Last checked at 23 Oct 2017 11:32
23 October 2017
Velocity Composites plc
("Velocity" or the "Company")
Issue of Options
Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, announces that the Company has issued a total of 35,000 options to subscribe for new ordinary shares in the Company under the Velocity Composites Limited Enterprise Management Incentive and Unapproved Scheme, as adopted by the Board on 09 March 2017, to various employees and a PDMR of the Company (the "Options"). The Options shall become exercisable on or after the second anniversary of the grant date.
The Options are exercisable at 69.26 pence and will expire on the day before the tenth anniversary of the grant date. Details of the PDMR award are in the disclosure notice at the end of this announcement.
Ends
CONTACT DETAILS:
Velocity Jon Bridges, CEO Alan Kershaw, CFO | c/o Camarco Tel: 020 3757 4980 |
finnCap (Nominated Adviser and Broker) Adrian Hargrave / Scott Mathieson / Kate Bannatyne (Corporate Finance) Tim Redfern / Sultan Awan (Corporate Broking) |
Tel: 020 7220 0500 |
Camarco (Financial PR) Georgia Edmonds / James Crothers |
Tel: 020 3757 4980 |
About Velocity Composites
Velocity Composites is a manufacturer of composite material kits for the aerospace industry, delivering engineered kits for its customers to build component parts. The Company's clients include multi-national manufacturers of composite parts and assemblies, who in turn deliver to the world's leading civil and military aircraft manufacturers. The Airbus A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Bell Boeing V22 Osprey are all constructed using parts manufactured from Velocity's kits. The Company's business model reduces the operating costs of preparing composite materials ahead of their usage in the construction of an aircraft part and as such, its offering is disposed to being self-financing for aircraft parts' manufacturers. Velocity Composites also exports to Denmark, France, and Belgium.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
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 | Matthew Archer |
2. | Reason for the Notification | |
a) | Position/status | Chief Commercial 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 | Options to subscribe for new ordinary shares of 0.25p each |
Identification code | VEL GB00BF339H01 | |
b) | Nature of the transaction | Grant of options |
c) | Price(s) and volume(s) | Volume - 25,000 Price - 69.26p |
d) | Aggregated information: Aggregated volume Price |
See 4c) above
|
e) | Date of the transaction | Share Options as described in 4c) Granted 17 October 2017 |
f) | Place of the transaction | Outside of a trading venue |