TIDMQED
RNS Number : 2879I
Quadrise PLC
04 August 2023
4 August 2023
Quadrise plc
(the "Company" and together with its subsidiaries the "Group" or
"Quadrise")
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 53,555,555 options to subscribe for new ordinary
shares of 1p each in the Company (the "Options") to directors and
employees of the Company in accordance with the provisions of the
Company's Unapproved Share Option Plan 2016 ("2016 Plan") and/or
the Company's Enterprise Management Incentive Share Option Plan
("EMI Plan").
The 2016 Plan and EMI Plan are designed to enable the Company to
recruit, retain and reward key employees of the Group - in doing so
aligning their interests with those of the Company's shareholders
and enabling the Group to preserve cash resources ahead of the
commercialisation of the Company's technology.
Performance Options
Of the Options, a total of 13,500,000 performance share options
(the "Performance Options") have been awarded to executives and
employees 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, follows a prior share options
award on 1 August 2022 which lapsed unvested on the first
anniversary of their grant date due to their specific performance
conditions not having been met. 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 of the Performance Options are subject to the
satisfaction of specific performance conditions prior to the
vesting dates. The Performance Options will be exercisable from
vesting until the tenth anniversary of the date of grant.
Director/PDMR Number of Plan Exercise
Options price
Jason Miles 7,500,000 EMI Plan 2.5p
----------- --------- ---------
David Scott 1,340,000 EMI Plan 2.5p
----------- --------- ---------
Philip Hill 1,350,000 EMI Plan 2.5p
----------- --------- ---------
Total 10,190,000 - -
----------- --------- ---------
Additional Options
In addition, the Company has also granted a total of a further
4,500,000 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").
There are no performance conditions to the vesting of the
Additional Options, which 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. The Additional Options will be
exercisable from vesting until the eighth anniversary of the date
of grant.
Director Number of Plan Exercise
Options price
Andrew Morrison 2,000,000 2016 Plan 2.5p
---------- ---------- ---------
Laurie Mutch 1,000,000 2016 Plan 2.5p
---------- ---------- ---------
Philip Snaith 1,000,000 2016 Plan 2.5p
---------- ---------- ---------
Dilip Shah 500,000 2016 Plan 2.5p
---------- ---------- ---------
Total 4,500,000 - -
---------- ---------- ---------
Nominal Value Options
The Company also announces the issue a total of 35,555,555
nominal value options ("NVOs") to certain of the Company's PDMRs
and employees in lieu of an element of cash remuneration for the
financial year ended 30 June 2023 . The NVOs have been issued in
accordance with and under the EMI Plan. 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. The issue of NVOs include the following awards to
certain of the Company's PDMRs:
PDMR Number of Plan Exercise
NVOs price
Jason Miles 6,666,667 EMI Plan 1.0p
----------- --------- ---------
David Scott 6,111,111 EMI Plan 1.0p
----------- --------- ---------
Philip Hill 3,333,333 EMI Plan 1.0p
----------- --------- ---------
Total 16,111,111 - -
----------- --------- ---------
Total share options in issue
Following the grant of Options, the Company has a total of
89,319,366 options to subscribe for new ordinary shares in the
Company in issue, representing approximately 5.72% 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.
Andrew Morrison, Chairman of Quadrise commented:
"The issue of performance options at a 100% premium to the
recent open offer price is designed to provide an appropriate
incentive to achieve performance metrics and to deliver shareholder
value, whilst the issue of nominal value options further
strengthens alignment with shareholders whilst preserving the
Company's cash resources."
For further information, please refer to the Company's website
at www.quadrise.com or contact:
Quadrise Plc
Andrew Morrison, Chairman +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer
Nominated Adviser
Cenkos Securities plc
Ben Jeynes +44 (0)20 7397 8900
Katy Birkin
Joint Broker
Shore Capital Stockbrokers Limited
Toby Gibbs +44 (0)20 7408 4090
Fiona Conroy
VSA Capital Limited
Andrew Raca (Corporate Finance)
Andrew Monk (Corporate broking) +44 (0)20 3005 5000
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. Jason Miles
3. David Scott
4. David Scott
5.. Philip Hill
6. Philip Hill
7. Andrew Morrison
8. Laurie Mutch
9. Philip Snaith
10. Dilip Shah
------------------------------- ----------------------------------------------------------
2 Reason for notification
------------------------------- ----------------------------------------------------------
a) Position/Status 1. Chief Executive Officer
2. Chief Executive Officer
3 Chief Financial Officer
4. Chief Financial Officer
5. Chief Operating Officer
6. Chief Operating Officer
7. Non-Executive Chairman
8. Non-Executive Director
9. Non-Executive Director
10. Non-Executive Director
------------------------------- ----------------------------------------------------------
Initial notification/amendment Initial notifications
------------------------------- ----------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------------
a) Name Quadrise 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. 6,666,667
3. Nil 3. 1,340,000
4. Nil 4. 6,111,111
5. Nil 5. 1,350,000
6. Nil 6. 3,333,333
7. Nil 7. 2,000,000
8. Nil 8. 1,000,000
9. Nil 9. 1,000,000
10. Nil 10. 500,000
------------------------------- ----------------------------------------------------------
d) Aggregated information n/a
------------------------------- ----------------------------------------------------------
e) Date of transaction [3] August 2023
------------------------------- ----------------------------------------------------------
f) Place of transaction Outside of a trading venue
------------------------------- ----------------------------------------------------------
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END
DSHPJMLTMTIMBRJ
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