REG - Velocity Composites - Director/PDMR Shareholding

Velocity CompositesAnnouncement

01/04/2021 10:15

RNS Number : 3036U
  
Velocity Composites PLC
  
01 April 2021
  
 

1 April 2021
 
Velocity Composites plc
("Velocity" or the "Company")
 
Grant of Share Options to PDMRs/Directors
 
Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that the Board has today awarded the following award of share options to certain directors and senior managers.
 
In accordance with the terms of their employment contracts Chris Williams, Finance Director, and James Eastbury, Customer Programmes Director, are to be awarded with share options six months after their appointment in accordance with the terms of the Company's EMI Scheme (the "EMI Options").
 
Further, as part of the cost reduction programme undertaken by the Company the directors and certain senior executives announced on 17 November 2020, Robert Soen, non-executive director, has agreed to a deferment of 20% of his directors' fees in return for which he has been awarded share options in lieu of cash to a similar value under the Unapproved Share Option Scheme (the "Unapproved Options").
 
A total of 278,805 share options (the "Share Options") over Velocity ordinary shares of 0.25p each ("Ordinary Shares") have been awarded, including 153,805 Share Options to the following directors.
 



 


Share holding


Existing Options

Held


New Share Options Granted


Exercise price


Total New Share Options as % of Issued Share Capital




Christopher Williams


-


147,268(1)


125,000(1)


15.8p(2)


0.34%




Robert Soen


-


-


28,805(3)


0.25p


0.08%



(1)   Options awarded under the Company's EMI scheme
(2)   calculated with reference to the closing share price on 3 February 2021 being six months after Chris Williams' start of employment
(3)   Options awarded under Unapproved Option Scheme
 
The EMI Options vest on 1 April 2024 and may be exercised at any time thereafter.  The Unapproved Options will vest on 30 October 2021 and may be exercised at any time thereafter.
 
Following the above grants, the Company has a total of 1,960,151 Ordinary Shares currently under option, representing approximately 5.40 per cent of the Company's issued share capital.
 
 
Enquiries:
 



Velocity Composites plc
Andy Beaden, Chairman
Jon Bridges, Chief Executive Officer
 


+44 (0) 1282 577577




Cenkos Securities plc
Nominated Adviser and Broker
Russell Cook
Ben Jeynes
 


+44 (0) 20 7397 4000



 
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


Christopher Williams




2


Reason for the notification




a)


Position/status


Finance 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)




£0.158


125,000




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


1 April 2021




f)


Place of the transaction


XOFF



 
 
 



1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


James Eastbury




2


Reason for the notification




a)


Position/status


PDMR/Customer Programmes 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)




£0.13


125,000




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


1 April 2021




f)


Place of the transaction


XOFF



 
 
 



1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Robert Soen




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


28,805




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


1 April 2021




f)


Place of the transaction


XOFF



 

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