REG - Velocity Composites - Exercise of Share Options and Issue of Equity

Velocity CompositesAnnouncement

26/09/2024 18:00

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RNS Number : 8894F  Velocity Composites PLC  26 September 2024

26 September 2024

VELOCITY COMPOSITES PLC

("Velocity", the "Company", the "Group")

 

Exercise of Share Options and Issue of Equity

 

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced
composite material kits to the aerospace market, announces that on 26
September 2024, 41,338 options over Velocity ordinary shares of 0.25 pence
each ("Ordinary Shares") were exercised at a price of 0.25p.

 

Application has been made for 41,338 Ordinary Shares to be admitted to trading
on AIM ("Admission"). Admission is expected to occur on 7 October 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 53,509,706 Ordinary Shares in
issue.  No Ordinary Shares are held in treasury.  The figure of 53,509,706
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 Composites plc                +44 (0) 1282 577577

 Andy Beaden, Chairman

 Jon Bridges, Chief Executive Officer

 Rob Smith, Chief Financial Officer

 Canaccord Genuity Limited              +44 (0) 20 7523 8000

 Nominated Adviser and Joint Broker

 Max Hartley

 George Grainger

 Dowgate Capital Limited                +44 (0) 20 3903 7715

 Joint Broker

 Russell Cook

 Nicholas Chambers

 SEC Newgate                            +44 (0)7540 106 366

 Financial Communications               velocity@secnewgate.co.uk

 Robin Tozer

 George Esmond

 Harry Handyside

 

About Velocity Composites plc

Based in Burnley, UK, Velocity is the leading supplier of composite material
kits to aerospace, that reduce costs and improve sustainability.  Customers
include BAE Systems. Hamble Aerostructures, Safran Nacelles and GKN, who
supply to the major OEMs including Airbus, Boeing, GE, Rolls Royce and
Lockheed Martin.

 

By using Velocity's proprietary technology, manufacturers can also free up
internal resources to focus on their core business.  Velocity has significant
potential for expansion, both in the UK and abroad, including into new market
areas, such as wind energy, urban air mobility and electric vehicles, where
the demand for composites is expected to grow.

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