Issue of Share Options and Director/PDMR Dealing

RNS Number : 8451U

Quadrise Fuels International PLC

04 August 2022

 

4 August 2022

Quadrise Fuels International plc

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

Issue of Share Options and Director/PDMR Dealing

Quadrise, the supplier of MSAR^® and bioMSAR™ emulsion technology and fuels, providing innovative lower cost and lower carbon alternatives to fuel oil and biofuels, announces the grant of an aggregate of 32,882,979 options to subscribe for new ordinary shares of 1p each in the Company ("Ordinary Shares") to directors and employees of the Company in accordance with the provisions of the Company's Unapproved Share Option Plan 2016 ("2016 Plan") and the Company's Enterprise Management Incentive Share Option Plan ("EMI Plan"), as appropriate (the "Options") .

Of the Options, a total of 12,500,000 performance share options (the "Performance Options") have been awarded to executives of the Company, including awards to certain of the Company's directors and PDMRs in the amounts set out below.

The award of Performance Options to Jason Miles, Quadrise's Chief Executive Officer, follows a prior share options award to Mr. Miles on 3 September 2021 which will lapse unvested on the first anniversary of their grant date due to their specific performance conditions not having been met.

Director/PDMR	Number of Options	Plan	Exercise price
Jason Miles	7,500,000	2016 Plan	3.0p
David Scott	1,250,000	EMI Plan	3.0p
Philip Hill	1,000,000	EMI Plan	3.0p
Total	9,750,000	-	-

The Performance Options will vest as to 50% on the first anniversary of grant and the remaining 50% shall vest on the second anniversary of the date of grant. All vestings are subject to the satisfaction of specific performance conditions prior to the vesting dates.

The Performance Options awarded under the 2016 Plan will be exercisable from vesting until the eighth anniversary of the date of grant and the Performance Options awarded under the EMI Plan will be exercisable from vesting until the tenth anniversary of the date of grant.

In addition to the Performance Options, the Company has also granted a total of 14,000,000 additional Options to Non-Executive Directors of the Company in accordance with the provisions of the 2016 Plan, in the amounts set out below (the "Additional Options").

Director	Number of Options	Plan	Exercise price
Andrew Morrison	4,000,000	2016 Plan	3.0p
Laurie Mutch	4,000,000	2016 Plan	3.0p
Philip Snaith	4,000,000	2016 Plan	3.0p
Dilip Shah	2,000,000	2016 Plan	3.0p
Total	14,000,000	-	-

The Additional Options will vest as to 50% on the first anniversary of grant and the remaining 50% shall vest on the second anniversary of the date of grant and have no performance conditions to vesting attached. The Additional Options will be exercisable from vesting until the eighth anniversary of the date of grant. The vestings are not subject to the satisfaction of specific performance conditions.

The Company also announces the issue a total of 6,382,979 nominal value options ("NVOs") to certain of the Company's PDMRs and employees in lieu of cash bonuses for the financial year ended 30 June 2022. The NVOs have been issued in accordance with and under the EMI Plan. The issue of NVOs include the following awards to certain of the Company's PDMRs:  

PDMR	Number of NVOs	Plan	Exercise price
David Scott	1,914,894	EMI Plan	1.0p
Philip Hill	212,766	EMI Plan	1.0p
Total	2,127,660	-	-

The NVOs will vest after 12 months from the date of grant, have no performance conditions and will be exercisable from vesting until the tenth anniversary of the date of grant.

Following the grant of the Performance Options, the Additional Options and the NVOs, the Company has a total of 61,871,770 options to subscribe for new Ordinary Shares in the Company under option, representing approximately 4.40% of the Company's current issued ordinary share capital. In addition, the Company has a further 40,223,716 Ordinary Shares under warrant, representing 2.86% of the Company's current issued ordinary share capital.

The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further details.

For further information, please refer to the Company's website at  www.quadrisefuels.com  or contact:

Quadrise Fuels International Plc

Jason Miles, Chief Executive Officer  [phone]

David Scott, Head of Finance

Nominated Adviser

Cenkos Securities plc

Ben Jeynes  [phone]

Katy Birkin

Broker

Shore Capital Stockbrokers Limited

Toby Gibbs  [phone]

Fiona Conroy

Public & Investor Relations

Vigo Consulting

 Patrick D'Ancona  [phone]

Charlie Neish

The following notifications are intended to satisfy the Company's obligations under Article 19(3) of the Market Abuse Regulation.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	1.  Jason Miles 2.  David Scott 3.  David Scott 4.  Philip Hill 5.  Philip Hill 6.  Andrew Morrison 7.  Laurie Mutch 8.  Philip Snaith 9.  Dilip Shah
2	Reason for notification
a)	Position/Status	1.  Chief Executive Officer 2.  Head of Finance 3.  Head of Finance 4.  Chief Operating Officer 5.  Chief Operating Officer 6.  Non-Executive Chairman 7.  Non-Executive Director 8.  Non-Executive Director 9.  Non-Executive Director
	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	213800HN2ETG5476U328
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 and identification code	Ordinary shares of 1 pence each ISIN: GB00B11DDB67
b)	Nature of transaction	Awards of options to subscribe for new ordinary shares under the Quadrise Unapproved Share Option Plan 2016  and/or the Quadrise Enterprise Management Incentive Share Option Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.  Nil 2.  Nil 3.  Nil 4.  Nil 5.  Nil 6.  Nil 7.  Nil 8.  Nil 9.  Nil 1.  7,500,000 2.  1,250,000 3.  1,914,894 4.  1,000,000 5.  212,766 6.  4,000,000 7.  4,000,000 8.  4,000,000 9.  2,000,000
d)	Aggregated information	n/a
e)	Date of transaction	3 August 2022
f)	Place of transaction	Outside of a trading venue

 

END

 

 

DSHUPUMGRUPPGMW