Exercise of Options

RNS Number : 7964V

Velocity Composites PLC

10 April 2019

 

10 April 2019                                                                                                                              

Velocity Composites plc

("Velocity" or the "Company")

Exercise of Options

Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, today announces that it has issued 120,640 new ordinary shares of 0.25 pence each ("New Ordinary Shares") following an exercise of share options by a former employee.

Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM, with dealings expected to commence on 17 April 2019 ("Admission").

Following Admission, the Company will have a total of 35,916,179 Ordinary Shares in issue. Shareholders may use this figure of 35,916,179 Ordinary Shares as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Ends

Velocity Brian Tenner, Senior Independent Director	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]

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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