LONDON (Alliance News) - Quadrise Fuels International PLC Wednesday said it has issued shares to Executive Director Jason Miles and his wife as consideration for the company's acquisition of Roe Projects Ltd.
Quadrise has issued 1.6 million shares to the pair for a premium price of 31.375 pence per share. Quadrise shares were trading down 6.6% to 28.50 pence per share Wednesday afternoon.
Following the issue of shares, Jason Miles now has a 0.28% stake in the company.
The sole asset of Roe Projects is its 6.25% equity interest in a number of Quadrise subsidiary companies, which were acquired by Roe Projects in 2010, said Quadrise. Roe Projects is a service company that supplied Miles' services to Quadrise and its clients.
"As announced by the company on October 10, the previous contractual arrangements between Roe Projects and Quadrise were terminated effective September 30, by mutual agreement and the services of Jason Miles as a director of Quadrise and Chief Operating Officer of the group have been secured under a direct employment contract with Quadrise. Quadrise has acquired Roe Projects for the sole purpose of the recovery of the 6.25% equity interests in the Quadrise subsidiaries," said the company in a statement.
Quadrise now hold 100% of issued capital in all of its subsidiaries.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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