Holding(s) in Company

RNS Number : 3677R

Quadrise Fuels International PLC

11 September 2014

 



11 September 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 yesterday informed by International Energy Group AG ("IEGAG") that IEGAG had sold, on that same day, 25,714,285 of their existing shares in the Company (the "Sale").

The resultant changes to the IEGAG shareholding in the Company as at 10 September 2014 are as follows:

QFI shares prior to the Sale:	235,759,715	being 29.21% of QFI's issued ordinary shares
QFI shares after the Sale:	210,045,430	being 26.02% of QFI's issued ordinary shares

The Company is advised that the Sale is the initial step in the winding up of IEGAG, which will result in IEGAG's holding in QFI being distributed to the underlying shareholders of IEGAG.

IEGAG has entered into a lock in and orderly marketing agreement with Peel Hunt LLP. Under the terms of this agreement, IEGAG, and IEGAG's underlying shareholders, will not be able to sell any of their remaining shares, subject to limited exemptions, for a period of 3 months from the date of the Sale, and are subject to orderly marketing provisions for a further 6 months.

IEGAG has further informed the Company that as a condition of any distribution of its remaining shareholding in QFI to its shareholders, IEGAG will ensure that the underlying IEGAG shareholders enter into additional orderly market arrangements with Peel Hunt LLP restricting further sales in QFI shares held by IEGAG shareholders over a period of 18 months from the date of the distribution.

Peel Hunt LLP acted as Sole Bookrunner to the Sale.

Commenting on these developments, Ian Williams, executive chairman of Quadrise said:

"We are pleased to welcome new institutions to our register. This Sale complements our strategy of increasing institutional representation on our register and we are also pleased to learn that IEGAG has committed to progress its winding up in such an efficient, non-disruptive manner."

For further information on the Company, please refer to www.quadrisefuels.com or contact:

Quadrise Fuels International Plc	[phone]
Ian Williams, Executive Chairman
Hemant Thanawala, Finance Director
Nominated Adviser
Smith & Williamson Corporate Finance Limited	[phone]
Dr Azhic Basirov
Ben Jeynes
Broker
Peel Hunt LLP	[phone]
Richard Crichton
Matthew Armitt
Ross Allister
Public & Investor Relations
Pelham Bell Pottinger	[phone]
Philip Dennis
Rollo Crichton-Stuart

 

END

 

 

HOLUROBRSSAKAAR