Velocity Composites PLC Director/PDMR Shareholding (6866O)
February 10 2021 - 11:56AM
UK Regulatory
TIDMVEL
RNS Number : 6866O
Velocity Composites PLC
10 February 2021
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.
Total New
% of Existing Share Options
Number of Share Existing New Share as % of
Ordinary Capital Options Options Issued
Shares Held Held Held Granted 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 Ordinary shares of 0.25p each
instrument, type of instrument
---------------------------------------- ----------------------------------
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)
---------------------------------------- ------------------ --------------
GBP0.0025 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 Ordinary shares of 0.25p each
instrument, type of instrument
---------------------------------------- ----------------------------------
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)
---------------------------------------- ------------------ --------------
GBP0.0025 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 Ordinary shares of 0.25p each
instrument, type of instrument
---------------------------------------- ----------------------------------
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)
---------------------------------------- ------------------ --------------
GBP0.0025 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
---------------------------------------- ----------------------------------
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END
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