REG - Velocity Composites - Grant of Share Options

Velocity CompositesAnnouncement

03/02/2025 07:15

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RNS Number : 5558V  Velocity Composites PLC  03 February 2025

3 February 2025

 

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 31 January
2025, the Board granted a total of 2,085,518 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 are
being awarded to align the recipients with the development and implementation
of the Company's strategic plans and to incentivise them appropriately on an
ongoing basis.

 

The Share Options have been awarded under three different schemes that have
different exercise prices, vesting periods and conditions attached to them.
Details are set out as follows:

 

LTIP Share Options can be exercised after two years from the date of vesting
and will vest each half year once a target profit before tax, 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 Share Options are subject to claw back and
malus provisions. These Share options have been granted at a price of 25.72p,
a discount of 6.02p, to the closing market price of 31.75p as at 30 January
2025.

 

Joiner Share Options can be exercised after 3 years from the date of joining
and will vest on condition that the option holder is still an employee of the
Group on their third anniversary of joining the company. Once vested, the
Share Options may be exercised at any time until the tenth anniversary of the
award date. The Share Options are subject to claw back and malus provisions
and have been granted at a price of 25.72p, a discount of 6.02p, to the
closing market price of 31.75p as at 30 January 2025.

 

Salary Sacrifice Share Options can be exercised after 31 October 2025. Once
vested, the Share Options may be exercised at any time until the fifth
anniversary of the award date. The Share Options are subject to claw back and
malus provisions and have been granted at a price of 0.25p on the basis that
the Option Holder surrenders 20% of their salary for the entirety of FY25.

 

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

 

                      Existing Shareholding  Existing Options Held  New Share Options  Scheme under which Options being issued  New Share Options as a % of issued share capital
 Matthew Archer       Nil                    829,167                200,000            LTIP                                     0.37%
 Jonathan Bridges(1)  5,365,929              200,000                200,000            LTIP                                     0.37%
 James Eastbury       Nil                    495,862                200,000            LTIP                                     0.37%
 Oliver Smalley       Nil                    Nil                    200,000            LTIP                                     0.37%
                                                                    75,000             Joiner                                   0.14%
 Rob Smith            40,000                 Nil                    200,000            LTIP                                     0.37%
                                                                    125,000            Joiner                                   0.23%
 Andy Beaden          930,010                Nil                    88,276             Salary Sacrifice                         0.16%
 David Bailey         52,323                 Nil                    38,621             Salary Sacrifice                         0.07%
 Annette Rothwell     78,547                 Nil                    38,621             Salary Sacrifice                         0.07%

 

(1) Jonanthan Bridges' holding includes 4,015,929 ordinary shares held in his
own name and 1,350,000 held by his wife, Mrs E Bridges.

 

In addition to director/PDMRs, 720,000 Share Options have been issued to nine
members of the management team who report into the executive team and are key
to the performance of the business.

 

With the exception of the salary sacrifice share options granted to Andy
Beaden, David Bailey and Annette Rothwell, the Share Options have been issued
under the Company's EMI scheme.

 

Following the above grants, the Company has a total of 4,859,885 Ordinary
Shares currently under option, representing approximately 9.0 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                                      31 January 2025
 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                                      31 January 2025
 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                                      31 January 2025
 f)  Place of the transaction                                     XOFF

 

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Oliver Smalley
 2   Reason for the notification
 a)  Position/status                                              PDMR / Chief Operations 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                                      31 January 2025
 f)  Place of the transaction                                     XOFF

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Robert Smith
 2   Reason for the notification
 a)  Position/status                                              Director / Chief Financial 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                                                                                                         325,000
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      31 January 2025
 f)  Place of the transaction                                     XOFF

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Andrew Beaden
 2   Reason for the notification
 a)  Position/status                                              Director / 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)
     nil                                                                                                         88,276
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      31 January 2025
 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)
     nil                                                                                                         38,621
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      31 January 2025
 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)
     nil                                                                                                         38,621
 d)  Aggregated information                                       N/A single transaction
     Aggregated volume                                            N/A single transaction
     Price                                                        N/A single transaction
 e)  Date of the transaction                                      31 January 2025
 f)  Place of the transaction                                     XOFF

 

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