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
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| 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
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| 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:
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| Quadrise Fuels International Plc | +44 (0)20 7031 7321 |
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| Andy Morrison, Chairman Jason Miles, Chief Executive Officer | |
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| Nominated Adviser | |
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| Cenkos Securities plc | +44 (0)20 7397 8900 |
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| Ben Jeynes | |
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| Katy Birkin | |
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| Broker Shore Capital Stockbrokers Limited |
+44 (0)20 7408 4090 |
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| Toby Gibbs | |
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| Fiona Conroy | |
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| Public & Investor Relations |
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| Vigo Consulting Patrick D'Ancona Charlie Neish | +44 (0)20 7390 0230 |
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| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||||||||||
| a) | Name | Jason Miles
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| 2 | Reason for notification |
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| a) | Position/Status | Chief Executive Officer | |||||||||
| | Initial notification/amendment | Initial notification
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| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||
| a) | Name | Quadrise Fuels International plc
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| b) | LEI | 213800HN2ETG5476U328
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| 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
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| a) | Description of the financial instrument, type of instrument and identification code | Ordinary shares of 1 pence each
ISIN: GB00BM9CLS53
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| 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
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| c) | Price(s) and volume(s) |
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| d) | Aggregated information | n/a
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| e) | Date of transaction | 1. 26 January 2023 2. 27 January 2023
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| f) | Place of transaction | Outside of a trading venue
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| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a) | Name | David Scott
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| 2 | Reason for notification |
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| a) | Position/Status | Head of Finance
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| | Initial notification/amendment | Initial notification
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| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a) | Name | Quadrise Fuels International plc
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| b) | LEI | 213800HN2ETG5476U328
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| 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
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| a) | Description of the financial instrument, type of instrument and identification code | Ordinary shares of 1 pence each
ISIN: GB00BM9CLS53
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| 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
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| c) | Price(s) and volume(s) |
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| d) | Aggregated information | n/a
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| e) | Date of transaction | 1. 26 January 2023 2. 27 January 2023
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| f) | Place of transaction | Outside of a trading venue
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| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||
| a) | Name | Philip Hill
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| 2 | Reason for notification |
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| a) | Position/Status | Chief Operating Officer
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| | Initial notification/amendment | Initial notification
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| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
| a) | Name | Quadrise Fuels International plc
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| b) | LEI | 213800HN2ETG5476U328
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| 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
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| a) | Description of the financial instrument, type of instrument and identification code | Ordinary shares of 1 pence each
ISIN: GB00BM9CLS53
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| 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
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| c) | Price(s) and volume(s) |
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| d) | Aggregated information | n/a
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| e) | Date of transaction | 1. 26 January 2023 2. 27 January 2023
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| f) | Place of transaction | Outside of a trading venue
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