Director/PDMR Shareholding

RNS Number : 3036U

Velocity Composites PLC

01 April 2021

 

1 April 2021

Velocity Composites plc

("Velocity" or the "Company")

Grant of Share Options to PDMRs/Directors

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that the Board has today awarded the following award of share options to certain directors and senior managers.

In accordance with the terms of their employment contracts Chris Williams, Finance Director, and James Eastbury, Customer Programmes Director, are to be awarded with share options six months after their appointment in accordance with the terms of the Company's EMI Scheme (the "EMI Options").

Further, as part of the cost reduction programme undertaken by the Company the directors and certain senior executives announced on 17 November 2020, Robert Soen, non-executive director, has agreed to a deferment of 20% of his directors' fees in return for which he has been awarded share options in lieu of cash to a similar value under the Unapproved Share Option Scheme (the "Unapproved Options").

A total of 278,805 share options (the "Share Options") over Velocity ordinary shares of 0.25p each ("Ordinary Shares") have been awarded, including 153,805 Share Options to the following directors.

	Share holding	Existing Options Held	New Share Options Granted	Exercise price	Total New Share Options as % of Issued Share Capital
Christopher Williams	-	147,268(1)	125,000(1)	15.8p(2)	0.34%
Robert Soen	-	-	28,805(3)	0.25p	0.08%

(1)  Options awarded under the Company's EMI scheme

(2)  calculated with reference to the closing share price on 3 February 2021 being six months after Chris Williams' start of employment

(3)  Options awarded under Unapproved Option Scheme

The EMI Options vest on 1 April 2024 and may be exercised at any time thereafter.  The Unapproved Options will vest on 30 October 2021 and may be exercised at any time thereafter.

Following the above grants, the Company has a total of 1,960,151 Ordinary Shares currently under option, representing approximately 5.40 per cent of the Company's issued share capital.

Enquiries:

Velocity Composites plc Andy Beaden, Chairman Jon Bridges, Chief Executive Officer	[phone]
Cenkos Securities plc Nominated Adviser and Broker Russell Cook Ben Jeynes	[phone]

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	Christopher Williams
2	Reason for the notification
a)	Position/status	Finance 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 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)
		£0.158	125,000
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	1 April 2021
f)	Place of the transaction	XOFF

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James Eastbury
2	Reason for the notification
a)	Position/status	PDMR/Customer Programmes 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 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)
		£0.13	125,000
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	1 April 2021
f)	Place of the transaction	XOFF

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Robert Soen
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 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)
		£0.0025	28,805
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	1 April 2021
f)	Place of the transaction	XOFF

 

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