REG - Velocity Composites - Grant of Share Options to Directors/PDMRs

Velocity CompositesAnnouncement

29/03/2023 15:45

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RNS Number : 6652U  Velocity Composites PLC  29 March 2023

29 March 2023

 

Velocity Composites plc

("Velocity" or the "Company")

 

Grant of Share Options to Directors/PDMRs

 

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced
composite material kits to the aerospace market, announces that on 28 March
2023, the Board granted a total of 807,200 share options over Velocity
ordinary shares of 0.25p each (the "Share Options") to certain directors and
PDMRs of the Company.

 

A portion of the Share Options awarded are in relation to cash salary / fees
sacrifice arrangements for the year to 30 October 2023, as a result of the
cost reduction programme announced on 17 December 2020. The remaining Share
Options that have been granted are performance related and are subject to
meeting specific targets that have been set by the Board.

 

The Share Options have been granted as follows:

 

                            Shareholding  Existing Options  Cash Salary / Fee Sacrifice Options Granted  Performance Related Options Granted  Total New Share Options as % of issued share capital

Held
 Andy Beaden                568,475       76,235 ((1))      86,400 ((1))                                 -                                    0.23%

 (Non-executive Chairman)
 Adam Holden                -             -                 107,733 ((2))                                -                                    0.29%

 (Finance Director)
 Annette Rothwell           -             20,940 ((1))      37,867 ((1))                                 -                                    0.10%

 (Non-Executive Director)
 David Bailey               -             -                 37,867 ((1))                                 -                                    0.10%

 (Non-Executive Director)
 James Eastbury             75,932        228,529 ((2))     117,333 ((2))                                150,000 ((2))                        0.72%

 (PDMR)
 Matthew Archer             -             589,167 ((2))     120,000 ((2))                                -                                    0.33%

 (PDMR)
 Jeffrey Armitage           -             -                 -                                            150,000 ((2))                        0.41%

 (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 2023, whilst the performance related awards
will become exercisable when the Board determines the specific  targets have
been met.

 

Following the above grants, the Company has a total of 2,284,964 Ordinary
Shares currently under option, representing approximately 6.19 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

 Cenkos Securities plc                  +44 (0) 20 7397 8900

 Nominated Adviser and Broker

 Katy Birkin

 Ben Jeynes

 George Lawson

 SEC Newgate                            +44 (0)7540 106 366

 Financial PR                           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                                      28 March 2023
 f)  Place of the transaction                                     XOFF

 

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Adam Holden
 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)
     0.25p                                                                                       107,733
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      28 March 2023
 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                                      28 March 2023
 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                                      28 March 2023
 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)
     0.25p                                                                                       267,333
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      28 March 2023
 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/Commercial and Supply Chain 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                                                                                       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                                      28 March 2023
 f)  Place of the transaction                                     XOFF

 

 

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Jeffrey Armitage
 2   Reason for the notification
 a)  Position/status                                              PDMR/Strategic Operation 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                                                                                       150,000
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      28 March 2023
 f)  Place of the transaction                                     XOFF

 

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