TIDMQFI
RNS Number : 8451U
Quadrise Fuels International PLC
04 August 2022
4 August 2022
Quadrise Fuels International plc
("Quadrise", "QFI" or "the Company")
Issue of Share Options and Director/PDMR Dealing
Quadrise, 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 grant
of an aggregate of 32,882,979 options to subscribe for new ordinary
shares of 1p each in the Company ("Ordinary Shares") to directors
and employees of the Company in accordance with the provisions of
the Company's Unapproved Share Option Plan 2016 ("2016 Plan") and
the Company's Enterprise Management Incentive Share Option Plan
("EMI Plan"), as appropriate (the "Options") .
Of the Options, a total of 12,500,000 performance share options
(the "Performance Options") have been awarded to executives of the
Company, including awards to certain of the Company's directors and
PDMRs in the amounts set out below.
The award of Performance Options to Jason Miles, Quadrise's
Chief Executive Officer, follows a prior share options award to Mr.
Miles on 3 September 2021 which will lapse unvested on the first
anniversary of their grant date due to their specific performance
conditions not having been met.
Director/PDMR Number of Options Plan Exercise
price
Jason Miles 7,500,000 2016 Plan 3.0p
------------------ ---------- ---------
David Scott 1,250,000 EMI Plan 3.0p
------------------ ---------- ---------
Philip Hill 1,000,000 EMI Plan 3.0p
------------------ ---------- ---------
Total 9,750,000 - -
------------------ ---------- ---------
The Performance Options will vest as to 50% on the first
anniversary of grant and the remaining 50% shall vest on the second
anniversary of the date of grant. All vestings are subject to the
satisfaction of specific performance conditions prior to the
vesting dates.
The Performance Options awarded under the 2016 Plan will be
exercisable from vesting until the eighth anniversary of the date
of grant and the Performance Options awarded under the EMI Plan
will be exercisable from vesting until the tenth anniversary of the
date of grant.
In addition to the Performance Options, the Company has also
granted a total of 14,000,000 additional Options to Non-Executive
Directors of the Company in accordance with the provisions of the
2016 Plan, in the amounts set out below (the "Additional
Options").
Director Number of Options Plan Exercise
price
Andrew Morrison 4,000,000 2016 Plan 3.0p
------------------ ---------- ---------
Laurie Mutch 4,000,000 2016 Plan 3.0p
------------------ ---------- ---------
Philip Snaith 4,000,000 2016 Plan 3.0p
------------------ ---------- ---------
Dilip Shah 2,000,000 2016 Plan 3.0p
------------------ ---------- ---------
Total 14,000,000 - -
------------------ ---------- ---------
The Additional Options will vest as to 50% on the first
anniversary of grant and the remaining 50% shall vest on the second
anniversary of the date of grant and have no performance conditions
to vesting attached. The Additional Options will be exercisable
from vesting until the eighth anniversary of the date of grant. The
vestings are not subject to the satisfaction of specific
performance conditions.
The Company also announces the issue a total of 6,382,979
nominal value options ("NVOs") to certain of the Company's PDMRs
and employees in lieu of cash bonuses for the financial year ended
30 June 2022. The NVOs have been issued in accordance with and
under the EMI Plan. The issue of NVOs include the following awards
to certain of the Company's PDMRs:
PDMR Number of NVOs Plan Exercise
price
David Scott 1,914,894 EMI Plan 1.0p
--------------- --------- ---------
Philip Hill 212,766 EMI Plan 1.0p
--------------- --------- ---------
Total 2,127,660 - -
--------------- --------- ---------
The NVOs will vest after 12 months from the date of grant, have
no performance conditions and will be exercisable from vesting
until the tenth anniversary of the date of grant.
Following the grant of the Performance Options, the Additional
Options and the NVOs, the Company has a total of 61,871,770 options
to subscribe for new Ordinary Shares in the Company under option,
representing approximately 4.40% of the Company's current issued
ordinary share capital. In addition, the Company has a further
40,223,716 Ordinary Shares under warrant, representing 2.86% of the
Company's current issued ordinary share capital.
The notifications below, made in accordance with the
requirements of the Market Abuse Regulation, provide further
details.
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
Jason Miles, Chief Executive Officer +44 (0)20 7031 7321
David Scott, Head of Finance
Nominated Adviser
Cenkos Securities plc
Ben Jeynes +44 (0)20 7397 8900
Katy Birkin
Broker
Shore Capital Stockbrokers Limited
Toby Gibbs +44 (0)20 7408 4090
Fiona Conroy
Public & Investor Relations
Vigo Consulting
Patrick D'Ancona +44 (0)20 7390 0230
Charlie Neish
The following notifications are intended to satisfy the
Company's obligations under Article 19(3) of the Market Abuse
Regulation.
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name 1. Jason Miles
2. David Scott
3. David Scott
4. Philip Hill
5. Philip Hill
6. Andrew Morrison
7. Laurie Mutch
8. Philip Snaith
9. Dilip Shah
------------------------------- ------------------------------------------
2 Reason for notification
------------------------------- ------------------------------------------
a) Position/Status 1. Chief Executive Officer
2. Head of Finance
3. Head of Finance
4. Chief Operating Officer
5. Chief Operating Officer
6. Non-Executive Chairman
7. Non-Executive Director
8. Non-Executive Director
9. Non-Executive Director
------------------------------- ------------------------------------------
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: GB00B11DDB67
and identification
code
------------------------------- ------------------------------------------
b) Nature of transaction Awards of options to subscribe for
new ordinary shares under the Quadrise
Unapproved Share Option Plan 2016 and/or
the Quadrise Enterprise Management
Incentive Share Option Plan.
------------------------------- ------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1. Nil 1. 7,500,000
2. Nil 2. 1,250,000
3. Nil 3. 1,914,894
4. Nil 4. 1,000,000
5. Nil 5. 212,766
6. Nil 6. 4,000,000
7. Nil 7. 4,000,000
8. Nil 8. 4,000,000
9. Nil 9. 2,000,000
------------------------------- ------------------------------------------
d) Aggregated information n/a
------------------------------- ------------------------------------------
e) Date of transaction 3 August 2022
------------------------------- ------------------------------------------
f) Place of transaction Outside of a trading venue
------------------------------- ------------------------------------------
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END
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