2 Apr 2014 14:04
2 April 2014
Quadrise Fuels International plc
("Quadrise" or "the Company)
Issue of Options, Issue of Equity, Directors' Dealings and Total Voting Rights
Quadrise, the emerging supplier of MSAR®, a low cost alternative to heavy fuel oil in the shipping, refining, and power generation markets, announces that options over a total of 19,000,000 ordinary shares of 1p each in the Company ("Ordinary Shares") have today been granted to the directors of the Company in accordance with the provisions of the Company's Share Option Scheme in the quantums laid out below (the "Options").
Following the grant of the Options, and the exercise of existing options described below, the Company has a total of 27,100,000 Ordinary Shares under option, representing approximately 3.36% of the Company's issued ordinary share capital.
Director | Options Granted
|
Ian Williams | 5,000,000 |
Hemant Thanawala | 3,500,000 |
Jason Miles | 5,000,000 |
Laurie Mutch | 3,500,000 |
Ian Duckels | 1,500,000 |
Dilip Shah | 500,000 |
In accordance with the rules of the Company's Share Option Scheme, the Options are exerciseable at a price of the higher of: (a) 35.16 pence per Ordinary Share, being the average of the closing mid-market price per Ordinary Share for the 30 trading days immediately preceding the date of grant; or (b) the closing mid-market price per Ordinary Share on 2 April 2014.
The Options will vest in three tranches. One third will vest immediately, one third will vest on the first anniversary of issue subject to performance criteria and one third will vest on the second anniversary of issue subject to performance criteria.
Director's Dealing
In addition, the Company was notified on 1 April 2014 that Laurie Mutch, a non-executive director of the Company had, on that same day, exercised 400,000 existing options to subscribe for Ordinary Shares at a price of 20 pence per Ordinary share (the "Exercise Shares"). On 2 April 2014 Mr. Mutch sold the Exercise Shares at an average price of 32 pence per Ordinary Share. Following the disposal of the Exercise Shares, and other than his interest in options to subscribe for new Ordinary Shares described above, Laurie Mutch continues to hold no Ordinary Shares in the Company.
Total Voting Rights
Application will be made for the Exercise Shares to be admitted to trading on AIM and dealings are expected to commence at 8.00 a.m. on 8 April 2014. Following the admission to trading on AIM of the Exercise Shares on 8 April 2014, the Company's capital will consist of 806,380,891 Ordinary Shares.
The total number of voting rights in the Company will be 806,380,891. The voting rights on all these shares are identical. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules following 8 April 2014.
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc | |
Ian Williams, Executive Chairman | +44 (0)20 7031 7321 |
Hemant Thanawala, Finance Director | |
Nominated Adviser | |
Smith & Williamson Corporate Finance Limited | |
Dr Azhic Basirov | +44 (0)20 7131 4000 |
Siobhan Sergeant | |
Ben Jeynes | |
Broker | |
Peel Hunt LLP | |
Richard Crichton | +44 (0)20 7418 8900 |
Ross Allister | |
Public & Investor Relations | |
Pelham Bell Pottinger | |
Philip Dennis | +44 (0)20 7861 3232 |
Rollo Crichton-Stuart |
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