QFI.L Regulatory News (QFI)

8 Oct 2007 07:01

Quadrise Fuels International PLC08 October 2007 8 October 2007 Quadrise Fuels International plc ("Quadrise" or "the Company") Final Results for the 18-month period to 30 June 2007 Quadrise Fuels International plc (AIM: QFI), specialist manufacturers of MSARemulsion fuel for power plant and refinery fuelling and steam generationapplications, today announces its results for the 18-month period to 30 June2007 and gives notice for the convening of the Extraordinary General Meeting("EGM") of the Company to be held at Parnell House 25 Wilton Road, London SW1V1YD on Thursday, 29 November 2007 at 12.00 noon. HIGHLIGHTS Financial • No debt and £ 5.87 million in cash reserves at 30 June 2007. • Operating costs contained at modest levels through outsourcing and shared services. • Loss after tax of £11.92 million, which includes a non-cash charge of £8.65 million for amortisation of intangible fixed assets reflecting a prudent and conservative management approach. • Resultant loss per share 2.74 pence. Operational • Phase 1 market screening and analysis completed by end 2006 produced a selective list of core prospects. • Phase 2 development of core prospects gaining momentum and progressing well. • Anticipate moving a number of projects to MOU status with clients by Q1 2008 Strategic • Continued high oil price required development of revised business strategy • Short term focus on core refuelling prospects to underpin the business • Longer term focus on migration to new geographic markets where fundamentals are positive for large scale oil fired power. Commenting on the results, Bill Howe, Chief Executive of Quadrise, said: "Our revised business strategy arising from the continuing high oil price isbeginning to yield results. Unremitting focus on developing a limited number ofcore prospects has moved several projects to a point where we anticipate jointdevelopment with the respective clients to be formalised by the first quarter of2008. Initial marketing activity has continued in the Middle East and Mexico where thefundamentals are positive for our technology. This has been well received andhas the potential to secure longer term expansion of the business to a verysignificant size. We had planned for a modest loss during the period but this increased due to theamortisation of certain intangible assets. The Company continues to bedebt-free and our cash position remains strong. On this basis, we are adequatelyfunded to cover our projected normal operating expenses to the end of 2008." For further information please contact: Quadrise Fuels International plc020 7550 4930Ian Williams, ChairmanBill Howe, Chief ExecutiveHemant Thanawala, Finance Director Parkgreen Communications020 7851 7480Simon RobinsonBex Sanders-Hewett Smith & Williamson Corporate Finance Limited, Nominated Adviser & Broker020 7131 4000Azhic BasirovSiobhan Sergeant Hichens Harrison & Co plc, Broker020 7382 7791Jeremy Chantry MSAR is a registered trademark of Quadrise Limited, a wholly owned subsidiary of Quadrise Fuels International plc CHAIRMAN'S STATEMENT Introduction World market conditions for oil-based fuels have changed significantly in theperiod since the Company was admitted to AIM in April 2006. Major trendsaffecting the Quadrise fuels markets include sustained high oil prices and astep change in 'green awareness' and related focus on hydrocarbon combustionemissions. Associated impacts on inter-fuels competition for the power generation industryrequired Quadrise management to revisit the initial strategy and adapt thebusiness plan to a redefined future. Management undertook an extensive strategic review to ensure the validity of theQuadrise business plan, identifying and ranking new prime markets andprospective clients within them. Complex valuation and appraisal models, uniqueto Quadrise, enabled the company to interact with credibility and confidencewhen engaging potential clients in this process. By early 2007 the focus moved to engaging the redefined target market with theprime objective of securing commitment to trial applications of Quadrisetechnology and products as the precursor to full scale commercial contracts. Itis anticipated that a number of such on-site trials will be in progress early in2008 and that a reference site with continuous operation should follow within 12months. Financial Performance and Funding The rate of spending continued to be modest and tightly controlled during thereporting period. The 'outsourced services' policy conserved fixed overhead, andthe major share of highly specialised work required to equip the Group foreffective operation , such as the integrated assessment models, was completed bythe Quadrise team, saving the company major expense in the process. The Company has remained debt free with sufficient funding to cover the basebusiness plan well into 2008 and towards the commercial project phase. It isQuadrise's policy that prospective clients and partners share preparatory costswith the Company for application trial activities, which will drive the nextmajor call on funds. Market response has generally