Intention to Float on AIM
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR TRANSMITTED, DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS.
This announcement is an advertisement and not an admission document or a prospectus and does not constitute or form part of an offer to sell or issue or a solicitation of an offer to subscribe for or buy any securities nor should it be relied upon in connection with any contract or commitment whatsoever. Investors should not purchase or subscribe for any transferable securities referred to in this announcement except on the basis of the information in the admission document (the "Admission Document") intended to be published by Velocity Composites plc (the "Company", "Velocity" or "Velocity Composites") in due course in connection with the proposed admission of its ordinary shares to trading on AIM, a market operated by London Stock Exchange plc ("Admission"). Copies of the Admission Document will, following publication, be available at the registered office of the Company, subject to applicable securities laws or regulations.
Velocity Composites plc (“Velocity” or the “Company”) Intention to Float on AIM and Successful Placing Expected to Raise £14.4 million
Velocity Composites plc, the manufacturer of advanced composite products to the aerospace industry, is pleased to announce its intention to seek admission of its entire issued and to be issued share capital to trading on AIM, a market operated by London Stock Exchange plc (“Admission”), following a successful institutional placing (the “Placing”). Application has been made for the admission of the Company’s shares to trading on AIM and Admission is expected to occur at 8.00 a.m. on 18 May 2017 under the TIDM ‘VEL’.
Velocity was founded in October 2007 by three career composite engineers to manufacture kits of raw materials to be used in composite aircraft parts. The Company operates out of two UK facilities, one in Burnley, Lancashire, where it is also headquartered, and one in Fareham, Hampshire, and currently employs a total of 97 staff.
The Placing, which is conditional on Admission, comprises a placing of 12,270,739 new and 4,705,885 existing ordinary shares of 0.25 pence each (“Ordinary Shares”) at 85 pence each (the “Placing Price”) with institutional and other investors to raise gross proceeds of approximately £14.4 million.
On Admission, Velocity Composites will have a market capitalisation at the Placing Price of approximately £30.4 million.