21 Aug 2009 07:00
21st August 2009
Quadrise Fuels International plc
("QFI" or "Company")
Amended Terms of Services with International Energy Services Limited and Board Reorganisation
International Energy Services Limited ("IESL") is a wholly owned subsidiary of International Energy Group AG which holds a 59% equity interest in the Company. Since admission to AIM on 19th April 2006, IESL has provided QFI with a range of functional support, principally in finance and administration, together with the services of representative directors who have served in an executive capacity. Having progressively developed its own capacity in these areas, QFI no longer requires the full range of services provided by IESL. In particular, QFI has its own full-time Financial Controller, fully qualified to assume responsibility for this function, who has been in the employ of the Company for the past 12 months.
The Company has therefore reached an agreement with IESL to reduce the level of service support, effective from 1st September 2009. The principal changes are:
1. Messrs. Ian Williams and Hemant Thanawala who have served, respectively, in an executive capacity as Executive Chairman and Finance Director, will become non-executive directors effective 1st September. Mr. Williams will serve as non executive Chairman and Mr. Thanawala, while non-executive, will continue to provide advice and assistance on financial management matters as and when required.
2. IESL will not seek reimbursement from QFI for the services of Ian Williams and Hemant Thanawala in their revised roles for the period from 1st September 2009 to 31 December 2010.
The Company appreciates the support of IESL in these matters. The revised terms will contribute to a material reduction in service fees thereby contributing to lower future corporate overheads and conservation of resources.
Enquiries:
Quadrise Fuels International plc Tel: +44 (0)20 7550 4930
Ian Williams, Chairman
Bill Howe, Chief Executive Officer
Hemant Thanawala, Finance Director
Fairfax I.S. plc Tel: +44 (0)20 7598 5368
Jeremy Porter
Capital MS&L Tel: +44 (0)20 7307 5330
Penny Freer
James Madsen