REG - Velocity Composites - Grant of Share Options & Issue of Equity
24/01/2024 07:15
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RNS Number : 6784A Velocity Composites PLC 24 January 2024
24 January 2024
Velocity Composites plc
("Velocity" or the "Company")
Grant of Share Options to Directors/PDMRs, Issue of Equity and TVR
Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced
composite material kits to the aerospace market, announces that on 23 January
2024, the Board granted a total of 357,134 share options over Velocity
ordinary shares of 0.25p each (the "Share Options") to certain Directors and
PDMRs of the Company.
282,134 Share Options awarded are in relation to cash salary / fees sacrifice
arrangements for the year to 30 October 2024, as a result of the cost
reduction programme announced on 17 December 2020.
The Share Options have been granted as follows:
Shareholding Existing Options held Cash Salary / Fee Sacrifice Options granted Other Share Options granted Total new Share Options as % of issued share capital
Andy Beaden 568,475 162,635 ((1)) 86,400 ((1)) - 0.16%
(Non-executive Chairman)
Annette Rothwell - 58,807 ((1)) 37,867 ((1)) - 0.07%
(Non-executive Director)
David Bailey - 37,867 37,867 ((1)) - 0.07%
(Non-executive Director)
Matthew Archer - 709,167 ((2)) 120,000 ((2)) - 0.22%
(PDMR)
Kevin Hickey - - 75,000((2) 0.14%
(PDMR) -
(1) Share Options awarded under the Company's Unapproved Option Scheme
(2) Share Options awarded under the Company's EMI Scheme
All of the Share Options are exercisable at an exercise price of 0.25p. The
Share Options relating to cash salary / fee salary sacrifice arrangements will
become exercisable on 1 November 2024, whilst the Share Options relating to
Kevin Hickey will vest after 31 October 2025.
In addition, the Company announces that on 23 January 2024, 75,000 options
over Ordinary Shares were exercised by a former employee at a price of 35.5p.
Application has been made for 75,000 Ordinary Shares to be admitted to trading
on AIM ("Admission"). Admission is expected to occur on 29 January 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 53,468,368 Ordinary Shares in
issue. No Ordinary Shares are held in treasury. The figure of 53,468,368 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.
Following the above grants and exercise of options, the Company has a total of
1,854,365 Ordinary Shares currently under option, representing approximately
3.47% per cent of the Company's issued share capital.
Enquiries:
Velocity Composites plc +44 (0) 1282 577577
Andy Beaden, Chairman
Jon Bridges, Chief Executive Officer
Andrew Hebb, Interim Chief Financial Officer
Cavendish Capital Markets Limited +44 (0) 20 7220 0500
Nominated Adviser and Broker
Katy Birkin
Ben Jeynes
George Lawson
SEC Newgate +44 (0)7540 106 366
Financial Communications velocity@secnewgate.co.uk
Robin Tozer
George Esmond
Harry Handyside
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 Andrew Beaden
2 Reason for the notification
a) Position/status Non-executive Chairman
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)
0.25p 86,400
d) Aggregated information N/A single transaction
Aggregated volume N/A single transaction
Price N/A single transaction
e) Date of the transaction 23 January 2024
f) Place of the transaction XOFF
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Annette Rothwell
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)
0.25p 37,867
d) Aggregated information N/A single transaction
Aggregated volume N/A single transaction
Price N/A single transaction
e) Date of the transaction 23 January 2024
f) Place of the transaction XOFF
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name David Bailey
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)
0.25p 37,867
d) Aggregated information N/A single transaction
Aggregated volume N/A single transaction
Price N/A single transaction
e) Date of the transaction 23 January 2024
f) Place of the transaction XOFF
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Matthew Archer
2 Reason for the notification
a) Position/status PDMR/Chief Commercial & Compliance Officer
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)
0.25p 120,000
d) Aggregated information N/A single transaction
Aggregated volume N/A single transaction
Price N/A single transaction
e) Date of the transaction 23 January 2024
f) Place of the transaction XOFF
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Kevin Hickey
2 Reason for the notification
a) Position/status PDMR/Chief Operating Officer
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)
0.25p 75,000
d) Aggregated information N/A single transaction
Aggregated volume N/A single transaction
Price N/A single transaction
e) Date of the transaction 23 January 2024
f) Place of the transaction XOFF
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