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VEL - Velocity Composites News Story

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Last Trade - 19/10/21

Sector
Industrials
Size
Micro Cap
Market Cap £9.62m
Enterprise Value £9.42m
Revenue £8.50m
Position in Universe 1584th / 1785

Velocity Composites - Director/PDMR Shareholding

Wed 10th February, 2021 5:56pm
RNS Number : 6866O
Velocity Composites PLC
10 February 2021
 

10 February 2021

 

Velocity Composites plc

("Velocity" or the "Company")

 

Grant of Share Options to Directors

 

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announced on 17 November 2020 that as part of the cost reduction programme undertaken by the Company the directors and certain senior executives had agreed to a deferment of 20% of their salaries for which they will receive shares in the Company in lieu of cash, through an issue of share options of a similar value.

 

Due to an oversight at the Company these options which were awarded on 30 October 2020 but no announcement was made at the time.

 

A total of 615,065 share options (the "Share Options") over Velocity ordinary shares of 0.25p each ("Ordinary Shares") have been awarded, including 303,201 Share Options to the following directors.

 

 

Number of Ordinary Shares Held

% of Existing Share Capital Held

Existing Options
Held

New Share Options Granted

Total New Share Options as % of Issued Share Capital

Christopher Williams

-

-

-

147,268(1)

0.41%

Andrew Beaden

400,000

1.10

-

108,475(2)

0.30%

Margret Amos

-

-

-

47,458(2)

0.13%

(1)   Options awarded under the Company's EMI scheme

(2)   Options awarded under Unapproved Option Scheme

 

In summary the terms of the Share Options are:

·    The Shares Options will be exercisable at a price of 0.25 pence per share;

·    The Share Options, which are subject to malice and clawback restrictions, will vest on 30 October 2021 and may be exercised at any time thereafter.

 

Following the above grants, the Company has a total of 1,681,346 Ordinary Shares currently under option, representing approximately 4.64 per cent of the Company's issued share capital.

 

 

Enquiries:

 

Velocity Composites plc

Andy Beaden, Chairman

Jon Bridges, Chief Executive Officer

 

+44 (0) 1282 577577

Cenkos Securities plc

Nominated Adviser and Broker

Russell Cook

Ben Jeynes

 

+44 (0) 20 7397 4000

 

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

Christopher Williams

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)

£0.0025

147,268

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

30 October 2020

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

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)

£0.0025

108,475

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

30 October 2020

f)

Place of the transaction

XOFF

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Margaret Amos

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)

£0.0025

47,458

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

30 October 2020

f)

Place of the transaction

XOFF

 

 

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