REG - Velocity Composites - Director/PDMR Shareholding
RNS Number : 6866OVelocity Composites PLC10 February 202110 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
HeldNew 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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