Result of AGM

RNS Number : 0019C

Velocys PLC

12 June 2019

 

News release

Velocys plc

("Velocys" or "the Company")

12 June 2019

Results of Annual General Meeting

Velocys plc (VLS.L), the renewable fuels company, announces that, at its Annual General Meeting held earlier today, all resolutions put to shareholders were duly passed on a show of hands.

Full details of the resolutions passed are set out in the Notice of Meeting which is available on the Company's website www.velocys.com.

The following remarks were made by Velocys Chairman, Dr Pierre Jungels and CEO, Henrik Wareborn at the AGM.

Chairman's Introductory Remarks

Velocys is now an advance biofuels company.  This transition was completed thanks to the technical proof point reached upon completion of the commercial scale demonstration runs of our two Velocys Fischer-Tropsch (FT) reactors at ENVIA, together with the strong commercial progress at both the Immingham UK waste to jet fuel plant and the Natchez Mississippi biorefinery projects, significant fundraising in support of the above and an overall strengthening of the Executive team as well as the Board.

The ENVIA plant in Oklahoma has shown that Velocys' micro-channel FT reactors and catalysts work well in a range of conditions, inside the operating envelope, and generate high quality renewable fuels with low carbon intensity evidenced by the award of D7 RIN credits last year.

Velocys will now leverage all the learnings and experience from running full cycle commercial operations at ENVIA into the two commercial scale biorefinery projects in Natchez and Immingham in collaboration with our financial and technology partners.

The demand for sustainable jet fuel could not be more obvious.  Velocys is in a unique position to offer a de-risked, scalable and executable solution to convert solid waste feedstocks into sustainable jet fuel with a minimal carbon intensity both in the US and in the UK subject to continued shareholder and strategic partner support.

Management and Board

In November 2018, we were delighted to welcome Henrik Wareborn as Velocys' new CEO and Executive Director.  Henrik's expertise includes capital markets advisory, commodities trading, fund raising and commodity finance from Goldman Sachs, BP Plc and Natixis SA.  Henrik holds an MBA from INSEAD and a BA in economics from Stockholm School of Economics.  The Board considers that his skill set and experience and his knowledge, background and approach, are exactly what is demanded as Velocys moves into the financing and commercialisation of both the project in Mississippi and the UK waste to jet fuel project in Immingham.

In addition, we are pleased that Andrew Morris, who had been a Non-Executive Director and Chairman of the Company's Audit and Risk Committee since June 2017, accepted the position as Velocys' full time Chief Financial Officer, remaining on the Board as an Executive Director.  Andrew has considerable experience in the power and renewable energy, energy from waste and biofuels sectors, and has significant involvement in financing and business development for AIM companies, SMEs and private equity backed organisations.  Andrew's appointment as Velocys' Chief Financial Officer has assisted the Board significantly in managing the Company's finances.

We were also pleased to announce the appointment of two new independent Non-Executive Directors to the Board with effect 1 January 2019.  Philip Holland and Darran Messem both have significant experience in industries, companies and projects with direct relevance to Velocys. The Board has already been able to benefit from their respective contributions in the relatively short time since their appointment.

CEO Introductory Remarks

Velocys in within reach to offer a tangible solution to support decarbonisation of air travel, a critical sector supporting the global economy with very stringent fuel criteria and few alternatives to hydrocarbon fuels.  The aviation sector needs renewable fuels which meet the complex standards of fossil fuels for engine safety and performance reasons.  I believe Velocys is well positioned to create significant shareholder value already in 2019 from our unique position at the cutting edge of fossil-free aviation.

I would like to thank all my colleagues at Velocys for their continued commitment and relentless efforts during the intensive phase of technology demonstration and project development during 2018.

I would also like to take this opportunity to thank Dr Pierre Jungels for his continued support to me and the team during the changes that were made to the senior management of the Company and the Board in the last quarter of 2018 as well as for his significant contribution to the Company over the last thirteen years.

Resolutions	For / Discretion		Against		Total	Vote withheld*
	Number	%	Number	%
1. To receive, consider and adopt the annual accounts of the Company as at 31 December 2018 and the Directors' and auditors' reports thereon	211,320,370	99.99	20,512	0.01	211,340,882	1,954
2. To re-elect Sandy Shaw	211,320,370	99.99	22,466	0.01	211,342,836	-
3. To elect Henrik Wareborn	211,318,395	99.99	22,466	0.01	211,340,861	1,975
4. To re-elect Pierre Jungels	211,316,474	99.99	24,387	0.01	211,340,861	1,975
5. To re-elect Andrew Morris	211,318,395	99.99	22,466	0.01	211,340,861	1,975
6. To elect Philip Holland	211,338,907	99.99	1,954	0.01	211,340,861	1,975
7. To elect Darran Messem	211,338,907	99.99	1,954	0.01	211,340,861	1,975
8. To re-appoint PricewaterhouseCoopers LLP as auditors to the Company	211,320,370	99.99	22,466	0.01	211,342,836	-
9. To authorise the Directors to determine the auditors' remuneration	211,320,370	99.99	22,466	0.01	211,342,836	-
10. To authorise the Directors to allot equity securities pursuant to the articles of association of the Company	211,300,700	99.98	42,136	0.02	211,342,836	-
11. To authorise the Directors to allot equity securities for cash disapplying pre-emption rights in the Company's articles of association	211,222,833	99.97	69,111	0.03	211,291,944	50,892
12. To authorise the Company to purchase its own shares	211,275,679	99.97	67,157	0.03	211,342,836	-

* 'Vote withheld' is not a vote in law and is not counted in the calculation of the proportion of the votes 'For' and 'Against' a resolution.

- Ends -

For further information, please contact:

Velocys Henrik Wareborn, CEO	[phone]
Numis Securities (Nomad and joint broker) Alex Ham Stuart Skinner Tom Ballard	[phone]
Canaccord Genuity (Joint broker) Henry Fitzgerald-O'Connor Ben Griffiths	[phone]
Camarco (UK financial communications & PR) Ben Woodford Tom Huddart	[phone]

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this announcement.

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