Last checked at 15 Aug 2023 07:00
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU)596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").
15 August 2023
VELOCITY COMPOSITES PLC
("Velocity, the "Company" or the "Group")
Further Subscription
Velocity Composites plc (AIM: VEL), the leading supplier of composite material kits to aerospace and other high-performance manufacturers, is pleased to announce that, following the announcement of the £6.2 million Firm Placing, EIS/VCT Placing and Subscription by the Company on 9 August 2023 and the Results of REX Retail Offer announced on 14 August 2023 (the "Fundraising"), the Company received additional demand from a strategic investor to invest £190,000 by way of a conditional subscription for 475,000 new ordinary shares of 0.25 pence each ("Ordinary Shares") (the "Additional Subscription Shares") at the issue price of 40 pence per Ordinary Share (the "Issue Price") (the "Additional Subscription"). The Issue Price of the Additional Subscription is the same as the issue price per Ordinary Share in the Fundraising.
The net proceeds from the Additional Subscription will, together with the net proceeds from the Fundraising, be used for CAPEX, people (engineering, software and business development) and working capital for expansion.
The Company has the authority to issue and allot the Additional Subscription Shares pursuant to certain existing shareholder authorities granting such powers to the Directors at the Company's Annual General Meeting held on 28 February 2023.
Application has been made to the London Stock Exchange for the admission of the Additional Subscription Shares to trading on AIM which is expected to occur at 8.00 a.m. on 18 August 2023.
Following Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 40,893,368 with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares held in treasury and therefore the total number of voting rights in the Company will be 40,893,368. The above figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure, Guidance and Transparency Rules.
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.
Enquiries:
Velocity | Tel: +44 (0) 1282 577577 |
Andy Beaden, Chairman Jon Bridges, Chief Executive Officer Adam Holden, Chief Financial 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.