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VELOCITY COMPOSITES PLC
Remuneration Information • Apr 1, 2021
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Remuneration Information
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National Storage Mechanism | Additional information 
RNS Number : 3036U
Velocity Composites PLC
01 April 2021
1 April 2021
Velocity Composites plc
("Velocity" or the "Company")
Grant of Share Options to PDMRs/Directors
Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that the Board has today awarded the following award of share options to certain directors and senior managers.
In accordance with the terms of their employment contracts Chris Williams, Finance Director, and James Eastbury, Customer Programmes Director, are to be awarded with share options six months after their appointment in accordance with the terms of the Company's EMI Scheme (the "EMI Options").
Further, as part of the cost reduction programme undertaken by the Company the directors and certain senior executives announced on 17 November 2020, Robert Soen, non-executive director, has agreed to a deferment of 20% of his directors' fees in return for which he has been awarded share options in lieu of cash to a similar value under the Unapproved Share Option Scheme (the "Unapproved Options").
A total of 278,805 share options (the "Share Options") over Velocity ordinary shares of 0.25p each ("Ordinary Shares") have been awarded, including 153,805 Share Options to the following directors.
| Share holding | Existing Options Held |
New Share Options Granted | Exercise price | Total New Share Options as % of Issued Share Capital | |
| Christopher Williams | - | 147,268(1) | 125,000(1) | 15.8p(2) | 0.34% |
| Robert Soen | - | - | 28,805(3) | 0.25p | 0.08% |
(1) Options awarded under the Company's EMI scheme
(2) calculated with reference to the closing share price on 3 February 2021 being six months after Chris Williams' start of employment
(3) Options awarded under Unapproved Option Scheme
The EMI Options vest on 1 April 2024 and may be exercised at any time thereafter. The Unapproved Options will vest on 30 October 2021 and may be exercised at any time thereafter.
Following the above grants, the Company has a total of 1,960,151 Ordinary Shares currently under option, representing approximately 5.40 per cent of the Company's issued share capital.
Enquiries:
| Velocity Composites plc Andy Beaden, Chairman Jon Bridges, Chief Executive Officer |
+44 (0) 1282 577577 |
| Cenkos Securities plc Nominated Adviser and Broker Russell Cook Ben Jeynes |
+44 (0) 20 7397 4000 |
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 | Christopher Williams | |
| 2 | Reason for the notification | ||
| a) | Position/status | Finance Director | |
| 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 the financial instrument, type of instrument | Ordinary shares of 0.25p each | |
| Identification code | GB00BF339H01 | ||
| b) | Nature of the transaction | Grant of share options over ordinary shares of 0.25p each | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.158 | 125,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 1 April 2021 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | James Eastbury | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR/Customer Programmes Director | |
| 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 the financial instrument, type of instrument | Ordinary shares of 0.25p each | |
| Identification code | GB00BF339H01 | ||
| b) | Nature of the transaction | Grant of share options over ordinary shares of 0.25p each | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.13 | 125,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 1 April 2021 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Robert Soen | |
| 2 | Reason for the notification | ||
| a) | Position/status | Non-Executive Director | |
| 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 the financial instrument, type of instrument | Ordinary shares of 0.25p each | |
| Identification code | GB00BF339H01 | ||
| b) | Nature of the transaction | Grant of share options over ordinary shares of 0.25p each | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.0025 | 28,805 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 1 April 2021 | |
| f) | Place of the transaction | XOFF |
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