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VELOCITY COMPOSITES PLC
Remuneration Information • Mar 29, 2023
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Remuneration Information
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National Storage Mechanism | Additional information 
RNS Number : 6652U
Velocity Composites PLC
29 March 2023
29 March 2023
Velocity Composites plc
("Velocity" or the "Company")
Grant of Share Options to Directors/PDMRs
Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that on 28 March 2023, the Board granted a total of 807,200 share options over Velocity ordinary shares of 0.25p each (the "Share Options") to certain directors and PDMRs of the Company.
A portion of the Share Options awarded are in relation to cash salary / fees sacrifice arrangements for the year to 30 October 2023, as a result of the cost reduction programme announced on 17 December 2020. The remaining Share Options that have been granted are performance related and are subject to meeting specific targets that have been set by the Board.
The Share Options have been granted as follows:
| Shareholding | Existing Options Held |
Cash Salary / Fee Sacrifice Options Granted | Performance Related Options Granted | Total New Share Options as % of issued share capital | |
| Andy Beaden (Non-executive Chairman) |
568,475 | 76,235 (1) | 86,400 (1) | - | 0.23% |
| Adam Holden (Finance Director) |
- | - | 107,733 (2) | - | 0.29% |
| Annette Rothwell (Non-Executive Director) |
- | 20,940 (1) | 37,867 (1) | - | 0.10% |
| David Bailey (Non-Executive Director) |
- | - | 37,867 (1) | - | 0.10% |
| James Eastbury (PDMR) |
75,932 | 228,529 (2) | 117,333 (2) | 150,000 (2) | 0.72% |
| Matthew Archer (PDMR) |
- | 589,167 (2) | 120,000 (2) | - | 0.33% |
| Jeffrey Armitage (PDMR) |
- | - | - | 150,000 (2) | 0.41% |
(1) Share Options awarded under the Company's Unapproved Option Scheme
(2) Share Options awarded under the Company's EMI Scheme
All of the Share Options are exercisable at an exercise price of 0.25p. The Share Options relating to cash salary / fee salary sacrifice arrangements will become exercisable on 1 November 2023, whilst the performance related awards will become exercisable when the Board determines the specific targets have been met.
Following the above grants, the Company has a total of 2,284,964 Ordinary Shares currently under option, representing approximately 6.19 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 Katy Birkin Ben Jeynes George Lawson |
+44 (0) 20 7397 8900 |
| SEC Newgate Financial PR Robin Tozer George Esmond Harry Handyside |
+44 (0)7540 106 366 [email protected] |
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 | Andrew Beaden | |
| 2 | Reason for the notification | ||
| a) | Position/status | 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) |
| 0.25p | 86,400 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 28 March 2023 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Adam Holden | |
| 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) |
| 0.25p | 107,733 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 28 March 2023 | |
| 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) |
| 0.25p | 37,867 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 28 March 2023 | |
| 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) |
| 0.25p | 37,867 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 28 March 2023 | |
| 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) |
| 0.25p | 267,333 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 28 March 2023 | |
| 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/Commercial and Supply Chain 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) |
| 0.25p | 120,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 28 March 2023 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Jeffrey Armitage | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR/Strategic Operation 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) |
| 0.25p | 150,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 28 March 2023 | |
| f) | Place of the transaction | XOFF |
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