Business
Results of REX Retail Offer & Total Voting Rights
Results of REX Retail Offer & Total Voting Rights.
About this update from Velocity Composites Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU)596/2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\").\n \n14 August 2023\n \nVELOCITY COMPOSITES PLC\n(\"Velocity or the \"Company\")\n \nResults of REX Retail Offer and Total Voting Rights\n \nFurther to the announcement on 9 August 2023, Velocity Composites plc (AIM: VEL), the leading supplier of composite material kits to aerospace and other high-performance manufacturers, is pleased to announce that following the closing of the REX Retail Offer, 497,583 Ordinary Shares will be issued at a price of 40 pence per Ordinary Share (the \"Issue Price\") to existing retail investors.\n \nConsequently, 1,900,000 Firm Placing Shares, 1,100,000 Subscription Shares and 497,583 REX Retail Offer Shares will be issued resulting in a total of 3,497,583 new Ordinary Shares being issued in connection with the Firm Placing, Subscription and REX Retail Offer, raising total gross proceeds of approximately £1.40 million.\n \nThe Company has also conditionally raised £5 million (before expenses) through the issue of 12,500,000 EIS/VCT Placing Shares at the Issue Price. The EIS/VCT Placing is conditional, inter alia, upon Shareholder approval at the General Meeting on 29 August 2023.\n \nThe Company has the authority to issue and allot the Firm Placing Shares, the Subscription Shares and the Retail Offer Shares pursuant to certain existing shareholder authorities granting such powers to the Directors at the Company's Annual General Meeting held on 28 February 2023.\n \nApplication has been made to the London Stock Exchange for the admission of the Firm Placing Shares, the Subscription Shares and the Retail Offer Shares to trading on AIM. First Admission of the Firm Placing Shares, the Subscription Shares and the Retail Offer Shares to trading on AIM is expected to occur at 8.00 a.m. on 15 August 2023.\n \nFollowing First Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 40,418,368 with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares held in treasury and therefore the total number of voting rights in the Company is 40,418,368. The above figure may be used by Shareholders in t...