1 Apr 2016 07:00
1 April 2016
Quadrise Fuels International plc("Quadrise", "QFI'' or the "Company")
Further re Directorate Change
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, consuming over 450 million tons per annum) in the global shipping, refining and steam and power generation markets.
As announced by the Company on 2 February 2016, Ian Williams, the Company's former Executive Chairman, retired from the Company and resigned from its board of directors (the "Board") on 31 March 2016. Mike Kirk, who joined the Quadrise board as a non-executive director on 1 December 2015, was appointed by the Board to succeed Ian Williams in the position of Executive Chairman with effect from 1 April 2016.
The Company is pleased to announce that it has now entered into a consultancy agreement with Mr. Williams (the "Consultancy Agreement") under which Mr. Williams will be available to provide ad hoc general and strategic advice to the Executive Chairman and other members of the Board during a 3 month period from 1 April 2016 (the "Period") to aid the effective transition of the Executive Chairman role over the short term.
Under the Consultancy Agreement, which will expire on 30 June 2016 unless extended in writing by both parties, Mr. Williams will receive a retainer fee of A$10,000 as compensation for an initial four days of service to QFI during the Period. A maximum of a further five days will be compensated at A$3,500 per day (or pro rata based on an 8 hour day).
Commenting on the arrangements, Mike Kirk, Quadrise's Executive Chairman, said:
"Whilst Ian's retirement and my appointment as Executive Chairman has been a carefully managed process, I am grateful to Ian for agreeing to remain on hand up to the end of June 2016. This is a flexible arrangement for both parties and allows the Board to call on Ian's wealth of experience should the need arise."
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc | |
Mike Kirk, Executive Chairman | +44 (0)20 7031 7321 |
Hemant Thanawala, Finance Director | |
Jason Miles, Chief Operating Officer
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Nominated Adviser | |
Smith & Williamson Corporate Finance Limited | |
Dr Azhic Basirov | +44 (0)20 7131 4000 |
Ben Jeynes | |
Broker | |
Peel Hunt LLP | |
Richard Crichton | +44 (0)20 7418 8900 |
Ross Allister | |
Chris Burrows |
Public & Investor Relations | |
Bell Pottinger | |
Rollo Crichton-Stuart | +44 (0)20 3772 2569 |
Greg Wood |