Grant of Share Options
Board and management granted 1.6 million share options at 41.5p exercise price, vesting subject to EBITDA targets.
- Total share options granted 1,600,000
- Exercise price per share 41.5p
- Directors granted options 4
- Management team options 800,000
- Total options outstanding after grant 3,299,365
- Options as % of issued capital 6.2%
Select text to share a quote on X · sign in to keep highlights & notes in your VEL notes
Velocity Composites plc (AIM: VEL.L), the leading supplier of advanced composite material kits to the aerospace market, announces that on 15 July 2024, the Board granted a total of 1,600,000 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 recognise each of their roles and responsibilities in developing and implementing the Company's strategic plans and are designed to continue to incentivise them appropriately.
The Share Options are exercisable at an exercise price of 41.5 pence per share, the share price at the time of grant.
The Share Options can be exercised after 2 years from the date of vesting and will vest each half year once a target EBITDA, 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 Awards are subject to claw back and malus provisions.
The Share Options have been granted to the following Directors/PDMRs:
| Existing Shareholding | Existing Options Held | New Share Options | New Share Options as a % of issued share capital |
|---|---|---|---|
| Matthew Archer | 629,167 | 200,000 | 0.40% |
| Jonathan Bridges | 5,515,929 | 200,000 | 0.40% |
| James Eastbury | 495,862 | 200,000 | 0.40% |
| Kevin Hickey | 75,000 | 200,000 | 0.40% |
In addition, 800,000 Share Options have been issued to ten members of the Management Team who report into the Executive team, and are key to the performance of the business.
The Share Options have been issued under the Company's EMI scheme.
All of the Share Options are exercisable at an exercise price of 41.5 pence per share, the share price at the time of grant.
Following the above grants the Company has a total of 3,299,365 Ordinary Shares currently under option, representing approximately 6.2 per cent of the Company's issued share capital.
| a) | Name | James Eastbury | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR/ Chief Customer officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Velocity Composites plc | |
| b) | LEI | 213800W4W46J8HGZP672 | |
| 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 | 15 July 2024 | |
| 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 | |
| a) | Name | Velocity Composites plc | |
| b) | LEI | 213800W4W46J8HGZP672 | |
| 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 | 15 July 2024 | |
| 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 | |
| a) | Name | Velocity Composites plc | |
| b) | LEI | 213800W4W46J8HGZP672 | |
| 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 | 15 July 2024 | |
| f) | Place of the transaction | XOFF | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Kevin Hickey | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR/Chief Operating Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Velocity Composites plc | |
| b) | LEI | 213800W4W46J8HGZP672 | |
| 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 | 15 July 2024 | |
| f) | Place of the transaction | XOFF |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.