29 August 2023
VELOCITY COMPOSITES PLC
("Velocity, the "Company" or the "Group")
Results of General Meeting
Velocity Composites plc (AIM: VEL), the leading supplier of composite material kits to aerospace and other high-performance manufacturers, is pleased to announce that all six of the resolutions ("Resolutions") put to shareholders at the Company's General Meeting held today were duly passed.
The votes received in respect of each of the Resolutions were as follows:
| Resolution | For | % | Against | % | Withheld** |
| 1 - To allot shares in connection with the EIS/VCT Placing
| 26,732,297 | 99.71% | 76,867 | 0.29% | 2,635 |
| 2 - To allot equity securities for cash otherwise than on a pre-emptive basis in connection with the EIS/VCT Placing
| 26,621,300
| 99.71% | 77,867 | 0.29% | 112,635 |
| 3 - Subject to the passing of Resolutions 1 and 2, to allot shares by reference to the Company's issued share capital* | 26,731,297 | 99.71% | 77,867 | 0.29% | 2,635 |
| 4 - Subject to the passing of Resolutions 1, 2 and 3, to allot equity securities for cash otherwise than on a pre-emptive basis by reference to the Company's issued share capital*
| 26,619,297 | 99.70% | 79,867 | 0.30% | 112,635 |
| 5 - Subject to the passing of Resolutions 1, 2, 3 and 4, to allot equity securities for cash otherwise than on a pre-emptive basis to finance an acquisition or other capital investment by reference to the Company's issued share capital* | 26,730,297 | 99.71% | 78,867 | 0.29% | 2,635 |
| 6 - To resolve that the Company's Share Premium Account is cancelled | 26,697,498 | 99.99% | 1,666 | 0.01% | 112,635 |
* as enlarged by the Firm Placing, the Subscription and the Retail Offer
** a vote "Withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" and "Against" shown
Following the passing of the Resolutions, and in particular the Reduction Resolution (Resolution 6), the Board will make an application shortly, to the Court to obtain its approval to the Cancellation of the Company's Share Premium Account (as defined in the circular posted to shareholders on 9 August 2023).
Revised provisional dates have been obtained for the required Court hearings of the Company's application, but they are subject to change and dependent on the Court's timetable. If the hearings go ahead on the revised provisional dates, the present timetable provides that the final hearing, at which it is hoped that the Court will make an order confirming the Cancellation, will take place on 12 September 2023.
Prior to confirming the Cancellation, the Court will need to be satisfied that the creditors of the Company will not be adversely affected. The Company is satisfied, having taken advice, that it will be able to satisfy the Court in that regard.
The Cancellation does not take effect until the Court's order is filed with and registered by Companies House. The Board intends to file the required documentation with Companies House as soon as possible following the final Court hearing and, subject to compliance with all procedural requirements, Companies House will usually register the documents within 10 Business Days. On the present timetable, which is subject to change and dependent on the Court's timetable, this would mean that the Cancellation would take effect on or before 22 September 2023.
Application will be made to the London Stock Exchange for the admission of the EIS/VCT Placing Shares to trading on AIM. Admission of the EIS/VCT Placing Shares is expected to occur at 8.00 a.m. on 6 October 2023.
Unless otherwise defined, capitalised terms within this announcement shall have the same meaning as those contained within the announcement dated 9 August 2023 under RNS number 7242I.
Further announcements will be made in due course, as appropriate.
Enquiries:
| Velocity | Tel: +44 (0) 1282 577577 |
| Andy Beaden, Chairman Jon Bridges, Chief Executive Officer
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| Cenkos (Nominated Adviser and Broker) | Tel: +44 (0)20 7397 8900 |
| Katy Birkin Ben Jeynes George Lawson
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| SEC Newgate (Financial Communications) Robin Tozer George Esmond Harry Handyside | Tel: +44 (0)7540 106 366 Email: velocity@secnewgate.co.uk |
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About Velocity Composites
Based in Burnley, UK, Velocity Composites 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.
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