Last checked at 10 Feb 2021 17:56
10 February 2021
Velocity Composites plc
("Velocity" or the "Company")
Grant of Share Options to Directors
Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announced on 17 November 2020 that as part of the cost reduction programme undertaken by the Company the directors and certain senior executives had agreed to a deferment of 20% of their salaries for which they will receive shares in the Company in lieu of cash, through an issue of share options of a similar value.
Due to an oversight at the Company these options which were awarded on 30 October 2020 but no announcement was made at the time.
A total of 615,065 share options (the "Share Options") over Velocity ordinary shares of 0.25p each ("Ordinary Shares") have been awarded, including 303,201 Share Options to the following directors.
| Number of Ordinary Shares Held | % of Existing Share Capital Held | Existing OptionsHeld | New Share Options Granted | Total New Share Options as % of Issued Share Capital |
Christopher Williams | - | - | - | 147,268(1) | 0.41% |
Andrew Beaden | 400,000 | 1.10 | - | 108,475(2) | 0.30% |
Margret Amos | - | - | - | 47,458(2) | 0.13% |
(1) Options awarded under the Company's EMI scheme
(2) Options awarded under Unapproved Option Scheme
In summary the terms of the Share Options are:
· The Shares Options will be exercisable at a price of 0.25 pence per share;
· The Share Options, which are subject to malice and clawback restrictions, will vest on 30 October 2021 and may be exercised at any time thereafter.
Following the above grants, the Company has a total of 1,681,346 Ordinary Shares currently under option, representing approximately 4.64 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 Russell Cook Ben Jeynes
| +44 (0) 20 7397 4000 |
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 | Christopher Williams | |
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) |
£0.0025 | 147,268 | ||
d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | |
| Price | N/A single transaction | |
e) | Date of the transaction | 30 October 2020 | |
f) | Place of the transaction | XOFF | |
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) |
£0.0025 | 108,475 | ||
d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | |
| Price | N/A single transaction | |
e) | Date of the transaction | 30 October 2020 | |
f) | Place of the transaction | XOFF | |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Margaret Amos | |
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) |
£0.0025 | 47,458 | ||
d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | |
| Price | N/A single transaction | |
e) | Date of the transaction | 30 October 2020 | |
f) | Place of the transaction | XOFF | |