Velocity Composites PLC Director/PDMR Shareholding (3036U)
April 01 2021 - 04:15AM
UK Regulatory
TIDMVEL
RNS Number : 3036U
Velocity Composites PLC
01 April 2021
1 April 2021
Velocity Composites plc
("Velocity" or the "Company")
Grant of Share Options to PDMRs/Directors
Velocity Composites plc (AIM: VEL.L), the leading supplier of
advanced composite material kits to the aerospace market, announces
that the Board has today awarded the following award of share
options to certain directors and senior managers.
In accordance with the terms of their employment contracts Chris
Williams, Finance Director, and James Eastbury, Customer Programmes
Director, are to be awarded with share options six months after
their appointment in accordance with the terms of the Company's EMI
Scheme (the "EMI Options").
Further, as part of the cost reduction programme undertaken by
the Company the directors and certain senior executives announced
on 17 November 2020, Robert Soen, non-executive director, has
agreed to a deferment of 20% of his directors' fees in return for
which he has been awarded share options in lieu of cash to a
similar value under the Unapproved Share Option Scheme (the
"Unapproved Options").
A total of 278,805 share options (the "Share Options") over
Velocity ordinary shares of 0.25p each ("Ordinary Shares") have
been awarded, including 153,805 Share Options to the following
directors.
Total New
Share Options
Existing New Share as % of
Options Options Exercise Issued Share
Share holding Held Granted price Capital
Christopher
Williams - 147,268(1) 125,000(1) 15.8p(2) 0.34%
Robert Soen - - 28,805(3) 0.25p 0.08%
(1) Options awarded under the Company's EMI scheme
(2) calculated with reference to the closing share price on 3
February 2021 being six months after Chris Williams' start of
employment
(3) Options awarded under Unapproved Option Scheme
The EMI Options vest on 1 April 2024 and may be exercised at any
time thereafter. The Unapproved Options will vest on 30 October
2021 and may be exercised at any time thereafter.
Following the above grants, the Company has a total of 1,960,151
Ordinary Shares currently under option, representing approximately
5.40 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)
---------------------------------------- ---------------- ----------------
GBP0.158 125,000
-------------------------------------------------------------- ----------------
d) Aggregated information N/A single transaction
---------------------------------------- ----------------------------------
Aggregated volume N/A single transaction
---------------------------------------- ---------------------------------------
Price N/A single transaction
---------------------------------------- ---------------------------------------
e) Date of the transaction 1 April 2021
---------------------------------------- ----------------------------------
f) Place of the transaction XOFF
---------------------------------------- ----------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Eastbury
---------------------------------------- -------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------
a) Position/status PDMR/Customer Programmes 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)
---------------------------------------- ------------------ -----------------
GBP0.13 125,000
---------------------------------------------------------------- -----------------
d) Aggregated information N/A single transaction
---------------------------------------- -------------------------------------
Aggregated volume N/A single transaction
---------------------------------------- ------------------------------------------
Price N/A single transaction
---------------------------------------- ------------------------------------------
e) Date of the transaction 1 April 2021
---------------------------------------- -------------------------------------
f) Place of the transaction XOFF
---------------------------------------- -------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Robert Soen
---------------------------------------- ----------------------------------
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 28,805
---------------------------------------------------------------- --------------
d) Aggregated information N/A single transaction
---------------------------------------- ----------------------------------
Aggregated volume N/A single transaction
---------------------------------------- ---------------------------------------
Price N/A single transaction
---------------------------------------- ---------------------------------------
e) Date of the transaction 1 April 2021
---------------------------------------- ----------------------------------
f) Place of the transaction XOFF
---------------------------------------- ----------------------------------
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