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.

Full RNS can be viewed here Grant of Share Options to PDMRs/Directors

Enquiries:

Velocity Composites plc

• Andy Beaden, Chairman
• Jon Bridges, Chief Executive Officer +44 (0)1282 577577

Cenkos Securities (Nominated Adviser and Broker)

• Russell Cook
• Ben Jeynes +44 (0)20 7397 8900