Velocity Composites PLC Results of General Meeting (7177K)

TIDMVEL

RNS Number : 7177K

Velocity Composites PLC

29 August 2023

29 August 2023

VELOCITY COMPOSITES PLC

("Velocity, the "Company" or the "Group")

Results of General Meeting

Velocity Composites plc (AIM: VEL), the leading supplier of composite material kits to aerospace and other high-performance manufacturers, is pleased to announce that all six of the resolutions ("Resolutions") put to shareholders at the Company's General Meeting held today were duly passed.

The votes received in respect of each of the Resolutions were as follows:

 
 Resolution                      For          %        Against   %        Withheld** 
 1 - To allot shares 
  in connection with 
  the EIS/VCT Placing            26,732,297   99.71%   76,867    0.29%    2,635 
                                -----------  -------  --------  -------  ----------- 
 2 - To allot equity 
  securities for cash 
  otherwise than on a 
  pre-emptive basis in 
  connection with the 
  EIS/VCT Placing                26,621,300   99.71%   77,867    0.29%    112,635 
                                -----------  -------  --------  -------  ----------- 
 3 - Subject to the 
  passing of Resolutions 
  1 and 2, to allot shares 
  by reference to the 
  Company's issued share 
  capital*                       26,731,297   99.71%   77,867     0.29%   2,635 
                                -----------  -------  --------  -------  ----------- 
 4 - Subject to the 
  passing of Resolutions 
  1, 2 and 3, to allot 
  equity securities for 
  cash otherwise than 
  on a pre-emptive basis 
  by reference to the 
  Company's issued share 
  capital*                       26,619,297   99.70%   79,867    0.30%    112,635 
                                -----------  -------  --------  -------  ----------- 
 5 - Subject to the 
  passing of Resolutions 
  1, 2, 3 and 4, to allot 
  equity securities for 
  cash otherwise than 
  on a pre-emptive basis 
  to finance an acquisition 
  or other capital investment 
  by reference to the 
  Company's issued share 
  capital*                       26,730,297   99.71%   78,867     0.29%   2,635 
                                -----------  -------  --------  -------  ----------- 
 6 - To resolve that 
  the Company's Share 
  Premium Account is 
  cancelled                      26,697,498   99.99%   1,666     0.01%    112,635 
                                -----------  -------  --------  -------  ----------- 
 
   *              as enlarged by the Firm Placing, the Subscription and the Retail Offer 

** a vote "Withheld" is not a vote in law and is not counted in the calculation of the proportion of the votes "For" and "Against" shown

Following the passing of the Resolutions, and in particular the Reduction Resolution (Resolution 6), the Board will make an application shortly, to the Court to obtain its approval to the Cancellation of the Company's Share Premium Account (as defined in the circular posted to shareholders on 9 August 2023).

Revised provisional dates have been obtained for the required Court hearings of the Company's application, but they are subject to change and dependent on the Court's timetable. If the hearings go ahead on the revised provisional dates, the present timetable provides that the final hearing, at which it is hoped that the Court will make an order confirming the Cancellation, will take place on 12 September 2023.

Prior to confirming the Cancellation, the Court will need to be satisfied that the creditors of the Company will not be adversely affected. The Company is satisfied, having taken advice, that it will be able to satisfy the Court in that regard.

The Cancellation does not take effect until the Court's order is filed with and registered by Companies House. The Board intends to file the required documentation with Companies House as soon as possible following the final Court hearing and, subject to compliance with all procedural requirements, Companies House will usually register the documents within 10 Business Days. On the present timetable, which is subject to change and dependent on the Court's timetable, this would mean that the Cancellation would take effect on or before 22 September 2023.

Application will be made to the London Stock Exchange for the admission of the EIS/VCT Placing Shares to trading on AIM. Admission of the EIS/VCT Placing Shares is expected to occur at 8.00 a.m. on 6 October 2023.

Unless otherwise defined, capitalised terms within this announcement shall have the same meaning as those contained within the announcement dated 9 August 2023 under RNS number 7242I.

Further announcements will be made in due course, as appropriate.

Enquiries:

 
 Velocity                                 Tel: [phone] 
                                           577577 
 Andy Beaden, Chairman 
  Jon Bridges, Chief Executive Officer 
 Cenkos (Nominated Adviser and Broker)    Tel: [phone] 
                                           8900 
 Katy Birkin 
  Ben Jeynes 
  George Lawson 
 SEC Newgate (Financial Communications)   Tel: [phone] 
  Robin Tozer                              106 366 
  George Esmond                            Email: [e-mail] 
  Harry Handyside 
 
 

About Velocity Composites

Based in Burnley, UK, Velocity Composites is the leading supplier of composite material kits to aerospace and other high-performance manufacturers, that reduce costs and improve sustainability. Customers include Airbus, Boeing, and GKN.

By using Velocity's proprietary technology, manufacturers can also free up internal resources to focus on their core business. Velocity has significant potential for expansion, both in the UK and abroad, including into new market areas, such as wind energy, urban air mobility and electric vehicles, where the demand for composites is expected to grow.

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August 29, 2023 13:21 ET (17:21 GMT)