Velocity Composites PLC Issue of Options (3414U)

TIDMVEL

RNS Number : 3414U

Velocity Composites PLC

23 October 2017

23 October 2017

Velocity Composites plc

("Velocity" or the "Company")

Issue of Options

Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, announces that the Company has issued a total of 35,000 options to subscribe for new ordinary shares in the Company under the Velocity Composites Limited Enterprise Management Incentive and Unapproved Scheme, as adopted by the Board on 09 March 2017, to various employees and a PDMR of the Company (the "Options"). The Options shall become exercisable on or after the second anniversary of the grant date.

The Options are exercisable at 69.26 pence and will expire on the day before the tenth anniversary of the grant date. Details of the PDMR award are in the disclosure notice at the end of this announcement.

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 / Sultan Awan (Corporate 
   Broking) 
 
   Camarco (Financial PR)                     Tel: 020 
   Georgia Edmonds / James Crothers           3757 4980 
 

About Velocity Composites

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.

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

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                             Matthew Archer 
---  -------------------------------  --------------------------- 
 2.   Reason for the Notification 
---  ------------------------------------------------------------ 
 a)   Position/status                  Chief Commercial Officer 
---  -------------------------------  --------------------------- 
 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                   Options to subscribe for 
       the Financial                    new ordinary shares of 
       instrument, type                 0.25p each 
       of instrument 
--- 
      Identification                   VEL GB00BF339H01 
       code 
---  -------------------------------  --------------------------- 
 b)   Nature of the                    Grant of options 
       transaction 
---  -------------------------------  --------------------------- 
 c)   Price(s) and volume(s)           Volume - 25,000 
                                        Price - 69.26p 
---  -------------------------------  --------------------------- 
 d)   Aggregated information: 
       Aggregated volume                 See 4c) above 
       Price 
---  -------------------------------  --------------------------- 
 e)   Date of the transaction          Share Options as described 
                                        in 4c) Granted 17 October 
                                        2017 
---  -------------------------------  --------------------------- 
 f)   Place of the transaction         Outside of a trading venue 
---  -------------------------------  --------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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October 23, 2017 06:32 ET (10:32 GMT)