Velocity Composites PLC Exercise of Share Options and Issue of Equity

RNS Number : 8894F

Velocity Composites PLC

26 September 2024

 

26 September 2024

VELOCITY COMPOSITES PLC

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

 

Exercise of Share Options and Issue of Equity

 

Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that on 26 September 2024, 41,338 options over Velocity ordinary shares of 0.25 pence each ("Ordinary Shares") were exercised at a price of 0.25p.

 

Application has been made for 41,338 Ordinary Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur on 7 October 2024 and the Ordinary Shares will, on issue, rank pari passu in all respects with the Company's existing Ordinary Shares.

 

On Admission, the Company will have a total of 53,509,706 Ordinary Shares in issue.  No Ordinary Shares are held in treasury.  The figure of 53,509,706 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 Composites plc Andy Beaden, Chairman Jon Bridges, Chief Executive Officer Rob Smith, Chief Financial Officer	[phone]
Canaccord Genuity Limited Nominated Adviser and Joint Broker Max Hartley George Grainger	[phone]
Dowgate Capital Limited Joint Broker Russell Cook Nicholas Chambers	[phone]
SEC Newgate Financial Communications Robin Tozer George Esmond Harry Handyside	[phone] [e-mail]

 

About Velocity Composites plc

Based in Burnley, UK, Velocity is the leading supplier of composite material kits to aerospace, that reduce costs and improve sustainability.  Customers include BAE Systems. Hamble Aerostructures, Safran Nacelles and GKN, who supply to the major OEMs including Airbus, Boeing, GE, Rolls Royce and Lockheed Martin.

 

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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