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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April 01, 2021 05:15 ET (09:15 GMT)