Velocity Composites PLC Director Dealing (8222M)

TIDMVEL

RNS Number : 8222M

Velocity Composites PLC

02 May 2018

2 May 2018

Velocity Composites plc

("Velocity" or the "Company")

Director Dealing

Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, announces that it was notified on 1 May 2018 that on that same day, Mark Mills, Non-Executive Chairman of the Company, purchased 90,000 ordinary shares of 0.25 pence each ("Ordinary Shares") at a price of 55 pence per Ordinary Share (the "Purchase").

Following the Purchase, Mr. Mills has a beneficial interest in 2,124,024 Ordinary Shares representing approximately 5.93% of the issued share capital of the Company.

Ends

CONTACT DETAILS:

 
 Velocity                                   c/o Camarco 
  Jon Bridges, CEO                           Tel: 020 
  Alan Kershaw, CFO                          3757 4980 
 
   finnCap (Nominated Adviser and Broker)     Tel: 020 
   Adrian Hargrave / Scott Mathieson          7220 0500 
   / Kate Bannatyne (Corporate Finance) 
   Tim Redfern (Corporate Broking) 
 
   Camarco (Financial PR)                     Tel: 020 
   Georgia Edmonds / Owen Roberts /           3757 4980 
   James Crothers 
 

About Velocity Composites

Velocity Composites is a manufacturer of advanced composite material kits for the aerospace industry, delivering engineered waste reduction solutions for its customers to build aircraft components using less time and material. The Company's customers 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 A320, A330, A350, A380, Eurofighter Typhoon, F35 Joint Strike Fighter and Boeing 737, 787 and 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's services are seeing increased demand as the global aircraft industry enters a more-for-less era.

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                              Mark Mills 
     -------------------------------  -------------------------------- 
 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                   Ordinary shares of 0.25 
       the Financial                    pence each ("Ordinary Shares") 
       instrument, type 
       of instrument 
      Identification                   VEL GB00BF339H01 
       code 
     -------------------------------  -------------------------------- 
 b)   Nature of the                    Purchase of Ordinary Shares 
       transaction 
     -------------------------------  -------------------------------- 
 c)   Price(s) and volume(s)           Volume - 90,000 Ordinary 
                                        Shares 
                                        Price - 55 pence per Ordinary 
                                        Share 
     -------------------------------  -------------------------------- 
 d)   Aggregated information: 
       Aggregated volume                 See 4c) above 
       Price 
     -------------------------------  -------------------------------- 
 e)   Date of the transaction          1 May 2018 
     -------------------------------  -------------------------------- 
 f)   Place of the transaction         London Stock Exchange, 
                                        AIM Market (XLON) 
     -------------------------------  -------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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May 02, 2018 02:01 ET (06:01 GMT)