Issue of Options and Directors' Dealings

RNS Number : 2659T

Quadrise Fuels International PLC

24 March 2016

 

24 March 2016 

Quadrise Fuels International plc
("Quadrise", "QFI'' or the "Company")

Issue of Options and Directors' 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 on 22 March 2016 a total of 2,000,000 options to subscribe for new Ordinary shares of 1p each in the Company ("Ordinary Shares") were granted to two 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, the Company has a total of 31,450,000 Ordinary Shares under option, representing approximately 3.88 per cent of the Company's issued ordinary share capital.

Director	Number of Options granted
Jason Miles	1,500,000
Hemant Thanawala	500,000

In accordance with the rules of the Company's Share Option Scheme, the Options are exerciseable at a price of 12.13 pence per Ordinary Share, being the highest of: a) the nominal value of the Ordinary Shares; b) 11.50 pence per Ordinary Share, being the average of the closing mid-market price per Ordinary Share for the 30 dealing days preceding the date of the grant; and c) 12.13 pence, being the closing mid-market price per Ordinary Share on 22 March 2016.                         

Options will vest in accordance 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
Ian Williams, Executive Chairman	[phone]
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating Officer

Nominated Adviser
Smith & Williamson Corporate Finance Limited
Dr Azhic Basirov	[phone]
Ben Jeynes
Broker
Peel Hunt LLP
Richard Crichton	[phone]
Ross Allister
Chris Burrows

Public & Investor Relations
Bell Pottinger
Rollo Crichton-Stuart	[phone]
Greg Wood

 

END

 

 

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