been positive, effectivelyendorsing the Quadrise value proposition. The commercial project phase anticipated in 2009 will change the fundingrequirements of the company. Conventional project finance is expected to coverthe majority of the major capital expenditure, but equity contributions will bea requirement. The Company will be examining ways in which to secure additionalfunding in preparation for this phase of development. Management and Associates The Company is very fortunate to have a uniquely qualified combination ofmanagement and associates who are leading experts in their specialised field andwho, as a team, combine directly applicable experience in emulsified fuels andrelated businesses. The ability to identify and select prospects, establish credibility, andprogress towards business realisation has been demonstrated in a challengingmarket. The management team, in working to clear directives and goals andsupported by its associates and consultants, advanced the Company considerablyto the commercial contract phase over the past year. The Company agreed a 50/50 joint venture format for developing selectivebusiness opportunities with Quadrise Canada Corporation where the combination ofresources and geography add value. The Board are fully supportive of management and the refocused businessstrategy. The commitment, valued advice and contribution of the independentdirectors is both acknowledged and appreciated. Outlook The Board appreciates shareholder concerns regarding the Quadrise share priceperformance since admission to market. Unfortunately the nature of theconsiderable progress made over the past year has not provided a basis forregular 'hard news' flow to investors, even though the Company has achievedconsiderable recognition within the markets and industries with which itinterfaces. As the commercial phase approaches it is expected that Quadrise will be able toshare more detailed and factual information about projects and prospects on aregular basis. Associated publicity will be aimed at improving understanding ofboth progress achieved and future value potential, and that the patience andsupport of our shareholders will be suitably rewarded. Ian WilliamsChairman 5 October 2007 CHIEF EXECUTIVE'S REVIEW Since listing in April 2006, Quadrise has developed a revised strategy fordeveloping its business in a difficult environment of inter-fuels competitionand increasing environmental pressures. Continuing high oil prices havecompromised the Company's original thinking in respect of the extent andlocation of the power plant fuel oil substitution business. At its current priceoil is the least favoured fuel for large scale power production and this factorhas lead many generators to schedule the phase out of their older oil firedstock and minimise expenditure on remaining operating units. The mini splitterconcept, originally conceived as a means of providing a flexible source ofresidue feedstock from freely traded fuel oil, has been found to be uneconomic.This has forced Quadrise, as part of its revised strategy, to pursue residuesourcing by negotiating directly with individual oil refiners, andcontemporaneously align the resulting MSAR production for sale to candidatepower generators. As such, at this stage of the Company's development ourprincipal activity is that of a technology driven project developer, rather thana fuels processing and marketing organisation. Against this background, the management team has done an exceptional job ofrapidly implementing a pragmatic new business plan suited to the circumstances.This is showing signs of success on a number of developing opportunities. Business Strategy Our forward strategy comprises short and longer-term elements: Short Term In the short term we are engaged in a highly focused pursuit of specific fueloil substitution opportunities. These are in locations where power companieshave of necessity to include oil as part of their fuel mix and include certainformer Orimulsion customers. Success with our short-term strategy willfinancially underpin the business, demonstrate the technology on a commercialscale, and provide us the credibility for success in the large marketscomprising our longer term strategy. Longer Term Quadrise is already actively developing specific longer-term markets where thefundamentals for oil fired power generation are intrinsically positive. Ourtarget markets, Saudi Arabia, Kuwait and Mexico are highly prospective giventhose countries' policies of using oil, and particularly their heavier oils, forpower generation. All three markets have high demand growth for electric power,and in the case of the Middle East, additional fuel requirements fordesalination. Our longer-term strategy is very exciting and has the potential to secure thelarge scale business projected for Quadrise at the time of our listing. Review of Activities Power Plant Refuelling Our initial survey of oil burning power plants and discussions with powergenerators indicated an operating capacity of approximately 3,000MWe readilyamenable to combustion of emulsion fuels. This approximates well with the marketpenetration