Velocity Composites PLC Issue of Equity (8834A)
October 02 2020 - 01:00AM
UK Regulatory
TIDMVEL
RNS Number : 8834A
Velocity Composites PLC
02 October 2020
2 October 2020
Velocity Composites plc
("Velocity" or the "Company")
Issue of Equity
Velocity Composites plc (AIM: VEL.L), the leading supplier of
advanced composite material kits to the aerospace market, announces
that the Company has issued and allotted 241,280 Velocity ordinary
shares of 0.25 pence each ("Option Shares") pursuant to the
exercise of share options by an employee under the Company's
Enterprise Management Incentive and Unapproved Scheme.
Application has been made for the Option Shares to be admitted
to trading on AIM which is expected to occur on 7 October 2020. The
Option Shares will rank pari passu in all respects with the
Company's existing ordinary shares of 0.25 pence each ("Ordinary
Shares").
Following the issue of the Option Shares the Company has a total
of 36,227,459 Ordinary Shares in issue. No Ordinary Shares are held
in treasury. The figure of 36,227,459 may be used by the Company's
shareholders as the denominator in the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries:
Velocity
Jon Bridges, Chief Executive Officer
Andy Beaden, Chairman +44 (0) 1282 577577
Cenkos (Nominated Adviser and Broker) +44 (0)20 7397 8900
Russell Cook +44 (0)20 7397 1977
Ben Jeynes +44 (0)20 7397 1974
Belvedere Communications (Financial PR) VelocityPR@belvederepr.com
Cat Valentine +44 (0) 7715 769 078
Keeley Clarke +44 (0) 7967 816 525
About Velocity
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.
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END
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