15 Apr 2020 07:00
15 April 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")
Directorate Change
Quadrise announced in its interim results on 30 March 2020 that, in the context of current macroeconomic circumstances, it has been in the process of implementing cost saving measures. The cost saving measures being implemented will not impact on the Company's ability to continue to operate effectively and the Company remains confident that it can continue to progress key business development activities.
As part of this process the Board has reviewed its own size and composition and, in support of the cost reduction programme, Bryan Sanderson has offered his resignation as a Non-Executive Director of the Company. The Board has accepted his resignation and he will therefore leave after serving his three-month notice period on 14 July 2020. The Company does not intend to appoint an additional Non-Executive Director until it has progressed to commercial revenues.
Commenting on this development Mike Kirk, Chairman of QFI, said:
"We have enjoyed working with Bryan over the past year and thank him for his contribution. The Board felt that it was important to demonstrate a real focus on cost reduction throughout the Group at this time and we thank Bryan for his role in assisting Quadrise with its cost reduction initiatives.
Our long-standing independent Non-Executive Directors, Laurie Mutch and Phil Snaith, have in-depth knowledge of the business and will continue to play a vital role in assisting in the ongoing development of the business."
For further information, please refer to the Company's website at www.quadrisefuels.com, or contact ir@quadrisefuels.com or phone:
Quadrise Fuels International Plc | |
Mike Kirk, Chairman | +44 (0)20 7031 7321 |
Jason Miles, Chief Executive Officer | |
Nominated Adviser | |
Cenkos Securities plc | |
Ben Jeynes Katy Birkin | +44 (0)20 7397 8900 |
Joint Brokers | |
Peel Hunt LLP | |
Richard Crichton | +44 (0)20 7418 8900 |
David McKeown | |
Shore Capital Stockbrokers Limited | |
Toby Gibbs Fiona Conroy | +44 (0)20 7408 4090 |
Public & Investor Relations | |
FTI Consulting | |
Ben Brewerton | +44 (0)20 3727 1000 |
Ntobeko Chidavaenzi | Quadrise@fticonsulting.com |
Notes to Editors
QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, industrial and refining industries.