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Vertical Calls Extraordinary General Meeting

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Vertical Aerospace (NYSE: EVTL) has announced an Extraordinary General Meeting (EGM) to be held on September 30th, 2024, at 10:00 a.m. (GMT) in London. The EGM was requisitioned by Stephen Fitzpatrick, a major shareholder, to propose amendments to the company's Articles of Association. Key proposed changes include:

1. Removing the requirement for directors appointed by Fitzpatrick to be independent (subject to NYSE requirements)
2. Allowing shareholders with a majority stake to remove any director by written instruction

The company has provided shareholders with a circular detailing the EGM notice and proxy card, which has been filed with the SEC on September 17, 2024.

Vertical Aerospace (NYSE: EVTL) ha annunciato un Assemblea Generale Straordinaria (EGM) che si terrà il 30 settembre 2024, alle 10:00 (GMT) a Londra. L'EGM è stato richiesto da Stephen Fitzpatrick, un azionista di maggioranza, per proporre modifiche allo Statuto dell'azienda. Le principali modifiche proposte includono:

1. Rimozione dell'obbligo che i direttori nominati da Fitzpatrick siano indipendenti (soggetto ai requisiti della NYSE)
2. Consentire agli azionisti con una partecipazione di maggioranza di rimuovere qualsiasi direttore mediante istruzione scritta

La società ha fornito agli azionisti un circolare con i dettagli della notifica dell'EGM e del modulo di delega, che è stato registrato presso la SEC il 17 settembre 2024.

Vertical Aerospace (NYSE: EVTL) ha anunciado una Asamblea General Extraordinaria (EGM) que se llevará a cabo el 30 de septiembre de 2024, a las 10:00 a.m. (GMT) en Londres. La EGM fue solicitada por Stephen Fitzpatrick, un accionista mayoritario, para proponer enmiendas a los Estatutos de la compañía. Los principales cambios propuestos incluyen:

1. Eliminar el requisito de que los directores nombrados por Fitzpatrick sean independientes (sujeto a los requisitos de la NYSE)
2. Permitir a los accionistas con una participación mayoritaria remover a cualquier director mediante instrucción escrita

La empresa ha proporcionado a los accionistas un circular detallando la notificación de la EGM y la tarjeta de poder, que ha sido presentada a la SEC el 17 de septiembre de 2024.

Vertical Aerospace (NYSE: EVTL)는 2024년 9월 30일 오전 10시(GMT)에 런던에서 열리는 임시 총회(EGM)를 발표했습니다. EGM은 주요 주주인 Stephen Fitzpatrick에 의해 요구되어 회사의 정관 변경을 제안합니다. 제안된 주요 변경 사항은 다음과 같습니다:

1. Fitzpatrick이 선임한 이사가 독립적이어야 한다는 요건 삭제(뉴욕 증권거래소 요구 사항에 따름)
2. 과반수 지분을 가진 주주가 서면 지시로 이사를 해임할 수 있도록 허용

회사는 EGM 통지와 위임장 카드를 상세히 설명한 서신을 주주들에게 제공했으며, 이는 2024년 9월 17일 SEC에 제출되었습니다.

Vertical Aerospace (NYSE: EVTL) a annoncé une Assemblée Générale Extraordinaire (EGM) qui se tiendra le 30 septembre 2024 à 10h00 (GMT) à Londres. L'EGM a été demandée par Stephen Fitzpatrick, un actionnaire majoritaire, pour proposer des modifications aux Statuts de l'entreprise. Les principales modifications proposées comprennent :

1. Suppression de l'exigence selon laquelle les directeurs nommés par Fitzpatrick doivent être indépendants (sous réserve des exigences de la NYSE)
2. Autoriser les actionnaires détenant une participation majoritaire à révoquer tout directeur par instruction écrite

L'entreprise a fourni aux actionnaires un circulaire détaillant l'avis de l'EGM et la carte de procuration, qui a été déposée auprès de la SEC le 17 septembre 2024.

Vertical Aerospace (NYSE: EVTL) hat eine Außerordentliche Hauptversammlung (EGM) angekündigt, die am 30. September 2024 um 10:00 Uhr (GMT) in London stattfinden wird. Die EGM wurde von Stephen Fitzpatrick, einem Hauptanteilseigner, beantragt, um Änderungen der Satzung des Unternehmens vorzuschlagen. Zu den main vorgeschlagenen Änderungen gehören:

1. Streichung der Anforderung, dass von Fitzpatrick ernannte Direktoren unabhängig sein müssen (gemäß den Anforderungen der NYSE)
2. Erlaubnis für Aktionäre mit Mehrheitsbeteiligung, jeden Direktor schriftlich abzuberufen

Das Unternehmen hat den Aktionären einen Rundbrief zugesendet, in dem die Mitteilung zur EGM und die Vollmachtskarte beschrieben sind, die am 17. September 2024 bei der SEC eingereicht wurde.

