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Quadrise Fuels Intnl - Directorate Change

RNS Number : 6985J
Quadrise Fuels International PLC
15 April 2020
 

15 April 2020

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

Quadrise Fuels International plc

("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")

 

Directorate Change

 

Quadrise announced in its interim results on 30 March 2020 that, in the context of current macroeconomic circumstances, it has been in the process of implementing cost saving measures. The cost saving measures being implemented will not impact on the Company's ability to continue to operate effectively and the Company remains confident that it can continue to progress key business development activities.  

 

As part of this process the Board has reviewed its own size and composition and, in support of the cost reduction programme, Bryan Sanderson has offered his resignation as a Non-Executive Director of the Company. The Board has accepted his resignation and he will therefore leave after serving his three-month notice period on 14 July 2020. The Company does not intend to appoint an additional Non-Executive Director until it has progressed to commercial revenues. 

Commenting on this development Mike Kirk, Chairman of QFI, said:

"We have enjoyed working with Bryan over the past year and thank him for his contribution.  The Board felt that it was important to demonstrate a real focus on cost reduction throughout the Group at this time and we thank Bryan for his role in assisting Quadrise with its cost reduction initiatives.

 

Our long-standing independent Non-Executive Directors, Laurie Mutch and Phil Snaith, have in-depth knowledge of the business and will continue to play a vital role in assisting in the ongoing development of the business." 

 

For further information, please refer to the Company's website at www.quadrisefuels.com, or contact [email protected] or phone:

 

Quadrise Fuels International Plc


Mike Kirk, Chairman

+44 (0)20 7031 7321

Jason Miles, Chief Executive Officer




Nominated Adviser


Cenkos Securities plc


Ben Jeynes

Katy Birkin

+44 (0)20 7397 8900



Joint Brokers


Peel Hunt LLP


Richard Crichton

+44 (0)20 7418 8900

David McKeown 




Shore Capital Stockbrokers Limited


Toby Gibbs

Fiona Conroy

+44 (0)20 7408 4090

 

Public & Investor Relations


FTI Consulting


Ben Brewerton

+44 (0)20 3727 1000

Ntobeko Chidavaenzi

[email protected]

 

Notes to Editors

 

QFI is the supplier of MSAR® emulsion technology and fuels, a low-cost alternative to heavy fuel oil (one of the world's largest fuel markets, comprising over 450 million tons per annum) in the global power generation, shipping, industrial and refining industries.

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Quadrise Fuels International PLC

Price: 2.17

Market: LSE
Market Cap: £22.46 m
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