LONDON - Velocity Composites plc (AIM: VEL), a key supplier of composite material kits to the aerospace sector, has announced the exercise of share options totaling 483,660 ordinary shares. The transactions, involving the company's PDMRs (Persons Discharging Managerial Responsibilities), took place on Monday, with the share options exercised at a nominal price of 0.25 pence each.
The company has made arrangements for the new ordinary shares to be admitted for trading on the AIM market of the London Stock Exchange (LON:LSEG), with the expected admission date being December 24, 2024. Post-admission, Velocity's total issued share capital will amount to 53,993,366 ordinary shares, with none held in treasury.
The exercised options and subsequent sales were part of the company's equity incentive plan, designed to align the interests of key employees with those of shareholders. Notably, PDMR Andy Beaden exercised 249,035 options without any disposals, resulting in a holding of 930,010 ordinary shares, representing 1.72% of the company's issued share capital post-admission. Annette Rothwell and David Bailey also participated, with Rothwell exercising 96,674 options and selling 18,127 shares, and Bailey exercising 75,734 options and selling 23,421 shares.
The transactions are in compliance with the Financial Conduct Authority's Disclosure, Guidance and Transparency Rules. Shareholders may use the total issued share figure of 53,993,366 as a denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the company's shares.
This announcement is based on a press release statement from Velocity Composites and provides the latest factual information regarding the company's share capital and dealings by its PDMRs.
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