Source - LSE Regulatory
RNS Number : 6784A
Velocity Composites PLC
24 January 2024
 

24 January 2024

 

Velocity Composites plc

("Velocity" or the "Company")

 

Grant of Share Options to Directors/PDMRs, Issue of Equity and TVR

 

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that on 23 January 2024, the Board granted a total of 357,134 share options over Velocity ordinary shares of 0.25p each (the "Share Options") to certain Directors and PDMRs of the Company.

 

282,134 Share Options awarded are in relation to cash salary / fees sacrifice arrangements for the year to 30 October 2024, as a result of the cost reduction programme announced on 17 December 2020.

 

The Share Options have been granted as follows:

 

 

Shareholding

Existing Options held

Cash Salary / Fee Sacrifice Options granted

Other Share Options granted

Total new Share Options as % of issued share capital

Andy Beaden

(Non-executive Chairman)

568,475

162,635 (1)

86,400 (1)

-

0.16%

Annette Rothwell

(Non-executive Director)

-

58,807 (1)

37,867 (1)

-

0.07%

David Bailey

(Non-executive Director)

-

37,867

37,867 (1)

-

0.07%

Matthew Archer

(PDMR)

-

709,167 (2)

120,000 (2)

-

0.22%

Kevin Hickey

(PDMR)

 

-

 

 

-

 

 

-

 

75,000(2

0.14%

(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 2024, whilst the Share Options relating to Kevin Hickey will vest after 31 October 2025.

 

In addition, the Company announces that on 23 January 2024, 75,000 options over Ordinary Shares were exercised by a former employee at a price of 35.5p. Application has been made for 75,000 Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur on 29 January 2024 and the Ordinary Shares will, on issue, rank pari passu in all respects with the Company's existing Ordinary Shares.

 

On Admission, the Company will have a total of 53,468,368 Ordinary Shares in issue.  No Ordinary Shares are held in treasury. The figure of 53,468,368 may be used by the Company's shareholders as the denominator in the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure, Guidance and Transparency Rules.

 

Following the above grants and exercise of options, the Company has a total of 1,854,365 Ordinary Shares currently under option, representing approximately 3.47% per cent of the Company's issued share capital.

 

Enquiries:

 

Velocity Composites plc

Andy Beaden, Chairman

Jon Bridges, Chief Executive Officer

Andrew Hebb, Interim Chief Financial Officer

 

+44 (0) 1282 577577

 

Cavendish Capital Markets Limited

Nominated Adviser and Broker

Katy Birkin

Ben Jeynes

George Lawson

 

 

+44 (0) 20 7220 0500

 


SEC Newgate

Financial Communications

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

23 January 2024

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

23 January 2024

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

23 January 2024

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/Chief Commercial & Compliance Officer

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

23 January 2024

f)

Place of the transaction

XOFF

 

                               

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Kevin Hickey

2

Reason for the notification

a)

Position/status

PDMR/Chief Operating Officer

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

75,000

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

23 January 2024

f)

Place of the transaction

XOFF

 

               

                                                                                                               

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
IOEEAPFDAADLEFA
Find out how to deal online from £1.50 in a SIPP, ISA or Dealing account. AJ Bell logo

Related Charts

Velocity Composites PLC (VEL)

0p (0.00%)
delayed 15:57PM