Quadrise Fuels International PLC Directorate Change (6985J)
April 15 2020 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 6985J
Quadrise Fuels International PLC
15 April 2020
15 April 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Directorate Change
Quadrise announced in its interim results on 30 March 2020 that,
in the context of current macroeconomic circumstances, it has been
in the process of implementing cost saving measures. The cost
saving measures being implemented will not impact on the Company's
ability to continue to operate effectively and the Company remains
confident that it can continue to progress key business development
activities.
As part of this process the Board has reviewed its own size and
composition and, in support of the cost reduction programme, Bryan
Sanderson has offered his resignation as a Non-Executive Director
of the Company. The Board has accepted his resignation and he will
therefore leave after serving his three-month notice period on 14
July 2020. The Company does not intend to appoint an additional
Non-Executive Director until it has progressed to commercial
revenues.
Commenting on this development Mike Kirk, Chairman of QFI,
said:
"We have enjoyed working with Bryan over the past year and thank
him for his contribution. The Board felt that it was important to
demonstrate a real focus on cost reduction throughout the Group at
this time and we thank Bryan for his role in assisting Quadrise
with its cost reduction initiatives.
Our long-standing independent Non-Executive Directors, Laurie
Mutch and Phil Snaith, have in-depth knowledge of the business and
will continue to play a vital role in assisting in the ongoing
development of the business."
For further information, please refer to the Company's website
at www.quadrisefuels.com , or contact ir@quadrisefuels.com or
phone:
Quadrise Fuels International Plc
Mike Kirk, Chairman +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer
Nominated Adviser
Cenkos Securities plc
Ben Jeynes
Katy Birkin +44 (0)20 7397 8900
Joint Brokers
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
David McKeown
Shore Capital Stockbrokers Limited
Toby Gibbs
Fiona Conroy +44 (0)20 7408 4090
Public & Investor Relations
FTI Consulting
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi Quadrise@fticonsulting.com
Notes to Editors
QFI is the supplier of MSAR(R) emulsion technology and fuels, a
low-cost alternative to heavy fuel oil (one of the world's largest
fuel markets, comprising over 450 million tons per annum) in the
global power generation, shipping, industrial and refining
industries.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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