achieved by Orimulsion prior to its cessation of production by theVenezuelan government in 2006. Quadrise has focused on these opportunities,which are located in North America, Europe/Mediterranean, South East Asia andthe Far East. Pursuit of this business involves the analysis of optimally located oilrefineries with a view to sourcing residue for MSAR fuel manufacture. Much workhas gone into the development of highly sophisticated techno-economic models tosupport this work, with the resulting fuel cost analyses cascaded into anassessment on the candidate power plant generating costs and load factors. Goodpotential alignments between refiners and power generators have been identifiedto service the North American and European locations. Work is in hand tocrystallize these opportunities into forward work programmes to be jointlyundertaken with the clients concerned. All of these prospects have gainedmomentum over the past quarter and emulsion testing, definitive feasibilitystudies and test burns are likely to be initiated at 3 power plants during 2H07and 1Q08. The Far East power markets are more challenging. Whilst there is offtakepotential for MSAR fuel, we have experienced difficulty in identifying residuesources due to the practice of regional refiners destructing their residues inconversion processes. Oil Field Development Quadrise has been following an important steam injection project in SouthAmerica in conjunction with a European oil company. On this project, in-situcrude will be processed to MSAR and combusted to raise steam for enhanced oilrecovery. The economics of this application in the particular location areextremely positive and Quadrise has rapidly advanced this prospect to the pointwhere terms and conditions have been agreed with a local engineering company tojointly build, own and operate the emulsion manufacturing plant and itsancillary equipment. It is hoped that this project will be released by theclient to full development status during 4Q07. Market Development Potentially prolific new markets under development are Mexico, Saudi Arabia andKuwait. Because of their existing oil fired power plant asset bases(approximately 30,000MWe in aggregate), high growth in electrical demand (>6%),and significant levels of crude production, oil will remain a key powergeneration fuel in these markets for the foreseeable future. An entirelydifferent perspective exists in these countries on the merits of oil as a fuelthan that prevailing in industrialised countries, and opportunities exist foremulsion firing new build plant and refuelling existing facilities. Businessdevelopment work is progressing very positively in these markets based on thesound economic fundamentals of our technology and its ability to offer anunusually high level of 'value add' to the oil and power sectors. The potential in these markets is extremely large and represents Quadrise's bestopportunity to build a very substantial long term business. Co-operation with Associate Companies We maintain a close and ongoing dialogue with our technology licensor Akzo NobelSurface Chemistry Aktiebolag ("Akzo"). In terms of our Alliance Agreement withAkzo, this involves both technical and commercial interchanges, regular reviewsof business opportunities and combined inputs to Research and Developmentactivity to support future development of the business. Akzo also provide anefficient residue testing service to support our new business opportunities. We are in the process of forming four joint venture companies, currently termedNewcos 1-4 with Quadrise Canada Corporation "(QCC)". All are 50:50 jointventures effective across the full value chain from MSAR manufacture to sale ofMSAR fuel. Newco 1, which is managed by Quadrise, was established to provideemulsion to two oil fired power plants (1350 MWe capacity) in New Brunswick,Canada, a territory which, without establishment of Newco 1, would have beengeographically outside our Akzo licence remit. Newco 2, also to be managed byQuadrise, will provide QCC a reciprocal quantum of potential MSAR sales from ourown exclusive licence territory. Newcos 3 and 4 will be managed by QCC and willbe based on production of MSAR from islands within the Caribbean area. Financial The Company operated within its budget for the financial reporting period endedJune 2007. Quadrise continues as a debt free business with adequate cashreserves to fund business development activity at current expenditure levelsthrough 2008. The rate of expenditure is likely to increase in 2008 to supportspecific project development programmes. In anticipation of this the July 2007Annual General Meeting authorised the company to issue a further 300 million newshares. This is projected for capital raising to fund the arising projectopportunities. The Future Quadrise is currently highly focused on the core prospects discussed in theforegoing text. It will remain so in order to secure revenue and underpin thebusiness in the shortest possible time. This is currently forecast for thefinancial year 2009/10. For the future there are opportunities other than the new geographic areasalready