Source - LSE Regulatory
RNS Number : 6652U
Velocity Composites PLC
29 March 2023
 

29 March 2023

 

Velocity Composites plc

("Velocity" or the "Company")

 

Grant of Share Options to Directors/PDMRs

 

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that on 28 March 2023, the Board granted a total of 807,200 share options over Velocity ordinary shares of 0.25p each (the "Share Options") to certain directors and PDMRs of the Company.

 

A portion of the Share Options awarded are in relation to cash salary / fees sacrifice arrangements for the year to 30 October 2023, as a result of the cost reduction programme announced on 17 December 2020. The remaining Share Options that have been granted are performance related and are subject to meeting specific targets that have been set by the Board.

 

The Share Options have been granted as follows:

 

 

Shareholding

Existing Options
Held

Cash Salary / Fee Sacrifice Options Granted

Performance Related Options Granted

Total New Share Options as % of issued share capital

Andy Beaden

(Non-executive Chairman)

568,475

76,235 (1)

86,400 (1)

-

0.23%

Adam Holden

(Finance Director)

-

-

107,733 (2)

-

0.29%

Annette Rothwell

(Non-Executive Director)

-

20,940 (1)

37,867 (1)

-

0.10%

David Bailey

(Non-Executive Director)

-

-

37,867 (1)

-

0.10%

James Eastbury

(PDMR)

75,932

228,529 (2)

117,333 (2)

150,000 (2)

0.72%

Matthew Archer

(PDMR)

-

589,167 (2)

120,000 (2)

-

0.33%

Jeffrey Armitage

(PDMR)

-

-

-

150,000 (2)

0.41%

(1)   Share Options awarded under the Company's Unapproved Option Scheme

(2)   Share Options awarded under the Company's EMI Scheme

 

All of the Share Options are exercisable at an exercise price of 0.25p. The Share Options relating to cash salary / fee salary sacrifice arrangements will become exercisable on 1 November 2023, whilst the performance related awards will become exercisable when the Board determines the specific  targets have been met.

 

Following the above grants, the Company has a total of 2,284,964 Ordinary Shares currently under option, representing approximately 6.19 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

Katy Birkin

Ben Jeynes

George Lawson

 

 

+44 (0) 20 7397 8900

 


SEC Newgate

Financial PR

Robin Tozer

George Esmond

Harry Handyside

+44 (0)7540 106 366

velocity@secnewgate.co.uk

 

 

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

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)

0.25p

86,400

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

28 March 2023

f)

Place of the transaction

XOFF

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Adam Holden

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)

0.25p

107,733

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

28 March 2023

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)

0.25p

37,867

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

28 March 2023

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)

0.25p

37,867

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

28 March 2023

f)

Place of the transaction

XOFF

 

 

 

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

James Eastbury

2

Reason for the notification

a)

Position/status

PDMR/Customer Programmes 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)

0.25p

267,333

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

28 March 2023

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/Commercial and Supply Chain 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)

0.25p

120,000

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

28 March 2023

f)

Place of the transaction

XOFF

 

                               

               

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Jeffrey Armitage

2

Reason for the notification

a)

Position/status

PDMR/Strategic Operation 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)

0.25p

150,000

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

28 March 2023

f)

Place of the transaction

XOFF

                                                                                                               

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