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

+44 (0)20 7031 7321

 

 

Andy Morrison, Chairman

Jason Miles, Chief Executive Officer


 

 



 

 

Nominated Adviser


 

 

Cenkos Securities plc

+44 (0)20 7397 8900

 

 

Ben Jeynes


 

 

Katy Birkin


 

 

Broker

Shore Capital Stockbrokers Limited

 

 

+44 (0)20 7408 4090

 

 

Toby Gibbs


 

 

Fiona Conroy


 

 

Public & Investor Relations

 

 

 

Vigo Consulting

Patrick D'Ancona

Charlie Neish

+44 (0)20 7390 0230

 

 



 

 



 

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

 

 

 

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