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VELOCITY COMPOSITES PLC
Director's Dealing • Feb 3, 2025
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Director's Dealing
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National Storage Mechanism | Additional information 
RNS Number : 5558V
Velocity Composites PLC
03 February 2025
3 February 2025
Velocity Composites plc
("Velocity" or the "Company")
Grant of Share Options to Directors/PDMRs and Management Team
Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that on 31 January 2025, the Board granted a total of 2,085,518 share options over Velocity ordinary shares of 0.25p each (the "Share Options") to certain directors, PDMRs and other members of the management team. These Share Options are being awarded to align the recipients with the development and implementation of the Company's strategic plans and to incentivise them appropriately on an ongoing basis.
The Share Options have been awarded under three different schemes that have different exercise prices, vesting periods and conditions attached to them. Details are set out as follows:
LTIP Share Options can be exercised after two years from the date of vesting and will vest each half year once a target profit before tax, set by the Remuneration Committee, has been achieved for the previous 12-month period. Once vested, the Share Options may be exercised at any time until the tenth anniversary of the award date. The Share Options are subject to claw back and malus provisions. These Share options have been granted at a price of 25.72p, a discount of 6.02p, to the closing market price of 31.75p as at 30 January 2025.
Joiner Share Options can be exercised after 3 years from the date of joining and will vest on condition that the option holder is still an employee of the Group on their third anniversary of joining the company. Once vested, the Share Options may be exercised at any time until the tenth anniversary of the award date. The Share Options are subject to claw back and malus provisions and have been granted at a price of 25.72p, a discount of 6.02p, to the closing market price of 31.75p as at 30 January 2025.
Salary Sacrifice Share Options can be exercised after 31 October 2025. Once vested, the Share Options may be exercised at any time until the fifth anniversary of the award date. The Share Options are subject to claw back and malus provisions and have been granted at a price of 0.25p on the basis that the Option Holder surrenders 20% of their salary for the entirety of FY25.
The Share Options have been granted to the following Directors/PDMRs:
| Existing Shareholding | Existing Options Held | New Share Options | Scheme under which Options being issued | New Share Options as a % of issued share capital | |
| Matthew Archer | Nil | 829,167 | 200,000 | LTIP | 0.37% |
| Jonathan Bridges1 | 5,365,929 | 200,000 | 200,000 | LTIP | 0.37% |
| James Eastbury | Nil | 495,862 | 200,000 | LTIP | 0.37% |
| Oliver Smalley | Nil | Nil | 200,000 | LTIP | 0.37% |
| 75,000 | Joiner | 0.14% | |||
| Rob Smith | 40,000 | Nil | 200,000 | LTIP | 0.37% |
| 125,000 | Joiner | 0.23% | |||
| Andy Beaden | 930,010 | Nil | 88,276 | Salary Sacrifice | 0.16% |
| David Bailey | 52,323 | Nil | 38,621 | Salary Sacrifice | 0.07% |
| Annette Rothwell | 78,547 | Nil | 38,621 | Salary Sacrifice | 0.07% |
1 Jonanthan Bridges' holding includes 4,015,929 ordinary shares held in his own name and 1,350,000 held by his wife, Mrs E Bridges.
In addition to director/PDMRs, 720,000 Share Options have been issued to nine members of the management team who report into the executive team and are key to the performance of the business.
With the exception of the salary sacrifice share options granted to Andy Beaden, David Bailey and Annette Rothwell, the Share Options have been issued under the Company's EMI scheme.
Following the above grants, the Company has a total of 4,859,885 Ordinary Shares currently under option, representing approximately 9.0 per cent of the Company's issued share capital.
Enquiries:
| Velocity Composites plc Andy Beaden, Chairman Jon Bridges, Chief Executive Officer Rob Smith, Chief Financial Officer |
+44 (0) 1282 577577 |
| Canaccord Genuity Limited Nominated Adviser and Joint Broker Max Hartley George Grainger |
+44 (0) 20 7523 8000 |
| Dowgate Capital Limited Joint Broker Russell Cook Nick Chambers |
+44 (0) 20 3903 7715 |
| SEC Newgate Financial Communications Robin Tozer George Esmond Harry Handyside |
+44 (0)7540 106 366 [email protected] |
About Velocity Composites plc
Based in Burnley, UK, Velocity is the leading supplier of composite material kits to aerospace and other high-performance manufacturers, that reduce costs and improve sustainability. Customers include Airbus, Boeing, and GKN.
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.
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 | James Eastbury | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR/ Chief Customer 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 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) |
| nil | 200,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 31 January 2025 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Jonathan Bridges | |
| 2 | Reason for the notification | ||
| a) | Position/status | Director / CEO | |
| 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) |
| nil | 200,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 31 January 2025 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Matthew Archer | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR / Chief Commercial & Compliance 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 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) |
| nil | 200,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 31 January 2025 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Oliver Smalley | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR / Chief Operations 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 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) |
| nil | 200,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 31 January 2025 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Robert Smith | |
| 2 | Reason for the notification | ||
| a) | Position/status | Director / Chief Financial 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 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) |
| nil | 325,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 31 January 2025 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Andrew Beaden | |
| 2 | Reason for the notification | ||
| a) | Position/status | Director / 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 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) |
| nil | 88,276 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 31 January 2025 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | David Bailey | |
| 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) |
| nil | 38,621 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 31 January 2025 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Annette Rothwell | |
| 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) |
| nil | 38,621 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 31 January 2025 | |
| f) | Place of the transaction | XOFF |
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