under development. These include MSAR application in diesel engines,which offers revenues less susceptible to high oil prices, and at potentiallyhigher profit margins, albeit on a smaller quantum of sales volume and withlogistical fuel supply complexity. These and other opportunities will be moreaggressively advanced when the Company is revenue generating and cash flowpositive. Quadrise has a uniquely qualified and experienced management team. They haveperformed outstandingly and with enthusiasm at all times during the past yeardespite the difficult conditions for the business imposed by the prevailing oilprice. I have no reservations whatsoever regarding their ability to capitaliseand build further on our progress to date, and thank them for their presentexcellent contributions. Bill HoweChief Executive Officer 5 October 2007 FINANCIAL REVIEW With the successful equity placing at the time of the reverse takeover in April2006, Quadrise Fuels International plc ("Quadrise") commenced its operationswith adequate financial resources to take it right through its first phase ofcommercial development. At 30 June 2007, the Group had cash reserves of £5.9m, having covered £4.7m forthe cash consideration for the acquisition of Quadrise Limited and £0.9m for theacquisition of a 7.77% interest in Paxton Corporation in Canada. The currentmonthly expenditure is in the region of £300k, which should comfortably enablethe management to get through the first phase with the existing resources. The completion of the first phase is expected to put the Group in a firmposition for full commercial realisation of the MSAR technology with severalpotential clients with whom the management are currently in negotiations. Some of these may indeed evolve into fairly large-scale commercial projects, whichmay require Quadrise to seek funding and/or operational support from localjoint-venture partners or alternative sources. At the appropriate time, theboard will consider options available and take appropriate action on acase-by-case basis. Results for the period The Group recorded a loss of £11.9m for the period ended 30 June 2007, whichincluded a charge of £9.2m for the amortisation of intangible assets and thewrite-off of goodwill arising on acquisition through the adoption of reverseacquisition accounting for consolidation purposes. The general andadministrative expenses amounted to £3.4m, including a charge for the shareoptions of £0.5m. Loss per share was 2.74 pence. Treasury and Financial risk management The Group continually reviews its approach to the management of financial risk.Control over treasury and risk management is exercised by the board and itsAudit committee through the setting of policy and the regular review offorecasts and financial exposures. At present, no financial instruments are usedand the Group does not undertake any trading activity in financial instruments. Taxation The Group's current and brought forward losses give rise to material deferredtax assets. These have, however, not been recognised in the financial statements as there is no certainty that these would crystalise in theforeseeable future. The current tax charge of £41k in the consolidated income statement relates toQuadrise Limited's taxable income arising from its consulting activities. Transition to International Financial Reporting Standards The Group has successfully transitioned to International Financial ReportingStandards (IFRS) from UK GAAP during the period under review. This involvedrestating prior period's results and updating the Group's accounting policies asnecessary. Hemant ThanawalaFinance Director 5 October 2007 Consolidated Income StatementFor the period 1 January 2006 to 30 June 2007 Note 18 Months ended 30 June 2007 £'000sContinuing operationsOther income 287Write-off of goodwill on acquisition (584)Amortisation of intangible assets (8,646)Administration expenses (3,439) ------------------Operating loss 2 (12,382)Finance costs (126)Finance revenue 5 507Loan write-off gain 115Foreign exchange gains 10 ------------------Loss before tax (11,876) Taxation (41) ------------------Loss for the period from continuing operations (11,917) ================== Loss per share - pence loss per shareBasic 6 (2.74) pDiluted 6 (2.74) p Consolidated Balance SheetAs at 30 June 2007 Note As at 30 June 2007 £'000sAssetsNon-current assetsIntangible assets 7 28,041Available for sale investments 8 16,131Equipment 1 ------------------Non-current assets 44,173 ------------------ Current AssetsCash and cash equivalents 5,874Trade and other receivables 66Prepayments 7 ------------------Current Assets 5,947 ------------------TOTAL ASSETS 50,120 ================== Equity and liabilities Current liabilitiesTrade and other payables 755 ------------------Current liabilities 755 ------------------ Equity attributable to equity holders of the parent Issued capital 4,617Share premium 53,634Revaluation reserve 2,002Other reserves 1,029Accumulated losses (11,917) ------------------Total shareholders' equity 49,365 ------------------TOTAL EQUITY AND LIABILITIES 50,120 ================== Consolidated Statement of