Acquisition of Minority Interest, Issue of Equity

RNS Number : 0363V

Quadrise Fuels International PLC

22 October 2014

 



22 October 2014

Quadrise Fuels International PLC

("QFI", "Quadrise", the "Company" and together with its subsidiaries the "Group")

Acquisition of Minority Interest, Issue of Equity and Director's Dealings

Quadrise, the emerging supplier of MSAR, a low cost alternative to heavy fuel oil in the shipping, refining and power generation markets, announces that it has today issued 1,593,626 new ordinary shares in the Company to Jason and Rachel Miles (the "Consideration Shares") as consideration for the Company's acquisition of 100% of the issued share capital of Roe Projects Limited ("RPL"). The Consideration Shares have been issued at an effective issue price of 31.375 pence per share.

Jason Miles is an executive director of QFI and, following the issue of the Consideration Shares, is now interested in 2,230,633 ordinary shares in the Company, representing 0.28% of the Company's enlarged issued ordinary share capital.

The sole asset of RPL is its 6.25% equity interest in a number of Quadrise subsidiary companies, which were acquired by RPL in 2010 at the time of a restructuring of the Company and its management services. RPL is a service company which had previously contracted to supply the services of Jason Miles to Quadrise International Limited ("QIL"), the QFI group's 100% owned principal operating subsidiary, and other clients.

As announced by the Company on 10 October 2014, the previous contractual arrangements between RPL and QIL were terminated effective 30 September by mutual agreement and the services of Jason Miles as a director of QFI and Chief Operating Officer of the Group have been secured under a direct employment contract with QFI. QFI has acquired RPL for the sole purpose of the recovery of the 6.25% equity interests in the QIL subsidiaries.

Following this transaction the Company will have recovered all minority interests in all subsidiaries of QIL and will again hold 100% of their issued capital.

Application has been made for the 1,593,626 Consideration Shares to be admitted to trading on AIM and it is expected that dealings will commence on 28 October 2014.

Total Voting Rights

Following the admission to trading on AIM of the Consideration Shares on 28 October 2014, the Company's issued share capital will consist of 808,835,162 Ordinary Shares.

The total number of voting rights in the Company will be 808,835,162.  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 28 October 2014.

For further information on the Company, please refer to www.quadrisefuels.com or contact:

Quadrise Fuels International Plc	[phone]
Ian Williams, Executive Chairman
Hemant Thanawala, Finance Director Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance Limited	[phone]
Dr Azhic Basirov
Ben Jeynes
Broker
Peel Hunt LLP	[phone]
Richard Crichton
Matthew Armitt
Ross Allister
Public & Investor Relations
Bell Pottinger	[phone]
Philip Dennis
Rollo Crichton-Stuart

 

END

 

 

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