Re-Issue of Historical Share Options

RNS Number : 1726O

Quadrise Fuels International PLC

30 January 2023

 

30 January 2023

Quadrise Fuels International plc

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

Re-Issue of Historical Share Options

Quadrise (AIM:QFI), 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 cancellation and re-issuance of certain previously awarded share options, details of which were originally announced on 27 June 2019 and 4 August 2022 (the "Option Grants").  

In order to ensure that the Option Grants made under the Company's Enterprise Management Incentive Plan (the "Plan"), qualify for the tax relief allowed by the Plan as had been intended at the time of grant, it has been necessary to cancel a total of 14,733,038 share options awarded pursuant to the Option Grants (the "Cancelled Options") and otherwise to employees in 2019 and 2022, and to issue an aggregate of 14,733,038 new share options with the same exercise prices and with vesting and expiry dates as outlined below, to the Option Grant recipients (the "Replacement Options") and to the same employees.

8,478,782 of the Replacement Options have been awarded to directors and PDMRs of the Company, details of which are as follows:

Cancelled Options - Director/PDMR Interests

Director/PDMR	Number of options	Exercise price	Grant date	Vesting date	Expiry date
Jason Miles	3,551,122	7.5p	27-Jun-19	27-Jun-22	27-Jun-29
David Scott	550,000	7.5p	13-May-19	13-May-22	13-May-29
Phil Hill	1,000,000	3p	03-Aug-22	50% on 03-Aug-23 and 50% on 03-Aug-24*	03-Aug-32
David Scott	1,250,000	3p	03-Aug-22	50% on 03-Aug-23 and 50% on 03-Aug-24*	03-Aug-32
Phil Hill	212,766	1p	03-Aug-22	03-Aug-23	03-Aug-32
David Scott	1,914,894	1p	03-Aug-22	03-Aug-23	03-Aug-32

Replacement Options - Director/PDMR Interests

Director/PDMR	Number of options	Exercise price	Grant date	Vesting date	Expiry date
Jason Miles	3,551,122	7.5p	27-Jan-23	27-Apr-23	27-Jun-29
David Scott	550,000	7.5p	27-Jan-23	27-Apr-23	13-May-29
Phil Hill	1,000,000	3p	27-Jan-23	50% on 03-Aug-23 and 50% on 03-Aug-24*	27-Jan-33
David Scott	1,250,000	3p	27-Jan-23	50% on 03-Aug-23 and 50% on 03-Aug-24*	27-Jan-33
Phil Hill	212,766	1p	27-Jan-23	03-Aug-23	27-Jan-33
David Scott	1,914,894	1p	27-Jan-23	03-Aug-23	27-Jan-33

*- subject to the satisfaction of specific performance conditions prior to the vesting dates.

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

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

	Quadrise Fuels International Plc			[phone]
	Andy Morrison, Chairman Jason Miles, Chief Executive Officer
	Nominated Adviser
	Cenkos Securities plc			[phone]
	Ben Jeynes
	Katy Birkin
	Broker Shore Capital Stockbrokers Limited			[phone]
	Toby Gibbs
	Fiona Conroy
	Public & Investor Relations
	Vigo Consulting Patrick D'Ancona Charlie Neish			[phone]
1		Details of the person discharging managerial responsibilities/person closely associated
a)		Name	Jason Miles
2		Reason for notification
a)		Position/Status	Chief Executive Officer
		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: GB00BM9CLS53
b)		Nature of transaction	1.  Cancellation of historically awarded share options to subscribe for new ordinary shares 2.  Grant of share options to subscribe for new ordinary shares under the Quadrise Enterprise Management Incentive Share Option Plan
c)		Price(s) and volume(s)	Price(s) Volume(s) 1.  Nil 2.  Nil 1.  3,551,122 2.  3,551,122
d)		Aggregated information	n/a
e)		Date of transaction	1.  26 January 2023 2.  27 January 2023
f)		Place of transaction	Outside of a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Scott
2	Reason for notification
a)	Position/Status	Head of Finance
	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: GB00BM9CLS53
b)	Nature of transaction	1.  Cancellation of historical awards of share options to subscribe for new ordinary shares 2.  Grant of share options to subscribe for new ordinary shares under the Quadrise Enterprise Management Incentive Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.  Nil 2.  Nil 1.  3,714,894 2.  3,714,894
d)	Aggregated information	n/a
e)	Date of transaction	1.  26 January 2023 2.  27 January 2023
f)	Place of transaction	Outside of a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Philip Hill
2	Reason for notification
a)	Position/Status	Chief Operating Officer
	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: GB00BM9CLS53
b)	Nature of transaction	1.  Cancellation of historical awards of share options to subscribe for new ordinary shares 2.  Grant of share options to subscribe for new ordinary shares under the Quadrise Enterprise Management Incentive Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.  Nil 2.  Nil 1.  1,212,766 2.  1,212,766
d)	Aggregated information	n/a
e)	Date of transaction	1.  26 January 2023 2.  27 January 2023
f)	Place of transaction	Outside of a trading venue

 

END

 

 

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