TIDMVEL

RNS Number : 2819J

Velocity Composites PLC

15 August 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU)596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

15 August 2023

VELOCITY COMPOSITES PLC

("Velocity, the "Company" or the "Group")

Further Subscription

Velocity Composites plc (AIM: VEL), the leading supplier of composite material kits to aerospace and other high-performance manufacturers, is pleased to announce that, following the announcement of the GBP6.2 million Firm Placing, EIS/VCT Placing and Subscription by the Company on 9 August 2023 and the Results of REX Retail Offer announced on 14 August 2023 (the "Fundraising"), the Company received additional demand from a strategic investor to invest GBP190,000 by way of a conditional subscription for 475,000 new ordinary shares of 0.25 pence each ("Ordinary Shares") (the "Additional Subscription Shares") at the issue price of 40 pence per Ordinary Share (the "Issue Price") (the "Additional Subscription"). The Issue Price of the Additional Subscription is the same as the issue price per Ordinary Share in the Fundraising.

The net proceeds from the Additional Subscription will, together with the net proceeds from the Fundraising, be used for CAPEX, people (engineering, software and business development) and working capital for expansion.

The Company has the authority to issue and allot the Additional Subscription Shares pursuant to certain existing shareholder authorities granting such powers to the Directors at the Company's Annual General Meeting held on 28 February 2023.

Application has been made to the London Stock Exchange for the admission of the Additional Subscription Shares to trading on AIM which is expected to occur at 8.00 a.m. on 18 August 2023.

Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 40,893,368 with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares held in treasury and therefore the total number of voting rights in the Company will be 40,893,368. The above figure may be used by Shareholders in 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 to their interest in, the share capital of the Company under the FCA's Disclosure, Guidance and Transparency Rules.

Unless otherwise defined, capitalised terms within this announcement shall have the same meaning as those contained within the announcement dated 9 August 2023 under RNS number 7242I.

Enquiries:

 
 Velocity                                 Tel: +44 (0) 1282 
                                           577577 
 Andy Beaden, Chairman 
  Jon Bridges, Chief Executive Officer 
  Adam Holden, Chief Financial Officer 
 Cenkos (Nominated Adviser and Broker)    Tel: +44 (0)20 7397 
                                           8900 
 Katy Birkin 
  Ben Jeynes 
  George Lawson 
 SEC Newgate (Financial Communications)   Tel: +44 (0)7540 
  Robin Tozer                              106 366 
  George Esmond                            Email: velocity@secnewgate.co.uk 
  Harry Handyside

About Velocity Composites

Based in Burnley, UK, Velocity Composites is the leading supplier of composite material kits to aerospace and other high-performance manufacturers, that reduce costs and improve sustainability. Customers include Airbus, Boeing, and GKN.

By using Velocity's proprietary technology, manufacturers can also free up internal resources to focus on their core business. Velocity has significant potential for expansion, both in the UK and abroad, including into new market areas, such as wind energy, urban air mobility and electric vehicles, where the demand for composites is expected to grow.

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

IOEPIMFTMTIBBPJ

(END) Dow Jones Newswires

August 15, 2023 02:00 ET (06:00 GMT)

Velocity Composites (LSE:VEL)
Gráfica de Acción Histórica
De Abr 2024 a May 2024 Haga Click aquí para más Gráficas Velocity Composites.
Velocity Composites (LSE:VEL)
Gráfica de Acción Histórica
De May 2023 a May 2024 Haga Click aquí para más Gráficas Velocity Composites.