Changes in Equity For the period ended 30 June 2007 Accumulated Issued Share Revalu- Share Reverse Total Losses Capital Premium ation Option acquis- reserves ition reserve £'000s £'000s £'000s £'000s £'000s £'000s £'000sLoss for thefinancialperiod (11,917) - - - - - (11,917) Share optionsreserve - - - - 507 - 507 New sharesissued - 4,517 54,751 - - - 59,268 Share issuecosts - - (1,117) - - - (1,117) Revaluationofinvestmentsheld for sale - - - 2,002 - - 2,002 Reverseacquisitionreserve - - - - - 522 522 -------- ------ ------ ------- ------ ------- -------Net change inshareholders'equity (11,917) 4,517 53,634 2,002 507 522 49,265 -------- ------ ------ ------- ------ ------- -------Shareholders'equitybrought - 100 - - - - 100forward -------- ------ ------ ----- ------ ------- ------- Shareholders'equity at 30June 2007 (11,917) 4,617 53,634 2,002 507 522 49,365 ========= ======= ====== ===== ====== ======= ======== Consolidated Cash Flow StatementFor the period 1 January 2006 to 30 June 2007 18 Months ended 30 June 2007 £'000sOperating activities Loss before tax from continuing operation (11,876)Interest expense 126Interest income (507)Income tax paid 41Write-off of goodwill on acquisition 584Write-down of intangibles 8,646Foreign exchange gain (10)Share-based payments expense 507Write-off capitalised development costs 911Forex gain on investments (115)Working capital adjustmentsIncrease in trade and other receivables (73)Increase in trade and other payables (427) ------------------Cash generated from operations (2,193) ------------------ Interest paid (126)Income tax paid (41) ------------------Net cash outflows from operating activities (2,360) ------------------ Investing activitiesPurchase of investments held-for-sale (845)Acquisition of subsidiaries (3,416)Interest received 507 ------------------Net cash outflows from investing activities (3,754) ------------------ Financing activitiesProceeds from issue of shares 12,940Transaction costs incurred with share issues (952) ------------------Net cash inflows from financing activities 11,988 ------------------ Net increase in cash and cash equivalents 5,874 ------------------Cash and cash equivalents at 30 June 2007 5,874 ================== Notes to the financial statements 1. Basis of preparation and significant accounting policies The financial information set out in this announcement does not constitute thecompany's statutory financial statements for the period ended 30 June 2007.Statutory financial statements for the period ended 30 June 2007, prepared underInternational Financial Reporting Standards as adopted for use in the EuropeanUnion, will be delivered to the Registrar of Companies following the Company'sExtraordinary General Meeting. The auditors have reported on those accounts;their report was unqualified, did not include references to any matters to whichthe auditors drew attention by way of emphasis without qualifying their reportsand did not contain statements under section 237 (2) or (3) of the Companies Act1985. The financial information for the period ended 30 June 2007 has been preparedusing accounting policies which are consistent with those adopted in preparingthe interim financial information for the period ended 31 December 2006. As a consequence of the Reverse Acquisition accounting, the consolidatedfinancial statements for the Group are presented for the 18-month period ended30 June 2007. Quadrise International Limited, being the deemed acquirer underReverse Acquisition accounting, remained dormant until 18 April 2006 and,accordingly, Group comparatives are not disclosed in this announcement. The preliminary results were approved by the Board of Directors on 5 October2007. 2. Operating loss Operating loss is stated after charging: 18 Months ended 30 June 2007 £'000s Staff cost 1,340Auditor's remuneration: Audit services 59 Non-audit services - tax 6 Non-audit services - other 2Goodwill write off 584Amortisation charge on intangibles 8,646Share option charge 507 Staff cost includes the salaries of directors employed directly by the Company. 3. Goodwill On the acquisition of Zareba plc, the AIM shell company, goodwill on acquisitionof £584k was fully written off. 4. Amortisation of Intangible Assets The Board has reviewed the accounting policy for intangible assets and hasadopted a policy for the amortisation of those assets, which have a finite life.A key asset that fits this description is the combination of rights securedunder the Akzo Nobel Alliance Agreement, together with other unpatentedtechnologies, industry know-how and trade secrets, which drive the principalbusiness case for QFI. Under the present arrangements, the Akzo Nobel AllianceAgreement, while intended to continue on an evergreen basis, could be terminatedby Akzo Nobel or QFI at 12 months notice at any time after 20 December 2009.Whilst the directors believe that it is likely to be in the commercial bestinterests of both parties to continue the agreement beyond 20 December 2009,there can be no guarantee that this will occur. The directors have, accordingly,amortised this intangible asset over the remaining lifespan of the current agreement. This policy has resulted in a non-cash charge of £8,646k to the income statement for the 18-month period ending 30 June 2007. 