TIDMQFI
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(R) and bioMSAR(TM)
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 Exercise Grant Vesting date Expiry
of options price date 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
------------ --------- ---------- ----------------------- ----------
50% on 03-Aug-23
Phil Hill 1,000,000 3p 03-Aug-22 and 50% on 03-Aug-24* 03-Aug-32
------------ --------- ---------- ----------------------- ----------
50% on 03-Aug-23
David Scott 1,250,000 3p 03-Aug-22 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 Exercise Grant Vesting date Expiry
of options price date 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
------------ --------- ---------- ----------------- ----------
50% on 03-Aug-23
and 50% on
Phil Hill 1,000,000 3p 27-Jan-23 03-Aug-24* 27-Jan-33
------------ --------- ---------- ----------------- ----------
50% on 03-Aug-23
and 50% on
David Scott 1,250,000 3p 27-Jan-23 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 Ordinary shares of 1 pence each
financial instrument,
type of instrument ISIN: GB00BM9CLS53
and identification
code
-------------------------------- ------------------------------------------------------
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 1. 3,551,122
2. Nil 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 Ordinary shares of 1 pence each
financial instrument,
type of instrument ISIN: GB00BM9CLS53
and identification
code
------------------------------- -------------------------------------------------
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 1. 3,714,894
2. Nil 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 Ordinary shares of 1 pence each
financial instrument,
type of instrument ISIN: GB00BM9CLS53
and identification
code
------------------------------- -------------------------------------------------
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 1. 1,212,766
2. Nil 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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END
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