Director/PDMR Shareholding

RNS Number : 9865D

Quadrise Fuels International PLC

12 July 2016

 

12 July 2016

Quadrise Fuels International plc

("Quadrise", "QFI" or the "Company")

Director/PDMR Shareholding

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, with volumes of over 450 million tons per annum) in the global shipping, refining and steam and power generation markets.

The Company has been notified that Jason Miles, a director of the Company, has today accepted an offer from International Energy Group AG ("IEG") to acquire options awarded to him by IEG over 5,000,000 existing QFI ordinary shares held by IEG ("IEG Options"). Jason Miles' IEG Options have an exercise price of 1 penny per ordinary share. The consideration paid to Mr. Miles was 11.5 pence per IEG Option.

This transaction forms part of the liquidation process of IEG, as previously notified to the market on 11 September 2014.

Following the disposal of these IEG Options, Mr. Miles' interest in 2,880,633 ordinary shares, representing 0.36% of the Company's issued ordinary share capital, remains unchanged.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jason Miles
2	Reason for the notification
a)	Position/status	PDMR (Chief Operating Officer)
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	Options over ordinary shares
	Identification code	GB00B11DDB67
b)	Nature of the transaction	Disposal of options
c)	Price(s) and volumes(s)	Price(s)	Volume(s)
		£0.115	5,000,000
d)	Aggregated information
	Aggregated volume	N/A - single transaction
	Price	N/A - single transaction
e)	Date of the transaction	12 July 2016
f)	Place of the transaction	Outside of a trading venue

For additional information, please contact:

Quadrise Fuels International plc                                                    [phone] 

Mike Kirk, Executive Chairman

Hemant Thanawala, Finance Director

Jason Miles, Chief Operating Officer

Smith & Williamson Corporate Finance Limited                           [phone] 

Dr Azhic Basirov

Ben Jeynes

Peel Hunt LLP                                                                                   [phone]

Richard Crichton        

Ross Allister

Chris Burrows

Bell Pottinger                                                                                    [phone]

Daniel Thöle

 

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