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On 24 December 2024, Velocity Composites plc announced that Chief Executive Officer Jon Bridges' beneficial holdings in the company remained unchanged at 5,365,929 Ordinary Shares. However, his percentage holding was diluted from 10.04% to 9.94%, following an issue of equity previously reported on 20 December 2024.
| Date | 24 Dec 2024 |
| Time | 07:00:05 |
| Category | Director/PDMR dealings |
| ID | 1665R |
24 December 2024
Velocity Composites plc
("Velocity", the "Company", the "Group")
PDMR shareholding
Velocity Composites plc (AIM: VEL), the leading supplier of composite material kits to aerospace, further to the exercise of share options and issue of equity reported on 20 December 2024, the Company has been notified that, on 24 December 2024, Jon Bridges, Chief Executive Officer, holdings in the Company have been diluted to 9.94% (previously 10.04%). Mr. Bridges' beneficial holdings remain unchanged at 5,365,929 Ordinary Shares.
The TR-1, below, contains the full details of Mr. Bridges beneficial holdings.
Enquiries:
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Velocity Composites plc Andy Beaden, Chairman Jon Bridges, Chief Executive Officer Rob Smith, Group Chief Financial Officer
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+44 (0) 1282 577577 |
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Canaccord Genuity Limited Nominated Adviser and Joint Broker Max Hartley George Grainger
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+44 (0) 20 7523 8000 |
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Dowgate Capital Limited Joint Broker Russell Cook Nick Chambers
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+44 (0) 20 3903 7715 |
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SEC Newgate Financial Communications Robin Tozer George Esmond Harry Handyside |
+44 (0)7540 106 366 |
About Velocity Composites plc
Based in Burnley, UK, Velocity is the leading supplier of composite material kits to aerospace, 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.
TR-1: Standard form for notification of major holdings
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NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevant issuer and to the FCA in Microsoft Word format if possible) i |
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1a. Identity of the issuer or the underlying issuer of existing shares to which voting rights are attached ii: |
Velocity Composites plc |
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1b. Please indicate if the issuer is a non-UK issuer (please mark with an "X" if appropriate) |
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Non-UK issuer |
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2. Reason for the notification (please mark the appropriate box or boxes with an "X") |
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An acquisition or disposal of voting rights |
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An acquisition or disposal of financial instruments |
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An event changing the breakdown of voting rights |
X |
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Other (please specify) iii: |
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3. Details of person subject to the notification obligation iv |
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Name |
Jonathan Karl Bridges |
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City and country of registered office (if applicable) |
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4. Full name of shareholder(s) (if different from 3.) v |
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Name |
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City and country of registered office (if applicable) |
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5. Date on which the threshold was crossed or reached vi: |
24 December 2024 |
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6. Date on which issuer notified (DD/MM/YYYY): |
24 December 2024 |
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7. Total positions of person(s) subject to the notification obligation |
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% of voting rights attached to shares (total of 8. A) |
% of voting rights through financial instruments |
Total of both in % (8.A + 8.B) |
Total number of voting rights held in issuer (8.A + 8.B) vii |
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Resulting situation on the date on which threshold was crossed or reached |
9.94% |
None |
9.94% |
5,365,929 |
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Position of previous notification (if applicable) |
10.04% |
None |
10.04% |
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8. Notified details of the resulting situation on the date on which the threshold was crossed or reached viii |
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A: Voting rights attached to shares |
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Class/type of ISIN code (if possible) |
Number of voting rights ix |
% of voting rights |
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Direct (DTR5.1) |
Indirect (DTR5.2.1) |
Direct (DTR5.1) |
Indirect (DTR5.2.1) |
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Ordinary shares of 0.25 pence each. GB00BF339H01 |
5,365,929 |
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9.94% |
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SUBTOTAL 8. A |
5,365,929 |
9.94% |
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B 1: Financial Instruments according to DTR5.3.1R (1) (a) |
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Type of financial instrument |
Expiration |
Exercise/ |
Number of voting rights that may be acquired if the instrument is exercised/converted. |
% of voting rights |
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SUBTOTAL 8. B 1 |
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B 2: Financial Instruments with similar economic effect according to DTR5.3.1R (1) (b) |
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Type of financial instrument |
Expiration |
Exercise/ |
Physical or cash Settlement xii |
Number of voting rights |
% of voting rights |
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SUBTOTAL 8.B.2 |
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9. Information in relation to the person subject to the notification obligation (please mark the applicable box with an "X") |
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Person subject to the notification obligation is not controlled by any natural person or legal entity and does not control any other undertaking(s) holding directly or indirectly an interest in the (underlying) issuer xiii |
X |
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Full chain of controlled undertakings through which the voting rights and/or the |
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Name xv |
% of voting rights if it equals or is higher than the notifiable threshold |
% of voting rights through financial instruments if it equals or is higher than the notifiable threshold |
Total of both if it equals or is higher than the notifiable threshold |
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10. In case of proxy voting, please identify: |
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Name of the proxy holder |
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The number and % of voting rights held |
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The date until which the voting rights will be held |
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11. Additional information xvi |
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Place of completion |
Lancashire, England |
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Date of completion |
24 December 2024 |