REG - Velocity Composites - Further Subscription

Velocity CompositesAnnouncement

15/08/2023 07:00

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RNS Number : 2819J  Velocity Composites PLC  15 August 2023

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET
ABUSE REGULATION (EU)596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE
EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

15 August 2023

VELOCITY COMPOSITES PLC

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

Further Subscription

Velocity Composites plc (AIM: VEL), the leading supplier of composite material
kits to aerospace and other high-performance manufacturers, is pleased to
announce that, following the announcement of the £6.2 million Firm Placing,
EIS/VCT Placing and Subscription by the Company on 9 August 2023 and the
Results of REX Retail Offer announced on 14 August 2023 (the "Fundraising"),
the Company received additional demand from a strategic investor to invest
£190,000 by way of a conditional subscription for 475,000 new ordinary
shares of 0.25 pence each ("Ordinary Shares") (the "Additional Subscription
Shares") at the issue price of 40 pence per Ordinary Share (the "Issue Price")
(the "Additional Subscription"). The Issue Price of the Additional
Subscription is the same as the issue price per Ordinary Share in the
Fundraising.

 

The net proceeds from the Additional Subscription will, together with the net
proceeds from the Fundraising, be used for CAPEX, people (engineering,
software and business development) and working capital for expansion.

 

The Company has the authority to issue and allot the Additional Subscription
Shares pursuant to certain existing shareholder authorities granting such
powers to the Directors at the Company's Annual General Meeting held on 28
February 2023.

 

Application has been made to the London Stock Exchange for the admission of
the Additional Subscription Shares to trading on AIM which is expected to
occur at 8.00 a.m. on 18 August 2023.

 

Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 40,893,368 with each Ordinary Share carrying the
right to one vote. There are no Ordinary Shares held in treasury and therefore
the total number of voting rights in the Company will be 40,893,368. The above
figure may be used by Shareholders in the Company as the denominator for the
calculations by which they will determine if they are required to notify their
interest in, or a change to their interest in, the share capital of the
Company under the FCA's Disclosure, Guidance and Transparency Rules.

 

Unless otherwise defined, capitalised terms within this announcement shall
have the same meaning as those contained within the announcement dated 9
August 2023 under RNS number 7242I.

 

Enquiries:

 Velocity                                   Tel: +44 (0) 1282 577577
 Andy Beaden, Chairman

 Jon Bridges, Chief Executive Officer

 Adam Holden, Chief Financial Officer

 Cenkos (Nominated Adviser and Broker)      Tel: +44 (0)20 7397 8900
 Katy Birkin

 Ben Jeynes

 George Lawson

 SEC Newgate (Financial Communications)     Tel: +44 (0)7540 106 366

 Robin Tozer                                Email: velocity@secnewgate.co.uk

 George Esmond

 Harry Handyside

 

About Velocity Composites

Based in Burnley, UK, Velocity Composites is the leading supplier of composite
material kits to aerospace and other high-performance manufacturers, that
reduce costs and improve sustainability. Customers include Airbus, Boeing, and
GKN.

 

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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