Grant of Share Options & Issue of Equity

Velocity Composites PLC

24 January 2024

 

24 January 2024

Velocity Composites plc

("Velocity" or the "Company")

Grant of Share Options to Directors/PDMRs, Issue of Equity and TVR

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that on 23 January 2024, the Board granted a total of 357,134 share options over Velocity ordinary shares of 0.25p each (the "Share Options") to certain Directors and PDMRs of the Company.

282,134 Share Options awarded are in relation to cash salary / fees sacrifice arrangements for the year to 30 October 2024, as a result of the cost reduction programme announced on 17 December 2020.

The Share Options have been granted as follows:

	Shareholding	Existing Options held	Cash Salary / Fee Sacrifice Options granted	Other Share Options granted	Total new Share Options as % of issued share capital
Andy Beaden (Non-executive Chairman)	568,475	162,635 (1)	86,400 (1)	-	0.16%
Annette Rothwell (Non-executive Director)	-	58,807 (1)	37,867 (1)	-	0.07%
David Bailey (Non-executive Director)	-	37,867	37,867 (1)	-	0.07%
Matthew Archer (PDMR)	-	709,167 (2)	120,000 (2)	-	0.22%
Kevin Hickey (PDMR)	-	-	-	75,000(2	0.14%

(1)   Share Options awarded under the Company's Unapproved Option Scheme

(2)   Share Options awarded under the Company's EMI Scheme

All of the Share Options are exercisable at an exercise price of 0.25p. The Share Options relating to cash salary / fee salary sacrifice arrangements will become exercisable on 1 November 2024, whilst the Share Options relating to Kevin Hickey will vest after 31 October 2025.

In addition, the Company announces that on 23 January 2024, 75,000 options over Ordinary Shares were exercised by a former employee at a price of 35.5p. Application has been made for 75,000 Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur on 29 January 2024 and the Ordinary Shares will, on issue, rank pari passu in all respects with the Company's existing Ordinary Shares.

On Admission, the Company will have a total of 53,468,368 Ordinary Shares in issue.  No Ordinary Shares are held in treasury. The figure of 53,468,368 may be used by the Company's shareholders as the denominator in the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure, Guidance and Transparency Rules.

Following the above grants and exercise of options, the Company has a total of 1,854,365 Ordinary Shares currently under option, representing approximately 3.47% per cent of the Company's issued share capital.

Enquiries:

Velocity Composites plc Andy Beaden, Chairman Jon Bridges, Chief Executive Officer Andrew Hebb, Interim Chief Financial Officer	[phone]
Cavendish Capital Markets Limited Nominated Adviser and Broker Katy Birkin Ben Jeynes George Lawson	[phone]
SEC Newgate Financial Communications Robin Tozer George Esmond Harry Handyside	[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	Andrew Beaden
2	Reason for the notification
a)	Position/status	Non-executive Chairman
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)
		0.25p	86,400
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	23 January 2024
f)	Place of the transaction	XOFF

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)
		0.25p	37,867
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	23 January 2024
f)	Place of the transaction	XOFF

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David Bailey
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)
		0.25p	37,867
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	23 January 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)
		0.25p	120,000
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	23 January 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)
		0.25p	75,000
d)	Aggregated information	N/A single transaction
	Aggregated volume	N/A single transaction
	Price	N/A single transaction
e)	Date of the transaction	23 January 2024
f)	Place of the transaction	XOFF

 

END