REG - Velocys PLC - Results of General Meeting and Open Offer

VelocysAnnouncement

15/12/2021 11:40

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RNS Number : 7619V  Velocys PLC  15 December 2021

Velocys plc

("Velocys" or the "Company")

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

Results of General Meeting and Open Offer

Velocys plc (VLS.L), the sustainable fuels technology company, is pleased to
announce that the resolutions set out in the circular published on 29 November
2021 and put to shareholders at the General Meeting held earlier today were
duly passed by means of a poll. A summary of the voting results is set out at
the end of this announcement.

The Company is also pleased to announce that in relation to the Open Offer,
which closed for acceptances at 11.00 a.m. on 14 December 2021, it has
received final valid applications, including Excess Entitlements, from
Eligible Shareholders in respect of a total of 15,314,974 Open Offer Shares.
This represents a take-up of approximately 61.07% of the maximum number of
Open Offer Shares available.

Accordingly, the Company has raised total gross proceeds of approximately
£26.2 million in aggregate (before expenses) through the Placing Offer and
Open Offer. Application has been made for 327,814,974 New Ordinary Shares to
be admitted to trading on AIM ("Admission"). Issue of the New Ordinary Shares
remains conditional on Admission occurring. It is expected that Admission of
the VCT Shares (56,796,020 New Ordinary Shares) will occur on 16 December 2021
and Admission of the General Placing Shares and Open Offer Shares (255,703,980
and 15,314,974 New Ordinary Shares respectively) will occur on 17 December
2021. Following Admission, the Company will have1,393,571,031 Ordinary Shares
in issue.

The Company does not currently hold any shares in treasury. Therefore, the
above figure of 1,393,571,031 Ordinary Shares may be used by shareholders of
the Company as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a change in
their interest in, the share capital of the Company under the FCA's Disclosure
Guidance and Transparency Rules.

The proxy voting results of the resolutions are included below:

 Resolution                                                                       FOR                       AGAINST                  TOTAL              WITHHELD*
                                                                                  No. of votes cast  %      No. of votes cast  %     No. of votes cast  No.
 Resolution 1                                                                     515,421,856        99.56  2,288,878          0.44  517,710,734        588,291

 To grant the directors authority to allot shares in the Company in the amounts
 set out in the notice of general meeting
 Resolution 2                                                                     514,710,766        99.45  2,834,165          0.55  517,544,931        754,094

 Conditionally on Resolution 1, to empower the directors to disapply
 pre-emption rights on the issue of shares in the Company in the amounts set
 out in the notice of general meeting

*A vote withheld is not a vote in law and counts neither "For" nor "Against"
the relevant resolution.

Unless otherwise defined herein, capitalised terms used in this announcement
shall have the same meanings as defined in the circular sent to shareholders
of the Company on 29 November 2021.

 

Enquiries:

 Velocys                                                            +44 1865 800821

 Henrik Wareborn, CEO

 Andrew Morris, CFO

 Lak Siriwardene, Director of Communications & Sustainability

 Panmure Gordon (UK) Limited (Nomad and Joint Broker)               +44 20 7886 2500

 Emma Earl (Corporate Finance)

 John Prior (Corporate Finance)

 Hugh Rich (Corporate Broking)

 Shore Capital Stockbrokers Limited (Joint Broker)                  +44 20 7408 4090

 Henry Willcocks (Corporate Broking)

 Toby Gibbs (Corporate Advisory)

 James Thomas (Corporate Advisory)

 Liam Zabludowicz (Corporate Advisory)

 Buchanan (Financial PR)                                            +44 20 7466 5000

 Helen Tarbet

 Simon Compton

 Radnor Capital (Investor Relations)                                +44 20 3897 1830

 Joshua Cryer

 Iain Daly

 

 

Notes to Editors

 

Velocys is an LSE-listed, international sustainable fuels technology company,
traded on the AIM, providing clients with a technology solution to enable the
production of negative Carbon Intensity synthetic, drop-in fuels from a
variety of waste materials. SAF ('Sustainable Aviation Fuel') is the only
commercially available, permanent alternative to fossil aviation fuels.

The technology is IP-protected in all major jurisdictions.

Two reference projects in the US and UK (Bayou Fuels and Altalto) are designed
to accelerate the adoption and standardise the Velocys proprietary Fischer
Tropsch (FT) technology with an integrated end to end solution, including
renewable power and sequestration. Velocys is enabling commercial scale SAF
production in response to the clean energy transition.

Velocys technology pathway is enabling the next generation of low carbon
sustainable fuels with significant additional positive air quality impacts.

www.velocys.com (http://www.velocys.com)

 

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America.  This announcement is
not an offer of securities for sale into the United States.  The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from registration.
No public offering of securities is being made in the United States.

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