VLS.L Regulatory News (VLS)

Velocys plc

("Velocys" or the "Company")

14 July 2020

Results of General Meeting and Open Offer

Velocys plc (VLS.L), the sustainable fuels technology company, announced on 24 June 2020 and 25 June 2020 that it proposed to raise up to approximately £21 million through a Placing, Retail Offer and Open Offer, conditional (amongst other things) upon the passing of certain resolutions by shareholders. The Company is pleased to announce that the resolutions set out in the circular published on 26 June 2020 and put to shareholders at the General Meeting held earlier today were duly passed by means of a poll. A summary of the voting results is set out below:

*A vote withheld is not a vote in law and counts neither "For" nor "Against" the relevant resolution.

Furthermore, the Company is pleased to announce that the Open Offer, which closed for acceptances at 11.00 a.m. on 13 July 2020, was significantly oversubscribed, with final valid applications including Excess Entitlements from Eligible Shareholders in respect of 104,608,452 Open Offer Shares representing a take-up of approximately 523% of the maximum number of Open Offer Shares available. Eligible Shareholders who have validly applied for their Basic Entitlement of Open Offer Shares will receive their Basic Entitlement in full, while applications for additional Open Offer Shares through the Excess Entitlements have been scaled back on a pro rata basis, such that the maximum number of Open Offer Shares of 19,999,957 have been issued by the Company.

Accordingly, the Company will raise total gross proceeds of approximately £21 million through the Placing, Retail Offer and Open Offer. Application has been made for 419,999,957 New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission of the VCT Shares (22,950,000 New Ordinary Shares) will occur on 15 July 2020 and Admission of the General Placing Shares, Retail Shares and Open Offer Shares (397,049,957 New Ordinary Shares) will occur on 16 July 2020. Following Admission, the Company will have 1,063,756,057 Ordinary Shares in issue.

The Company does not currently hold any shares in treasury. Accordingly, the above figure of 1,063,756,057 Ordinary Shares may be used by shareholders of 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 in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the circular sent to shareholders of the Company on 26 June 2020.

---- Ends ----

For further information, please contact:

Certain information contained in this announcement would have constituted inside information (as defined by Article 7 of Regulation (EU) No 596/2014) prior to its release as part of this Announcement. The person responsible for arranging the release of this Announcement on behalf of the Company is Andrew Morris, CFO of the Company.

Notes to Editors

Velocys is an international UK-based sustainable fuels technology company. Velocys designed, developed and now licenses proprietary Fischer-Tropsch technology for the generation of clean, low carbon, synthetic drop-in aviation and road transport fuel from municipal solid waste and residual woody biomass plants currently in construction and development.

Velocys is currently developing two reference projects: one in Natchez, Mississippi, USA (incorporating Carbon Capture, Utilisation and Storage) and one in Immingham, UK, to produce fuels that significantly reduce both greenhouse gas emissions and key exhaust pollutants for aviation and road transport. Originally a spin-out from Oxford University, in 2008 the company acquired a US company based on complementary technology developed at the Pacific Northwest National Laboratory. Velocys is headquartered in Oxford in the United Kingdom.

www.velocys.com