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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