TIDMVEL
RNS Number : 6784A
Velocity Composites PLC
24 January 2024
24 January 2024
Velocity Composites plc
("Velocity" or the "Company")
Grant of Share Options to Directors/PDMRs, Issue of Equity and
TVR
Velocity Composites plc (AIM: VEL.L), the leading supplier of
advanced composite material kits to the aerospace market, announces
that on 23 January 2024, the Board granted a total of 357,134 share
options over Velocity ordinary shares of 0.25p each (the "Share
Options") to certain Directors and PDMRs of the Company.
282,134 Share Options awarded are in relation to cash salary /
fees sacrifice arrangements for the year to 30 October 2024, as a
result of the cost reduction programme announced on 17 December
2020.
The Share Options have been granted as follows:
Total new
Share Options
Existing Cash Salary Other Share as % of
Options / Fee Sacrifice Options issued share
Shareholding held Options granted granted capital
Andy Beaden
(Non-executive 162,635
Chairman) 568,475 (1) 86,400 (1) - 0.16%
Annette Rothwell
(Non-executive
Director) - 58,807 (1) 37,867 (1) - 0.07%
David Bailey
(Non-executive
Director) - 37,867 37,867 (1) - 0.07%
Matthew Archer 709,167
(PDMR) - (2) 120,000 (2) - 0.22%
Kevin Hickey
(PDMR) - - - 75,000(2 0.14%
(1) Share Options awarded under the Company's Unapproved Option Scheme
(2) Share Options awarded under the Company's EMI Scheme
All of the Share Options are exercisable at an exercise price of
0.25p. The Share Options relating to cash salary / fee salary
sacrifice arrangements will become exercisable on 1 November 2024,
whilst the Share Options relating to Kevin Hickey will vest after
31 October 2025.
In addition, the Company announces that on 23 January 2024,
75,000 options over Ordinary Shares were exercised by a former
employee at a price of 35.5p. Application has been made for 75,000
Ordinary Shares to be admitted to trading on AIM ("Admission").
Admission is expected to occur on 29 January 2024 and the Ordinary
Shares will, on issue, rank pari passu in all respects with the
Company's existing Ordinary Shares.
On Admission, the Company will have a total of 53,468,368
Ordinary Shares in issue. No Ordinary Shares are held in treasury.
The figure of 53,468,368 may be used by the Company's shareholders
as the denominator in the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in, the Company under the Financial Conduct
Authority's Disclosure, Guidance and Transparency Rules.
Following the above grants and exercise of options, the Company
has a total of 1,854,365 Ordinary Shares currently under option,
representing approximately 3.47% per cent of the Company's issued
share capital.
Enquiries:
Velocity Composites plc
Andy Beaden, Chairman
Jon Bridges, Chief Executive Officer
Andrew Hebb, Interim Chief Financial
Officer +44 (0) 1 282 577577
Cavendish Capital Markets Limited
Nominated Adviser and Broker
Katy Birkin
Ben Jeynes
George Lawson +44 (0) 20 7220 0500
SEC Newgate +44 (0)7540 106 366
Financial Communications velocity@secnewgate.co.uk
Robin Tozer
George Esmond
Harry Handyside
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Beaden
----------------------------------- ---------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status Non-executive Chairman
----------------------------------- ---------------------------------
b) Initial notification/Amendment Initial Notification
----------------------------------- ---------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Velocity Composites plc
----------------------------------- ---------------------------------
b) LEI 213800W4W46J8HGZP672
----------------------------------- ---------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
----------------------------------------------------------------------
a) Description of the financial Ordinary shares of 0.25p each
instrument, type of instrument
----------------------------------- ---------------------------------
Identification code GB00BF339H01
----------------------------------- ---------------------------------
b) Nature of the transaction Grant of share options over
ordinary shares of 0.25p each
----------------------------------- ---------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
----------------------------------- --------- ----------------------
0.25p 86,400
---------------------------------------- --------- ----------------------
d) Aggregated information N/A single transaction
----------------------------------- ---------------------------------
Aggregated volume N/A single transaction
---------------------------------------- ---------------------------------
Price N/A single transaction
---------------------------------------- ---------------------------------
e) Date of the transaction 23 January 2024
----------------------------------- ---------------------------------
f) Place of the transaction XOFF
----------------------------------- ---------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Annette Rothwell
------------------------------------------ ---------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Non-executive Director
------------------------------------------ ---------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------------------ ---------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Velocity Composites plc
------------------------------------------ ---------------------------------
b) LEI 213800W4W46J8HGZP672
------------------------------------------ ---------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 0.25p each
instrument, type of instrument
------------------------------------------ ---------------------------------
Identification code GB00BF339H01
------------------------------------------ ---------------------------------
b) Nature of the transaction Grant of share options over
ordinary shares of 0.25p each
------------------------------------------ ---------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
------------------------------------------ ---------------- ---------------
0.25p 37,867
----------------------------------------------- ---------------- ---------------
d) Aggregated information N/A single transaction
------------------------------------------ ---------------------------------
