Quadrise Fuels International PLC Further re Directorate Change (7853T)
April 01 2016 - 1:01AM
UK Regulatory
TIDMQFI
RNS Number : 7853T
Quadrise Fuels International PLC
01 April 2016
1 April 2016
Quadrise Fuels International plc
("Quadrise", "QFI" or the "Company")
Further re Directorate Change
Quadrise Fuels International plc (AIM: QFI) is the emerging
manufacturer and supplier of MSAR emulsion fuels, a low cost
alternative to heavy fuel oil (one of the world's largest fuel
markets, consuming over 450 million tons per annum) in the global
shipping, refining and steam and power generation markets.
As announced by the Company on 2 February 2016, Ian Williams,
the Company's former Executive Chairman, retired from the Company
and resigned from its board of directors (the "Board") on 31 March
2016. Mike Kirk, who joined the Quadrise board as a non-executive
director on 1 December 2015, was appointed by the Board to succeed
Ian Williams in the position of Executive Chairman with effect from
1 April 2016.
The Company is pleased to announce that it has now entered into
a consultancy agreement with Mr. Williams (the "Consultancy
Agreement") under which Mr. Williams will be available to provide
ad hoc general and strategic advice to the Executive Chairman and
other members of the Board during a 3 month period from 1 April
2016 (the "Period") to aid the effective transition of the
Executive Chairman role over the short term.
Under the Consultancy Agreement, which will expire on 30 June
2016 unless extended in writing by both parties, Mr. Williams will
receive a retainer fee of A$10,000 as compensation for an initial
four days of service to QFI during the Period. A maximum of a
further five days will be compensated at A$3,500 per day (or pro
rata based on an 8 hour day).
Commenting on the arrangements, Mike Kirk, Quadrise's Executive
Chairman, said:
"Whilst Ian's retirement and my appointment as Executive
Chairman has been a carefully managed process, I am grateful to Ian
for agreeing to remain on hand up to the end of June 2016. This is
a flexible arrangement for both parties and allows the Board to
call on Ian's wealth of experience should the need arise."
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
+44 (0)20 7031
Mike Kirk, Executive Chairman 7321
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance
Limited
+44 (0)20 7131
Dr Azhic Basirov 4000
Ben Jeynes
Broker
Peel Hunt LLP
+44 (0)20 7418
Richard Crichton 8900
Ross Allister
Chris Burrows
Public & Investor Relations
Bell Pottinger
+44 (0)20 3772
Rollo Crichton-Stuart 2569
Greg Wood
This information is provided by RNS
The company news service from the London Stock Exchange
END
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