Andrew Morris, CFO of the Company. 
 
   Notes to Editors 
 
   Velocys is an international UK-based sustainable fuels technology company. Velocys designed, 
   developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, 
   low carbon, synthetic drop-in aviation and road transport fuel from municipal solid waste 
   and residual woody biomass plants currently in construction and development. 
 
   Velocys is currently developing two reference projects: one in Natchez, Mississippi, USA (incorporating 
   Carbon Capture, Utilisation and Storage) and one in Immingham, UK, to produce fuels that significantly 
   reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport. 
   Originally a spin-out from Oxford University, in 2008 the company acquired a US company based 
   on complementary technology developed at the Pacific Northwest National Laboratory. Velocys 
   is headquartered in Oxford in the United Kingdom. 
   www.velocys.com 
 
 
 

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July 14, 2020 08:17 ET (12:17 GMT)

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