Last checked at 22 Mar 2019 07:00
22 March 2019
Velocity Composites plc
("Velocity" or the "Company")
Result of proxy vote ahead of Annual General Meeting ("AGM")
Velocity announces that the Company has been unsuccessful in seeking an injunction against Jonathan Bridges, Christopher Banks and Gerard Johnson (together the "Founders") which would have precluded them from exercising their voting rights against the re-appointment of the Directors at the Company's AGM scheduled for 25 March 2019.
Whilst the Company was unsuccessful, Christopher Banks and Gerard Johnson gave undertakings not to accept any offers of employment from the Company.
The Annual General Meeting will be held at 10.00 a.m. on 25 March 2019 at the offices of finnCap, 60 New Broad Street, London EC2M 1JJ and the Company will make a further announcement following its conclusion.
Ends
CONTACT DETAILS:
Velocity Mark Mills, Executive Chairman
| c/o Camarco Tel: 020 3757 4980 |
finnCap (Nominated Adviser and Broker) Ed Frisby / Scott Mathieson / Hannah Boros (Corporate Finance) Tim Redfern (ECM)
|
Tel: 020 7220 0500 |
Camarco (Financial PR) Ed Gascoigne Pees / Georgia Edmonds / James Crothers |
Tel: 020 3757 4980 |
About Velocity Composites
Velocity Composites is a manufacturer of advanced composite material kits for the aerospace industry, delivering engineered waste reduction solutions for its customers to build aircraft components using less time and material. The Company's customers 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 A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787 and 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's services are seeing increased demand as the global aircraft industry enters a more-for-less era.