Velocity provides the following board update. Discussions take place with founders.
Velocity, the leading supplier of advanced composite material kits, providing engineering value-solutions for the global aerospace industry, provides the following update, further to the announcements on 5 November 2018 and 15 November 2018, in relation to the demands received by the Board on 2 November 2018 from Jonathan (Jon) Karl Bridges, Gerard Johnson and Christopher Banks (together the “Founders”) regarding the composition of the Board.
The Company is pleased to announce that the Board has, in recent weeks, been able to engage in discussions with the Founders with respect to resolving the issues they have raised. The discussions have focussed on the future long-term success of the Company and on ensuring that the necessary personnel and structures are in place to allow the Company to achieve its long-term growth objectives. These discussions are progressing positively, and the Company hopes to be able to provide a comprehensive and conclusive update in the near future.
Mark Mills, Executive Chairman of Velocity, commented:
“In trying to meet all the stakeholders’ legitimate requests, the Board and the Founders are working together to find a solution which suits all parties and ensures the composition of the Board is representative of the whole shareholder base. We are very conscious of the fact that the on-going uncertainty regarding the relationship between the Board and the Founders is an unhelpful and detrimental distraction to the day-to-day focus of the Company and we hope that a final and satisfactory resolution can be agreed in the near future.”
