RNS Number : 6689W
Velocity Composites PLC
17 July 2024
 

17 July 2024

 

Velocity Composites plc

("Velocity" or the "Company")

 

Grant of Share Options to Directors/PDMRs and Management Team

 

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that on 15 July 2024, the Board granted a total of 1,600,000 share options over Velocity ordinary shares of 0.25p each (the "Share Options") to certain directors, PDMRs and other members of the management team.  These Share Options recognise each of their roles and responsibilities in developing and implementing the Company's strategic plans and are designed to continue to incentivise them appropriately.

 

The Share Options are exercisable at an exercise price of 41.5 pence per share, the share price at the time of grant. 

 

The Share Options can be exercised after 2 years from the date of vesting and will vest each half year once a target EBITDA, set by the Remuneration Committee, has been achieved for the previous 12-month period. Once vested, the Share Options may be exercised at any time until the tenth anniversary of the award date. The Awards are subject to claw back and malus provisions.

 

The Share Options have been granted to the following Directors/PDMRs:

 


Existing Shareholding

Existing Options Held

New Share Options

New Share Options as a % of issued share capital






Matthew Archer


629,167

200,000

0.40%






Jonathan Bridges

5,515,929


200,000

0.40%






James Eastbury


495,862

200,000

0.40%






Kevin Hickey


75,000

200,000

0.40%

 

In addition, 800,000 Share Options have been issued to ten members of the Management Team who report into the Executive team, and are key to the performance of the business.

 

The Share Options have been issued under the Company's EMI scheme.

 

All of the Share Options are exercisable at an exercise price of 41.5 pence per share, the share price at the time of grant.

 

Following the above grants the Company has a total of 3,299,365 Ordinary Shares currently under option, representing approximately 6.2 per cent of the Company's issued share capital.

 

 

Enquiries:

 

Velocity Composites plc

Andy Beaden, Chairman

Jon Bridges, Chief Executive Officer

Rob Smith,  Chief Financial Officer

 

 

+44 (0) 1282 577577

Canaccord Genuity Limited

Nominated Adviser and Joint Broker

Max Hartley

George Grainger

 

+44 (0) 20 7523 8000

Dowgate Capital Limited

Joint Broker

Russell Cook

Nick Chambers

 

+44 (0) 20 3903 7715

SEC Newgate

Financial Communications

Robin Tozer

George Esmond

Harry Handyside

+44 (0)7540 106 366

velocity@secnewgate.co.uk

 

About Velocity Composites plc

Based in Burnley, UK, Velocity is the leading supplier of composite material kits to aerospace and other high-performance manufacturers, that reduce costs and improve sustainability.  Customers include Airbus, Boeing, and GKN.

 

By using Velocity's proprietary technology, manufacturers can also free up internal resources to focus on their core business.  Velocity has significant potential for expansion, both in the UK and abroad, including into new market areas, such as wind energy, urban air mobility and electric vehicles, where the demand for composites is expected to grow.

 

 

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

James Eastbury

2

Reason for the notification

a)

Position/status

PDMR/ Chief Customer 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)

nil

       200,000

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

15 July 2024

f)

Place of the transaction

XOFF

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Jonathan Bridges

2

Reason for the notification

a)

Position/status

Director / CEO

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)

nil

                200,000

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

15 July 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)

nil

                200,000

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

15 July 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)

nil

                200,000

d)

Aggregated information

N/A single transaction


Aggregated volume

N/A single transaction


Price

N/A single transaction

e)

Date of the transaction

15 July 2024

f)

Place of the transaction

XOFF

                                                                                                               

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