Directorate Change and Grant of Options

RNS Number : 4464G

Velocity Composites PLC

29 March 2022

 

29 March 2022

Velocity Composites plc

("Velocity" or the "Company")

Directorate Change and Grant of Options

Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, is pleased to announce the appointment of Annette Rothwell as an independent non-executive director, with immediate effect. 

Ms. Rothwell is a seasoned VP level executive and board member with extensive experience in industries undergoing transformational change. She is a proven executive leader in General Management, Procurement and Supply Chain, Operational Excellence (CI) and Project Management working with senior stakeholders including regional and national government.

Since 2006 Ms. Rothwell has served in executive roles supporting CEOs within a number of global companies including FTSE100 listed Aerospace & Defence companies.  She has extensive experience in and around supply chains and has been responsible for procurement and supply chain activity, operational improvement across multiple companies and multiple cultures.  Since 2011, she has served as a director on the board of the Midlands Aerospace Alliance, the regional body for the Aerospace, Defence and Security industry. 

In line with previously announced fee sacrifice arrangements for other directors and PDMRs, Ms Rothwell has today been granted 20,940 share options over Velocity ordinary shares of 0.25p each (the "Share Options") under the Company's Unapproved Option Scheme. The Share Options will become exercisable on 1 November 2022, have a vesting period of one year and are exercisable at a price of 0.25 pence.

Following the above grant, the Company has a total of 2,300,485 Ordinary Shares currently under option, representing approximately 6.34 per cent of the Company's issued share capital.

Andy Beaden, Chairman, commented:  

"I am pleased to welcome Annette to the Board.  She brings deep operational and strategic experience in our core market sector of aerospace, across international regions. along with a strong professional network and significant commercial successes in multiple blue chip businesses."

In addition to her appointment to the Velocity Board, Annette Rothwell, aged 54, has held the following directorships and/or partnerships in the past five years:

Current Directorships/Partnerships	Past Directorships/Partnerships
AR Procurement Services Ltd Midlands Aerospace Alliance	None

Annette Rothwell does not hold any Ordinary Shares in the Company and there are no further disclosures to be made pursuant to Schedule 2 paragraph (g) of the AIM Rules.

Enquiries:

Velocity Composites plc Andy Beaden, Chairman Jon Bridges, Chief Executive Officer	[phone]
Cenkos Securities plc Nominated Adviser and Broker Katy Birkin Ben Jeynes	[phone]
SEC Newgate Financial PR Robin Tozer / Richard Bicknell	[phone] [e-mail]

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	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 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	20,940
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	29 March 2022
f)	Place of the transaction	XOFF

 

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