1 April 2016
Quadrise Fuels International plc
("Quadrise", "QFI'' or the "Company")
Issue of Options and Director's Dealing
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.
Mike Kirk, Executive Chairman, was today granted 3,000,000 options to subscribe for new Ordinary shares of 1p each in the Company ("Ordinary Shares") in accordance with the provisions of the Company's Share Option Scheme (the "Options") and his Executive Director's Service Agreement.
Following the grant of the Options, the Company has a total of 34,450,000 Ordinary Shares under option representing approximately 4.26 per cent of the Company's issued ordinary share capital.
Under the rules of the Company's Share Option Scheme, the Options are exercisable at a price of 12.5 pence per Ordinary Share, being the highest of: a) the nominal value of the Ordinary Shares; b) 11.86 pence per Ordinary Share, being the average of the closing mid-market price per Ordinary Share for the 30 dealing days immediately preceding the date of the grant; and c) 12.5 pence, being the closing mid-market price per Ordinary Share on 1 April 2016.
Options will vest in line with the Company's Share Option Scheme on a semi-annual pro rata basis over 24 months. Such vesting to be subject to continued employment and acceptable performance in the period preceding the vesting period.
For further information, please refer to the Company's website at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc |
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Mike Kirk, Executive Chairman |
+44 (0)20 7031 7321 |
Hemant Thanawala, Finance Director |
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Jason Miles, Chief Operating Officer |
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Nominated Adviser |
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Smith & Williamson Corporate Finance Limited |
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Dr Azhic Basirov |
+44 (0)20 7131 4000 |
Ben Jeynes |
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Broker |
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Peel Hunt LLP |
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Richard Crichton |
+44 (0)20 7418 8900 |
Ross Allister |
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Chris Burrows |
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Public & Investor Relations |
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Bell Pottinger |
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Rollo Crichton-Stuart |
+44 (0)20 3772 2569 |
Greg Wood |
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