Quadrise Fuels International PLC Holding(s) in Company (7212Y)
December 03 2014 - 5:45AM
UK Regulatory
TIDMQFI
RNS Number : 7212Y
Quadrise Fuels International PLC
03 December 2014
3 December 2014
Quadrise Fuels International Plc
("QFI", "Quadrise" or the "Company")
Holding(s) in Company
Quadrise, the emerging supplier of MSAR, a low cost alternative
to heavy fuel oil in the shipping, refining and power generation
markets, announces that it was informed today by International
Energy Group AG ("IEGAG") that IEGAG has today disposed of
167,101,917 of its existing ordinary shares in QFI to its own
shareholders (the "Disposal").
This development is in line with the intentions announced by QFI
on 11 September 2014 and is part of a phased process intended to
lead to the dissolution of IEGAG by year end 2016. The Disposal was
completed in a number of transactions, each at the closing
mid-market price per QFI share on 2 December 2014.
The resultant changes to IEGAG's shareholding in the Company as
at 3 December 2014 are as follows:
QFI shares before disposal: 210,045,430, being 25.97% of QFI's issued ordinary shares.
QFI shares after disposal: 42,943,513, being 5.31% of QFI's issued ordinary shares.
IEGAG has informed QFI that all parties acquiring shares have
committed to enter into orderly market agreements restricting their
ability to dispose of QFI shares for 24 months. See below for
further details of the orderly market agreements.
Commenting on this development, Ian Williams, Executive Chairman
of Quadrise said:
"We are pleased to welcome new shareholders to the register.
Quadrise appreciates the efforts made by IEGAG to effect this
disposal to IEGAG shareholders promptly, thereby removing
uncertainty as to its intentions.
The QFI board views this as a positive development, increasing
the free float and adding a number of knowledgeable, long term,
historically supportive shareholders to the QFI share
register."
IEGAG transaction terms:
Quadrise has been informed that the terms of the Disposal
include the following contractually binding conditions:
1. None of the QFI shares transferred may be sold before 10
December 2014 to ensure compliance with the three month hold period
agreed with Peel Hunt LLP following the secondary placing announced
on 9 September 2014 in which IEGAG sold 25,714,285 QFI shares to
institutional and other investors.
2. All parties acquiring QFI shares in connection with the
Disposal have committed to enter into orderly market agreements
with Peel Hunt LLP for the period ending 2 December 2016.
3. Should parties acquiring QFI shares from the Disposal elect
to sell such acquired shares during the period to December 2016,
their right to do so is limited. The following restrictions
apply:
(i) 1(st) 6 months to 2 June 2015 15% of shares acquired
(ii) 2(nd) 6 months to 2 December 2015 20% of shares acquired
(iii) 3(rd) 6 months to 2 June 2016 30% of shares acquired
(iv) 4(th) 6 months to 2 December 2016 35% of shares acquired
(The release is cumulative in successive periods and any unused
allowance
may be added to the new allowance when entering the next
period)
The Company has been informed that of the 24 shareholders on the
IEGAG share register, 23 elected to acquire QFI shares on the terms
offered by IEGAG.
Transfer of ownership has taken place today, 3 December
2014.
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
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
Matthew Armitt
Ross Allister
Alistair Rae
Public & Investor Relations
Pelham Bell Pottinger
Philip Dennis +44 (0)20 7861 3232
Rollo Crichton-Stuart
This information is provided by RNS
The company news service from the London Stock Exchange
END
HOLUOORRSKAURAA
Quadrise (LSE:QED)
Historical Stock Chart
From Mar 2024 to Apr 2024
Quadrise (LSE:QED)
Historical Stock Chart
From Apr 2023 to Apr 2024