Issue of Equity

RNS Number : 8834A

Velocity Composites PLC

02 October 2020

 

2 October 2020

Velocity Composites plc

("Velocity" or the "Company")

Issue of Equity

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that the Company has issued and allotted 241,280 Velocity ordinary shares of 0.25 pence each ("Option Shares") pursuant to the exercise of share options by an employee under the Company's Enterprise Management Incentive and Unapproved Scheme.

Application has been made for the Option Shares to be admitted to trading on AIM which is expected to occur on 7 October 2020.  The Option Shares will rank pari passu in all respects with the Company's existing ordinary shares of 0.25 pence each ("Ordinary Shares").

Following the issue of the Option Shares the Company has a total of 36,227,459 Ordinary Shares in issue.  No Ordinary Shares are held in treasury.  The figure of 36,227,459 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.

Enquiries:

Velocity Jon Bridges, Chief Executive Officer Andy Beaden, Chairman	[phone]
Cenkos (Nominated Adviser and Broker) Russell Cook Ben Jeynes	[phone] [phone] [phone]
Belvedere Communications (Financial PR) Cat Valentine Keeley Clarke	[e-mail] [phone] [phone]

About Velocity

Velocity Composites is a manufacturer of composite material kits for the aerospace industry, delivering engineered kits for its customers to build component parts. The Company's clients 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 A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Bell Boeing 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 Composites also exports to Denmark, France, and Belgium.

 

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