REG - Velocity Composites - Results of General Meeting

Velocity CompositesAnnouncement

29/08/2023 18:30

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RNS Number : 7177K  Velocity Composites PLC  29 August 2023

29 August 2023

VELOCITY COMPOSITES PLC

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

 

Results of General Meeting

 

Velocity Composites plc (AIM: VEL), the leading supplier of composite material
kits to aerospace and other high-performance manufacturers, is pleased to
announce that all six of the resolutions ("Resolutions") put to shareholders
at the Company's General Meeting held today were duly passed.

 

 The votes received in respect of each of the Resolutions were as follows:

 

 Resolution                                                                      For                              %       Against     %        Withheld**
 1 - To allot shares in connection with the EIS/VCT Placing                      26,732,297                       99.71%  76,867      0.29%    2,635

 2 - To allot equity securities for cash otherwise than on a pre-emptive basis   26,621,300                       99.71%  77,867      0.29%    112,635
 in connection with the EIS/VCT Placing

 3 - Subject to the passing of Resolutions 1 and 2, to allot shares by           26,731,297                       99.71%  77,867       0.29%   2,635
 reference to the Company's issued share capital*
 4 - Subject to the passing of Resolutions 1, 2 and 3, to allot equity           26,619,297                       99.70%  79,867      0.30%    112,635
 securities for cash otherwise than on a pre-emptive basis by reference to the
 Company's issued share capital*

 5 - Subject to the passing of Resolutions 1, 2, 3 and 4, to allot equity        26,730,297                       99.71%  78,867       0.29%   2,635
 securities for cash otherwise than on a pre-emptive basis to finance an
 acquisition or other capital investment by reference to the Company's issued
 share capital*
 6 - To resolve that the Company's Share Premium Account is cancelled            26,697,498                       99.99%  1,666       0.01%    112,635

*              as enlarged by the Firm Placing, the Subscription
and the Retail Offer

**           a vote "Withheld" is not a vote in law and is not
counted in the calculation of the proportion of the votes "For" and "Against"
shown

 

Following the passing of the Resolutions, and in particular the Reduction
Resolution (Resolution 6), the Board will make an application shortly, to the
Court to obtain its approval to the Cancellation of the Company's Share
Premium Account (as defined in the circular posted to shareholders on 9 August
2023).

Revised provisional dates have been obtained for the required Court hearings
of the Company's application, but they are subject to change and dependent on
the Court's timetable. If the hearings go ahead on the revised provisional
dates, the present timetable provides that the final hearing, at which it is
hoped that the Court will make an order confirming the Cancellation, will take
place on 12 September 2023.

Prior to confirming the Cancellation, the Court will need to be satisfied that
the creditors of the Company will not be adversely affected. The Company is
satisfied, having taken advice, that it will be able to satisfy the Court in
that regard.

The Cancellation does not take effect until the Court's order is filed with
and registered by Companies House. The Board intends to file the required
documentation with Companies House as soon as possible following the final
Court hearing and, subject to compliance with all procedural requirements,
Companies House will usually register the documents within 10 Business Days.
On the present timetable, which is subject to change and dependent on the
Court's timetable, this would mean that the Cancellation would take effect on
or before 22 September 2023.

Application will be made to the London Stock Exchange for the admission of the
EIS/VCT Placing Shares to trading on AIM. Admission of the EIS/VCT Placing
Shares is expected to occur at 8.00 a.m. on 6 October 2023.

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.

 

Further announcements will be made in due course, as appropriate.

 

Enquiries:

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

 Jon Bridges, Chief Executive 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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