REG - Quadrise PLC - Issue of Share Options and Director/PDMR Dealing

QuadriseAnnouncement

04/08/2023 07:00

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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(®) and bioMSAR™ 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 Options  Plan      Exercise 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 Options  Plan       Exercise 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 NVOs  Plan        Exercise 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 (http://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                  +44 (0)20 3005 5000

 Andrew Raca (Corporate Finance)

 Andrew Monk (Corporate broking)

 

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 financial instrument, type of instrument and identification  Ordinary shares of 1 pence each
     code

                                                                                     ISIN: GB00B11DDB67

 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

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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