12 Jul 2016 16:24
12 July 2016
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Director/PDMR Shareholding
Quadrise Fuels International plc (AIM: QFI) is the emerging manufacturer and supplier of MSAR® emulsion fuels, a low cost alternative to heavy fuel oil (one of the world's largest fuel markets, with volumes of over 450 million tons per annum) in the global shipping, refining and steam and power generation markets.
The Company has been notified that Jason Miles, a director of the Company, has today accepted an offer from International Energy Group AG ("IEG") to acquire options awarded to him by IEG over 5,000,000 existing QFI ordinary shares held by IEG ("IEG Options"). Jason Miles' IEG Options have an exercise price of 1 penny per ordinary share. The consideration paid to Mr. Miles was 11.5 pence per IEG Option.
This transaction forms part of the liquidation process of IEG, as previously notified to the market on 11 September 2014.
Following the disposal of these IEG Options, Mr. Miles' interest in 2,880,633 ordinary shares, representing 0.36% of the Company's issued ordinary share capital, remains unchanged.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Jason Miles | |
2 | Reason for the notification | ||
a) | Position/status | PDMR (Chief Operating Officer) | |
b) | Initial notification/Amendment | Initial Notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | Quadrise Fuels International plc | |
b) | LEI | - | |
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | ||
a) | Description of the financial instrument, type of instrument | Options over ordinary shares | |
| Identification code | GB00B11DDB67 | |
b) | Nature of the transaction | Disposal of options | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.115 | 5,000,000 | ||
d) | Aggregated information | ||
| Aggregated volume | N/A - single transaction | |
| Price | N/A - single transaction | |
e) | Date of the transaction | 12 July 2016 | |
f) | Place of the transaction | Outside of a trading venue | |
For additional information, please contact:
Quadrise Fuels International plc +44 (0)20 7031 7321
Mike Kirk, Executive Chairman
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating Officer
Smith & Williamson Corporate Finance Limited +44 (0)20 7131 4000
Dr Azhic Basirov
Ben Jeynes
Peel Hunt LLP +44 (0)20 7418 8900
Richard Crichton
Ross Allister
Chris Burrows
Bell Pottinger +44 (0)20 3772 2500
Daniel Thöle