TIDMVEL
RNS Number : 7177K
Velocity Composites PLC
29 August 2023
29 August 2023
VELOCITY COMPOSITES PLC
("Velocity, the "Company" or the "Group")
Results of General Meeting
Velocity Composites plc (AIM: VEL), the leading supplier of
composite material kits to aerospace and other high-performance
manufacturers, is pleased to announce that all six of the
resolutions ("Resolutions") put to shareholders at the Company's
General Meeting held today were duly passed.
The votes received in respect of each of the Resolutions were as
follows:
Resolution For % Against % Withheld**
1 - To allot shares
in connection with
the EIS/VCT Placing 26,732,297 99.71% 76,867 0.29% 2,635
----------- ------- -------- ------- -----------
2 - To allot equity
securities for cash
otherwise than on a
pre-emptive basis in
connection with the
EIS/VCT Placing 26,621,300 99.71% 77,867 0.29% 112,635
----------- ------- -------- ------- -----------
3 - Subject to the
passing of Resolutions
1 and 2, to allot shares
by reference to the
Company's issued share
capital* 26,731,297 99.71% 77,867 0.29% 2,635
----------- ------- -------- ------- -----------
4 - Subject to the
passing of Resolutions
1, 2 and 3, to allot
equity securities for
cash otherwise than
on a pre-emptive basis
by reference to the
Company's issued share
capital* 26,619,297 99.70% 79,867 0.30% 112,635
----------- ------- -------- ------- -----------
5 - Subject to the
passing of Resolutions
1, 2, 3 and 4, to allot
equity securities for
cash otherwise than
on a pre-emptive basis
to finance an acquisition
or other capital investment
by reference to the
Company's issued share
capital* 26,730,297 99.71% 78,867 0.29% 2,635
----------- ------- -------- ------- -----------
6 - To resolve that
the Company's Share
Premium Account is
cancelled 26,697,498 99.99% 1,666 0.01% 112,635
----------- ------- -------- ------- -----------
* as enlarged by the Firm Placing, the Subscription and the Retail Offer
** a vote "Withheld" is not a vote in law and is not counted in
the calculation of the proportion of the votes "For" and "Against"
shown
Following the passing of the Resolutions, and in particular the
Reduction Resolution (Resolution 6), the Board will make an
application shortly, to the Court to obtain its approval to the
Cancellation of the Company's Share Premium Account (as defined in
the circular posted to shareholders on 9 August 2023).
Revised provisional dates have been obtained for the required
Court hearings of the Company's application, but they are subject
to change and dependent on the Court's timetable. If the hearings
go ahead on the revised provisional dates, the present timetable
provides that the final hearing, at which it is hoped that the
Court will make an order confirming the Cancellation, will take
place on 12 September 2023.
Prior to confirming the Cancellation, the Court will need to be
satisfied that the creditors of the Company will not be adversely
affected. The Company is satisfied, having taken advice, that it
will be able to satisfy the Court in that regard.
The Cancellation does not take effect until the Court's order is
filed with and registered by Companies House. The Board intends to
file the required documentation with Companies House as soon as
possible following the final Court hearing and, subject to
compliance with all procedural requirements, Companies House will
usually register the documents within 10 Business Days. On the
present timetable, which is subject to change and dependent on the
Court's timetable, this would mean that the Cancellation would take
effect on or before 22 September 2023.
Application will be made to the London Stock Exchange for the
admission of the EIS/VCT Placing Shares to trading on AIM.
Admission of the EIS/VCT Placing Shares is expected to occur at
8.00 a.m. on 6 October 2023.
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.
Further announcements will be made in due course, as
appropriate.
Enquiries:
Velocity Tel: +44 (0) 1282
577577
Andy Beaden, Chairman
Jon Bridges, Chief Executive 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.
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END
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(END) Dow Jones Newswires
August 29, 2023 13:21 ET (17:21 GMT)
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