Holding(s) in Company

RNS Number : 7212Y

Quadrise Fuels International PLC

03 December 2014

 



3 December 2014

Quadrise Fuels International Plc

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

Holding(s) in Company

Quadrise, the emerging supplier of MSAR, a low cost alternative to heavy fuel oil in the shipping, refining and power generation markets, announces that it was informed today by International Energy Group AG ("IEGAG") that IEGAG has today disposed of 167,101,917 of its existing ordinary shares in QFI to its own shareholders (the "Disposal").

This development is in line with the intentions announced by QFI on 11 September 2014 and is part of a phased process intended to lead to the dissolution of IEGAG by year end 2016. The Disposal was completed in a number of transactions, each at the closing mid-market price per QFI share on 2 December 2014.

The resultant changes to IEGAG's shareholding in the Company as at 3 December 2014 are as follows:

QFI shares before disposal:      210,045,430, being 25.97% of QFI's issued ordinary shares. 

QFI shares after disposal:          42,943,513, being 5.31% of QFI's issued ordinary shares.

IEGAG has informed QFI that all parties acquiring shares have committed to enter into orderly market agreements restricting their ability to dispose of QFI shares for 24 months. See below for further details of the orderly market agreements.

Commenting on this development, Ian Williams, Executive Chairman of Quadrise said:

"We are pleased to welcome new shareholders to the register. Quadrise appreciates the efforts made by IEGAG to effect this disposal to IEGAG shareholders promptly, thereby removing uncertainty as to its intentions. 

The QFI board views this as a positive development, increasing the free float and adding a number of knowledgeable, long term, historically supportive shareholders to the QFI share register."

IEGAG transaction terms:

Quadrise has been informed that the terms of the Disposal include the following contractually binding conditions:

1.    None of the QFI shares transferred may be sold before 10 December 2014 to ensure compliance with the three month hold period agreed with Peel Hunt LLP following the secondary placing announced on 9 September 2014 in which IEGAG sold 25,714,285 QFI shares to institutional and other investors.

2.    All parties acquiring QFI shares in connection with the Disposal have committed to enter into orderly market agreements with Peel Hunt LLP for the period ending 2 December 2016.

3.    Should parties acquiring QFI shares from the Disposal elect to sell such acquired shares during the period to December 2016, their right to do so is limited. The following restrictions apply:

(i)    1^st 6 months to     2 June 2015                       15% of shares acquired

(ii)  2^nd 6 months to     2 December 2015            20% of shares acquired

(iii) 3^rd 6 months to     2 June 2016                       30% of shares acquired

(iv) 4^th 6 months to     2 December 2016            35% of shares acquired

                (The release is cumulative in successive periods and any unused allowance

                 may be added to the new allowance when entering the next period)

The Company has been informed that of the 24 shareholders on the IEGAG share register, 23 elected to acquire QFI shares on the terms offered by IEGAG. 

Transfer of ownership has taken place today, 3 December 2014.

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]
Matthew Armitt
Ross Allister
Alistair Rae
Public & Investor Relations
Pelham Bell Pottinger
Philip Dennis	[phone]
Rollo Crichton-Stuart

 

END

 

 

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