17 July 2024
Velocity Composites
plc
("Velocity" or the
"Company")
Grant of Share Options to
Directors/PDMRs and Management Team
Velocity Composites plc (AIM: VEL.L), the
leading supplier of advanced composite material kits to the
aerospace market, announces that on 15 July 2024, the Board granted
a total of 1,600,000 share options over Velocity ordinary shares of
0.25p each (the "Share Options") to certain directors, PDMRs and
other members of the management team. These Share Options
recognise each of their roles and responsibilities in developing
and implementing the Company's strategic plans and are designed to
continue to incentivise them appropriately.
The Share Options are exercisable at an
exercise price of 41.5 pence per share, the share price at the time
of grant.
The Share Options can be exercised after 2
years from the date of vesting and will vest each half year once a
target EBITDA, set by the Remuneration Committee, has been achieved
for the previous 12-month period. Once vested, the Share Options
may be exercised at any time until the tenth anniversary of the
award date. The Awards are subject to claw back and malus
provisions.
The Share Options have been granted to the
following Directors/PDMRs:
|
|
Existing
Shareholding
|
Existing
Options Held
|
New Share
Options
|
New Share
Options as a % of issued share capital
|
|
|
|
|
|
|
|
Matthew Archer
|
|
629,167
|
200,000
|
0.40%
|
|
|
|
|
|
|
|
Jonathan Bridges
|
5,515,929
|
|
200,000
|
0.40%
|
|
|
|
|
|
|
|
James Eastbury
|
|
495,862
|
200,000
|
0.40%
|
|
|
|
|
|
|
|
Kevin Hickey
|
|
75,000
|
200,000
|
0.40%
|
In addition, 800,000 Share Options have been
issued to ten members of the Management Team who report into the
Executive team, and are key to the performance of the
business.
The Share Options have been issued under the
Company's EMI scheme.
All of the Share Options are exercisable at an
exercise price of 41.5 pence per share, the share price at the time
of grant.
Following the above grants the Company has a
total of 3,299,365 Ordinary Shares currently under option,
representing approximately 6.2 per cent of the Company's issued
share capital.
Enquiries:
|
Velocity Composites plc
Andy Beaden, Chairman
Jon Bridges, Chief Executive
Officer
Rob Smith, Chief Financial
Officer
|
+44 (0)
1282 577577
|
|
Canaccord Genuity Limited
Nominated Adviser and Joint Broker
Max Hartley
George Grainger
|
+44 (0) 20
7523 8000
|
|
Dowgate Capital Limited
Joint Broker
Russell Cook
Nick Chambers
|
+44 (0) 20
3903 7715
|
|
SEC
Newgate
Financial Communications
Robin Tozer
George Esmond
Harry Handyside
|
+44
(0)7540 106 366
velocity@secnewgate.co.uk
|
About Velocity Composites plc
Based in Burnley, UK, Velocity 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.
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
|
James Eastbury
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
PDMR/ Chief Customer 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 instrument, type
of instrument
|
Ordinary shares of 0.25p each
|
|
|
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)
|
|
nil
|
200,000
|
|
d)
|
Aggregated information
|
N/A single transaction
|
|
|
Aggregated volume
|
N/A single transaction
|
|
|
Price
|
N/A single transaction
|
|
e)
|
Date of the transaction
|
15 July 2024
|
|
f)
|
Place of the transaction
|
XOFF
|
|
1
|
Details of the
person discharging managerial responsibilities / person closely
associated
|
|
a)
|
Name
|
Jonathan Bridges
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
Director / CEO
|
|
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 instrument, type
of instrument
|
Ordinary shares of 0.25p each
|
|
|
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)
|
|
nil
|
200,000
|
|
d)
|
Aggregated information
|
N/A single transaction
|
|
|
Aggregated volume
|
N/A single transaction
|
|
|
Price
|
N/A single transaction
|
|
e)
|
Date of the transaction
|
15 July 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 instrument, type
of instrument
|
Ordinary shares of 0.25p each
|
|
|
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)
|
|
nil
|
200,000
|
|
d)
|
Aggregated information
|
N/A single transaction
|
|
|
Aggregated volume
|
N/A single transaction
|
|
|
Price
|
N/A single transaction
|
|
e)
|
Date of the transaction
|
15 July 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 instrument, type
of instrument
|
Ordinary shares of 0.25p each
|
|
|
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)
|
|
nil
|
200,000
|
|
d)
|
Aggregated information
|
N/A single transaction
|
|
|
Aggregated volume
|
N/A single transaction
|
|
|
Price
|
N/A single transaction
|
|
e)
|
Date of the transaction
|
15 July 2024
|
|
f)
|
Place of the transaction
|
XOFF
|