Positive
  • Major shareholder engagement in corporate governance
  • Potential for increased shareholder control over board composition
Negative
  • Possible reduction in board independence
  • Potential for increased concentration of power among major shareholders

LONDON & NEW YORK--(BUSINESS WIRE)-- Vertical Aerospace Ltd. (“Vertical” or the “Company”) (NYSE: EVTL; EVTLW), a global aerospace and technology company that is pioneering zero emission aviation, announces it will hold an Extraordinary General Meeting (“EGM”) at 10:00 a.m. (GMT) on September 30th 2024 at the offices of the Company: 4th Floor, United House, 9 Pembridge Road, London W11 3JY, United Kingdom.

This follows the Company’s receipt of a shareholders’ requisition dated 30 August 2024, issued by Stephen Fitzpatrick, in his capacity as the holder of greater than 10.0% of the issued and outstanding ordinary shares of the Company, requesting the directors of the Company to convene an Extraordinary General Meeting (“EGM”) for the sole purpose of considering and, if thought fit, passing a number of resolutions to amend the Company’s Amended and Restated Memorandum and Articles of Association (the “Articles”).

Among other things, the proposed amendments would remove the requirement for any of the directors Mr. Fitzpatrick is entitled to appoint under the Articles to be independent (subject to NYSE minimum independence requirements), and introduce the ability for shareholders of the Company holding a majority of the issued and outstanding ordinary shares to remove any director by written instruction.

The Company has furnished a circular to its shareholders, providing notice of the EGM, and including a form of proxy card in connection with the proposals sought to be adopted by the EGM, which is attached as an exhibit to a current report on Form 6-K, filed with the U.S. Securities and Exchange Commission (“SEC”) on 17 September, 2024.

Notes to Editors

About Vertical Aerospace

Vertical Aerospace is a global aerospace and technology company pioneering electric aviation. Vertical is creating a safer, cleaner and quieter way to travel. Vertical’s VX4 is a piloted, four passenger, Electric Vertical Take-Off and Landing (eVTOL) aircraft, with zero operating emissions. Vertical combines partnering with leading aerospace companies, including GKN, Honeywell and Leonardo, with developing its own proprietary battery and propeller technology to develop the world’s most advanced and safest eVTOL.

Vertical has 1,500 pre-orders of the VX4 worth $6bn, with customers across four continents, including Virgin Atlantic, American Airlines, Japan Airlines, GOL and Bristow.

Headquartered in Bristol, the epicentre of the UK’s aerospace industry, Vertical was founded in 2016 by Stephen Fitzpatrick, founder of the OVO Group, Europe’s largest independent energy retailer. Vertical’s experienced leadership team comes from top tier automotive and aerospace companies such as Rolls-Royce, Airbus, GM and Leonardo. Together they have previously certified and supported over 30 different civil and military aircraft and propulsion systems.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events. We intend such forward-looking statements to be covered by the safe harbour provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements, including, without limitation, statements regarding the announced extraordinary general meeting, design and manufacture of the VX4, business strategy and plans and objectives of management for future operations, as well as statements that include the words “expect,” “intend,” “plan,” “believe,” “project,” “forecast,” “estimate,” “may,” “should,” “anticipate,” “will,” “aim,” “potential,” “continue,” “are likely to” and similar statements of a future or forward-looking nature. Forward-looking statements are neither promises nor guarantees, but involve known and unknown risks and uncertainties that could cause actual results to differ materially from those projected, including, without limitation the other important factors discussed under the caption “Risk Factors” in our Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission (“SEC”) on March 14, 2024, as such factors may be updated from time to time in our other filings with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. We disclaim any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Justin Bates, Head of Communications

justin.bates@vertical-aerospace.com

+44 7878 357 463

Source: Vertical Aerospace Ltd.

FAQ

When and where is Vertical Aerospace (EVTL) holding its Extraordinary General Meeting?

Vertical Aerospace (EVTL) is holding its Extraordinary General Meeting on September 30th, 2024, at 10:00 a.m. (GMT) at the company's offices in London, United Kingdom.

What are the main proposed changes to Vertical Aerospace's (EVTL) Articles of Association?

The main proposed changes include removing the requirement for directors appointed by Stephen Fitzpatrick to be independent (subject to NYSE requirements) and allowing majority shareholders to remove any director by written instruction.

Who requisitioned the Extraordinary General Meeting for Vertical Aerospace (EVTL)?

Stephen Fitzpatrick, a shareholder holding over 10% of Vertical Aerospace's (EVTL) issued and outstanding ordinary shares, requisitioned the Extraordinary General Meeting.

When did Vertical Aerospace (EVTL) file the EGM circular with the SEC?

Vertical Aerospace (EVTL) filed the EGM circular with the SEC on September 17, 2024, as part of a current report on Form 6-K.

Vertical Aerospace Ltd.

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