Aggregated volume N/A single transaction
----------------------------------------------- ---------------------------------
Price N/A single transaction
----------------------------------------------- ---------------------------------
e) Date of the transaction 23 January 2024
------------------------------------------ ---------------------------------
f) Place of the transaction XOFF
------------------------------------------ ---------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Bailey
------------------------------------------ ---------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status Non-executive Director
------------------------------------------ ---------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------------------ ---------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Velocity Composites plc
------------------------------------------ ---------------------------------
b) LEI 213800W4W46J8HGZP672
------------------------------------------ ---------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 0.25p each
instrument, type of instrument
------------------------------------------ ---------------------------------
Identification code GB00BF339H01
------------------------------------------ ---------------------------------
b) Nature of the transaction Grant of share options over
ordinary shares of 0.25p each
------------------------------------------ ---------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
------------------------------------------ ---------------- ---------------
0.25p 37,867
----------------------------------------------- ---------------- ---------------
d) Aggregated information N/A single transaction
------------------------------------------ ---------------------------------
Aggregated volume N/A single transaction
----------------------------------------------- ---------------------------------
Price N/A single transaction
----------------------------------------------- ---------------------------------
e) Date of the transaction 23 January 2024
------------------------------------------ ---------------------------------
f) Place of the transaction XOFF
------------------------------------------ ---------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Matthew Archer
------------------------------------------ -------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------
a) Position/status PDMR/Chief Commercial & Compliance
Officer
------------------------------------------ -------------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------------------ -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name Velocity Composites plc
------------------------------------------ -------------------------------------
b) LEI 213800W4W46J8HGZP672
------------------------------------------ -------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
---------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 0.25p each
instrument, type of instrument
------------------------------------------ -------------------------------------
Identification code GB00BF339H01
------------------------------------------ -------------------------------------
b) Nature of the transaction Grant of share options over
ordinary shares of 0.25p each
------------------------------------------ -------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
------------------------------------------ ------------------ -----------------
0.25p 120,000
----------------------------------------------- ------------------ -----------------
d) Aggregated information N/A single transaction
------------------------------------------ -------------------------------------
Aggregated volume N/A single transaction
----------------------------------------------- -------------------------------------
Price N/A single transaction
----------------------------------------------- -------------------------------------
e) Date of the transaction 23 January 2024
------------------------------------------ -------------------------------------
f) Place of the transaction XOFF
------------------------------------------ -------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Kevin Hickey
------------------------------------------ ---------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------
a) Position/status PDMR/Chief Operating Officer
------------------------------------------ ---------------------------------
b) Initial notification/Amendment Initial Notification
------------------------------------------ ---------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Velocity Composites plc
------------------------------------------ ---------------------------------
b) LEI 213800W4W46J8HGZP672
------------------------------------------ ---------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-----------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 0.25p each
instrument, type of instrument
------------------------------------------ ---------------------------------
Identification code GB00BF339H01
------------------------------------------ ---------------------------------
b) Nature of the transaction Grant of share options over
ordinary shares of 0.25p each
------------------------------------------ ---------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
------------------------------------------ ---------------- ---------------
0.25p 75,000
----------------------------------------------- ---------------- ---------------
d) Aggregated information N/A single transaction
------------------------------------------ ---------------------------------
Aggregated volume N/A single transaction
----------------------------------------------- ---------------------------------
Price N/A single transaction
----------------------------------------------- ---------------------------------
e) Date of the transaction 23 January 2024
------------------------------------------ ---------------------------------
f) Place of the transaction XOFF
------------------------------------------ ---------------------------------
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END
IOEEAPFDAADLEFA
(END) Dow Jones Newswires
January 24, 2024 02:00 ET (07:00 GMT)
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