Board Update

RNS Number : 7014N

Velocity Composites PLC

22 January 2019

 

VELOCITY COMPOSITES plc

("Velocity" or the "Company")

BOARD UPDATE

Velocity, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, provides the following update, further to the announcements on 5 November 2018 and 15 November 2018, in relation to the demands received by the Board on 2 November 2018 from Jonathan (Jon) Karl Bridges, Gerard Johnson and Christopher Banks (together the "Founders") regarding the composition of the Board.

The Company is pleased to announce that the Board has, in recent weeks, been able to engage in discussions with the Founders with respect to resolving the issues they have raised. The discussions have focussed on the future long-term success of the Company and on ensuring that the necessary personnel and structures are in place to allow the Company to achieve its long-term growth objectives. These discussions are progressing positively, and the Company hopes to be able to provide a comprehensive and conclusive update in the near future.

Mark Mills, Executive Chairman of Velocity, commented:

"In trying to meet all the stakeholders' legitimate requests, the Board and the Founders are working together to find a solution which suits all parties and ensures the composition of the Board is representative of the whole shareholder base. We are very conscious of the fact that the on-going uncertainty regarding the relationship between the Board and the Founders is an unhelpful and detrimental distraction to the day-to-day focus of the Company and we hope that a final and satisfactory resolution can be agreed in the near future."

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CONTACT DETAILS:

Velocity Mark Mills, Executive Chairman	c/o Camarco Tel: [phone]
finnCap (Nominated Adviser and Broker) Ed Frisby / Scott Mathieson / Hannah Boros (Corporate Finance) Tim Redfern (ECM)	Tel: [phone]
Camarco (Financial PR) Ed Gascoigne Pees / Georgia Edmonds / James Crothers	Tel: [phone]

The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.  Upon the publication of this announcement via a regulatory news service this inside information will be considered to be in the public domain. 

About Velocity Composites

Velocity Composites is a manufacturer of advanced composite material kits for the aerospace industry disrupting the composites supply chain to deliver engineered waste reduction solutions for its customers to build aircraft components using less time and material. The Company's customers include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world's leading civil and military aircraft manufacturers. The Airbus A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787 and V22 Osprey are all constructed using parts manufactured from Velocity's kits. The Company's business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts' manufacturers. Velocity's services are seeing increased demand as the global aircraft industry enters a more-for-less era. Velocity currently has customers in the UK and Continental Europe.

 

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