5. Finance Revenue Finance revenue of £507K recognised during the period has arisen from intereston bank deposits. 18 Months ended 30 June 2007 Loss for the period from continuing operations (£000's) (11,917)Weighted average number of shares:Basic 435,424,442Diluted 435,424,442 Loss per share: ---------------Basic (2.74)p ---------------Diluted (2.74)p --------------- Basic loss per share is calculated by dividing the loss for the period fromcontinuing operations of the company by the weighted average number of ordinaryshares in issue during the period. For diluted loss per share, the weighted average number of ordinary shares inissue is adjusted to assume conversion of all potential dilutive options overordinary shares. Potential ordinary shares resulting from the exercise of shareoptions have an anti-dilutive effect. As a result, diluted loss per share isdisclosed as the same value as basic loss per share. 6. Intangible Assets 30 June 2007 £'000sIntellectual PropertyCostAs at 1 January 2006 -Acquired Intellectual property on 19 April 2006 36,687 ------------- 36,687 -------------AmortisationCharge for the period (8,646) -------------Net book value 28,041 ------------- Goodwill CostAs at 1 January 2006 -Recognised on acquisition of Zareba plc 584Written off during the period (584) -------------Net book value - -------------Net book value - intangibles 28,041 ------------- Intangibles include intellectual property of £36.7m acquired from QuadriseInternational Limited, which comprises both assets of finite and infinite life.Quadrise Canada Corporation's royalty income of £7.7m and the MSAR Trade name of£3.1m are termed as assets having infinite life and hence not amortised. Theremaining intangibles amounting to £25.9m which are primarily made up oftechnology and know- how are considered as finite assets and amortised over 45months. The Board has reviewed the accounting policy and adopted an amortisationpolicy on those assets which have a finite life. As a consequence of adoptingthis policy, a non cash charge of £8.6m has been recognised in the incomestatement during the period. 7. Available for Sale Investments 30 June 2007 £'000s Unquoted securities 16,131 ------------- 16,131 ------------- Unquoted securities represent the Group's investment in Quadrise CanadaCorporation and Paxton Corporation, both of which are incorporated in Canada. Asat the balance sheet date the Group held a 19.19% share in the ordinary issuedcapital of Quadrise Canada Corporation and a 7.77% share in the ordinary issuedcapital of Paxton Corporation. 8. Acquisition of Business a) Quadrise restructuring, acquisition of Quadrise International Limited and reserve takeover to create Quadrise Fuels International plc On 10 October 2005 Quadrise International Limited (QIL) was incorporated inorder to facilitate the acquisition of Quadrise Limited and the transference ofall of its Quadrise interests under one new company. On 23 February 2006 International Energy Group AG transferred its Quadriseinterests to QIL, being 100% of Quadrise Power Systems AG (QPS AG), 1,097,500common shares in Quadrise Canada Corporation, a 50% interest in Quadrise USA LPInc, the rights under an alliance agreement with Akzo Nobel and other intangibleassets in the commercial department of the Quadrise MSAR technology. £'000sNet assets acquired:Net worth of QPS AG 431,097,500 common shares in Quadrise Canada Corporation 4,112 ----------Total net worth of acquisition 4,155Intellectual property on acquisition 29,861 ---------- Total 34,016 ----------Satisfied by:Issuance of shares 34,016 ----------Total consideration 34,016 ---------- (b) Acquisition of Quadrise Limited On 10 March 2006 Quadrise International Limited acquired 100% of QuadriseLimited: £'000sNet assets acquired:Investments held in Quadrise Canada Corporation at 9,278fair valueIntellectual property 6,826 ---------- Total 16,104 ----------Satisfied by:Cash consideration 4,692Shares consideration - capital contribution 4,286Shares in Quadrise Canada Corporation at fair value -capital contribution 3,734Foreign exchange 25750,000 new shares issued in QIL 3,367 ----------Total consideration 16,104 ---------- (c) Acquisition of Zareba plc On 18 April 2006 Quadrise International Limited acquired 100% of Zareba plc, anAIM cash shell company through a reverse acquisition takeover, in order to listas Quadrise Fuels International plc. Goodwill of £584k was realised on theacquisition, which was fully expensed in the period. £'000sNet assets acquired:Cash 1,201Goodwill arising on acquisition 584 ----------Total 1,785 ----------Satisfied by:Capital contribution 1,785 ----------Total Consideration 1,785 ---------- 10. Copies of the Annual Report Copies of the annual report will be available on the Company's website atwww.quadrisefuels.com and from the Company's registered office, Parnell House,25 Wilton Road, London SW1V 1YD. This information is provided by RNS The company news service from the London Stock Exchange