Quadrise Fuels International PLC Directorate Change (7112N)
February 02 2016 - 2:00AM
UK Regulatory
TIDMQFI
RNS Number : 7112N
Quadrise Fuels International PLC
02 February 2016
2 February 2016
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Directorate Change: Retirement of Chairman
and Appointment of Successor
Quadrise Fuels International plc (AIM: QFI) is the emerging
manufacturer and supplier of MSAR emulsion fuels, a low cost
alternative to heavy fuel oil (one of the world's largest fuel
markets consuming over 450 million tons per annum) in the global
shipping, refining and steam and power generation markets.
Quadrise announces that its Executive Chairman Ian Williams will
be retiring from the Company on 31 March 2016 after 10 years of
service. Mr Williams will also resign from the board of directors
of the Company (the "Board") and will be relocating during April
2016 to join his family in Australia.
Mr Mike Kirk, who joined the Quadrise board as a non-executive
director on 1 December 2015, has been appointed by the Board to
succeed Ian Williams in the position of Executive Chairman with
effect from 1 April 2016.
The appointment of Mr Kirk to the Board was the result of a wide
ranging executive search which took into account the particular
nature of the Company. The Board is delighted to have the benefit
of Mike Kirk's qualifications, experience and proven capabilities
as the Company's new Executive Chairman as Quadrise progresses
towards commercial operations. The Company intends to enter a
consultancy contract with Mr Williams to provide ongoing strategic
advice to the Company for a period of 3 months from 1 April 2016 to
aid the transition.
Ian Williams, Executive Chairman of Quadrise said:
"The past 10 years with Quadrise have been consistently
challenging and stimulating. I believe that two conditions needed
to be met before I could stand down as Chairman: substantial
traction in our lead projects; and an enthusiastic and capable
successor who complements the talents on the board.
I'm pleased to say that over the past year we have made
substantial progress in our lead programmes and Quadrise is poised
to enter a new phase in its development. Mike is well equipped to
lead the Company through this next stage of its evolution, with the
assured support of a very experienced and capable Board. The
Board's deep knowledge in oil and energy will be complemented by
Mike's technical and financial background and his executive
management experience across a number of business sectors. I trust
that this will ultimately bring maximum value to all
shareholders."
Mike Kirk said:
"I am delighted to have been appointed Executive Chairman, to
lead the business into the commercial development phase. The focus
will be on extending the marketing of QFI's proprietary MSAR
technology with our industry partners, and accessing the very large
global market opportunities in power generation, marine and
refining. The strong technology and servicing platform and partner
relationships built by Ian and the team ensures the Company is very
well positioned to deliver on its potential"
Senior Independent Director, Laurie Mutch said:
"Ian's total commitment and valuable contribution to the
Company, both as a founder and as Chairman since inception, have
been exceptional and deeply appreciated by the Board. We very much
look forward to working closely with Mike in the Company's exciting
next phase, and we all wish Ian a wonderful and well deserved
retirement with his family in Australia."
Quadrise Fuels International Plc
Ian Williams, Executive Chairman +44 (0)20 7031 7321
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance Limited
Dr Azhic Basirov +44 (0)20 7131 4000
Ben Jeynes
Broker
Peel Hunt LLP
Richard Crichton +44 (0)20 7418 8900
Ross Allister
Alastair Rae
Public & Investor Relations
Bell Pottinger
Rollo Crichton-Stuart +44 (0)20 3772 2569
This information is provided by RNS
The company news service from the London Stock Exchange
END
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