26 Oct 2016 16:46
26 October 2016
Quadrise Fuels International plc
("Quadrise", "QFI'', the "Company" and together with its subsidiaries the "Group")
Holding(s) in Company and Director/PDMR Shareholding
Quadrise Fuels International plc (AIM: QFI), is the emerging supplier of MSAR® emulsion technology and fuel, enabling a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tonnes per annum) in the global shipping, refining, power generation markets.
Quadrise announces that it has been notified today by International Energy Group AG ("IEG") that IEG has today disposed of its 3.87% interest in the Company, by way of a distribution of IEG's entire remaining holding of 32,943,515 ordinary shares of 1p each in the Company ("Ordinary Shares") to IEG's own underlying shareholders (the "Disposal").
As first announced by the Company on 11 September 2014, IEG previously advised the Company that IEG was undertaking a phased process intended to lead to the dissolution of IEG by year end 2016 which would result in IEG's entire holding in QFI being distributed to the underlying shareholders of IEG.
Under the Disposal, 2,779,026 Ordinary Shares have been distributed to Lucrone Investments GmbH for nil consideration, a company in which Hemant Thanawala, the Company's Finance Director, has a beneficial interest.
As a result, Mr. Thanawala is now beneficially interested in a total of 31,039,579 Ordinary Shares, representing 3.64% of the Company's issued ordinary share capital.
The notification below, made in accordance with the requirements of the Market Abuse Regulation, provides further detail.
For further information, please contact:
Quadrise Fuels International Plc | |
Mike Kirk, Executive Chairman | +44 (0)20 7031 7321 |
Hemant Thanawala, Finance Director | |
Jason Miles, Chief Operating Officer | |
Nominated Adviser | |
Smith & Williamson Corporate Finance Limited | |
Dr Azhic Basirov | +44 (0)20 7131 4000 |
Ben Jeynes | |
Katy Birkin | |
Broker | |
Peel Hunt LLP | |
Richard Crichton | +44 (0)20 7418 8900 |
Ross Allister Chris Burrows | |
Public & Investor Relations | |
FTI Consulting | |
Ben Brewerton | +44 (0)20 3727 1000 |
1 | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Hemant Thanawala | |
2 | Reason for the notification | ||
a) | Position/status | PDMR (Director) | |
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 | Ordinary shares of 1p each | |
Identification code | GB00B11DDB67 | ||
b) | Nature of the transaction | Acquisition of ordinary shares | |
c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
£0.00 | 2,779,026 | ||
d) | Aggregated information | N/A (single transaction) | |
Aggregated volume | |||
Price | |||
e) | Date of the transaction | 26 October 2016 | |
f) | Place of the transaction | Outside of a trading venue | |