VELOCITY COMPOSITES PLC

Board/Management Information • Aug 2, 2018

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RNS Number : 5970W

Velocity Composites PLC

02 August 2018

02 August 2018

VELOCITY COMPOSITES plc

("Velocity" or the "Company")

Appointment of Independent Non-Executive Director

Velocity Composites plc, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, is pleased to announce the appointment of Brian Tenner, ACA as an Independent Non-Executive Director effective immediately.  Further to the announcement on 27 February 2018, the Company also announces the retirement of Peter Turner from the Board effective today.

Brian Tenner is a highly experienced commercial, operational and financial professional with over 25 years industry experience. Most recently Brian was CFO of the Main Market listed NCC Group Plc. Prior to that he was Group Finance Director at Renold plc from 2010 - 2016, Scapa Group plc from 2007 - 2010 and BNFL plc from 2003 - 2007. Brian started his career at PwC in Audit and Business Advisory Services.

Brian holds a LLB (Hons) degree in Law from Edinburgh University, is a Chartered Accountant and completed an Advanced Management Programme at INSEAD in 2006.

It is intended that Brian Tenner will chair the Audit Committee and be a member of the Remuneration Committee.

The appointment follows the announcement made on 27 February 2018 that the Board was seeking to appoint two new non-executives; one with an audit and finance background alongside another one with manufacturing and public company experience. It is expected that a further independent non-executive Director appointment will be made in the near future.

Mark Mills, Non-Executive Chairman of Velocity said:

"On behalf of the Board I am delighted to welcome Brian as a Non-Executive Director during an exciting stage of the Company's growth. Brian's extensive finance, PLC and operational experience will be of significant value as we focus on expanding our customer base in Europe and beyond.

I would also like to thank Peter for his contribution to the Company and wish him well in his retirement."

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CONTACT DETAILS:

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

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. Velocity currently has customers in the UK and Continental Europe.

The following information is made in accordance with Schedule Two (g) of the AIM Rules for Companies:

Full Name: Brian Thomas Tenner

Age: 50

Current Director positions

Accumuli (holdings) Limited
Accumuli Security Ash Limited
Accumuli Security Services Limited
Accumuli Security Systems Limited
Accumuli Security Technology Limited
Armstrongadams Limited
Axzona Limited
Boxing Orange MSS Limited
Bury Cooper Whitehead Limited
Eqalis Limited
Fujin Technology Limited
NCC Group (solutions) Limited
NCC Group Accumuli Security Limited
NCC Group Audit Limited
NCC Group Escrow Limited
NCC Group plc
NCC Group Security Services Limited
NCC Group Signify Solutions Limited
NCC Services Limited
Payment Software Company Limited
Randomstorm Limited

Previous Directorships in the last five years

Anchor Chain and Power Transmission Company Limited
Eggplant Live Limited
Hans Renold Limited
John Holroyd and Company Limited
Jones & Shipman Limited
Qualitest UK 4 Limited
Renold Continental Limited
Renold Europe Limited
Renold Group General Partner Limited
Renold International Holdings Limited
Renold Power Transmission Limited
Renold Public Limited Company
Renold Transmission Limited

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