REG - Velocity Composites - Grant of Share Options

Velocity CompositesAnnouncement

17/07/2024 07:00

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RNS Number : 6689W  Velocity Composites PLC  17 July 2024

17 July 2024

 

Velocity Composites plc

("Velocity" or the "Company")

 

Grant of Share Options to Directors/PDMRs and Management Team

 

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced
composite material kits to the aerospace market, announces that on 15 July
2024, the Board granted a total of 1,600,000 share options over Velocity
ordinary shares of 0.25p each (the "Share Options") to certain directors,
PDMRs and other members of the management team.  These Share Options
recognise each of their roles and responsibilities in developing and
implementing the Company's strategic plans and are designed to continue to
incentivise them appropriately.

 

The Share Options are exercisable at an exercise price of 41.5 pence per
share, the share price at the time of grant.

 

The Share Options can be exercised after 2 years from the date of vesting and
will vest each half year once a target EBITDA, set by the Remuneration
Committee, has been achieved for the previous 12-month period. Once vested,
the Share Options may be exercised at any time until the tenth anniversary of
the award date. The Awards are subject to claw back and malus provisions.

 

The Share Options have been granted to the following Directors/PDMRs:

 

                   Existing Shareholding  Existing Options Held  New Share Options  New Share Options as a % of issued share capital

 Matthew Archer                           629,167                200,000            0.40%

 Jonathan Bridges  5,515,929                                     200,000            0.40%

 James Eastbury                           495,862                200,000            0.40%

 Kevin Hickey                             75,000                 200,000            0.40%

 

In addition, 800,000 Share Options have been issued to ten members of the
Management Team who report into the Executive team, and are key to the
performance of the business.

 

The Share Options have been issued under the Company's EMI scheme.

 

All of the Share Options are exercisable at an exercise price of 41.5 pence
per share, the share price at the time of grant.

 

Following the above grants the Company has a total of 3,299,365 Ordinary
Shares currently under option, representing approximately 6.2 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

 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

 Nick 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 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.

 

 

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                                                         James Eastbury
 2   Reason for the notification
 a)  Position/status                                              PDMR/ Chief Customer 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)
     nil                                                                                                200,000
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      15 July 2024
 f)  Place of the transaction                                     XOFF

 

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Jonathan Bridges
 2   Reason for the notification
 a)  Position/status                                              Director / CEO
 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)
     nil                                                                                                         200,000
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      15 July 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)
     nil                                                                                                         200,000
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      15 July 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)
     nil                                                                                                         200,000
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      15 July 2024
 f)  Place of the transaction                                     XOFF

 

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