TIDMQFI
RNS Number : 9542H
Quadrise Fuels International PLC
30 March 2020
30 March 2020
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Interim Results for the 6-month period ended 31 December
2019
Quadrise Fuels International plc (AIM: QFI) announces its
unaudited interim results for the 6 months ended 31 December 2019
and an update on developments during the first quarter of 2020.
Financial Summary
-- GBP3.8 million in cash reserves at 31 December 2019 (31
December 2018: GBP1.0 million) which allows the Company, based on
budgeted expenditure, to pursue its business development and
related project activities until the end of 2020. With additional
cost saving measures being implemented, and the expected savings
arising from Covid-19 travel restrictions we are very confident
that we will be able to extend our period of operation to the end
of Q1 2021.
-- Loss after tax of GBP3.1million (2018: GBP1.70 million). This
included production and development costs of GBP0.7m (2018:
GBP0.9m), administration expenses of GBP1.1m (2018: GBP0.7m) and a
warrant charge of GBP0.9m (2018: GBPnil).
-- Total assets of GBP7.8 million at 31 December 2019 (2018: GBP5.1 million).
Business Summary
Industrial Applications
Trial Agreement in Morocco
-- Following the appointment of Younes Maamar as our agent in
Morocco in Q1 2019, the Group entered into an agreement with an
international chemicals and mining group headquartered in Morocco
on 29 November 2019, to undertake a pilot trial and provide paid
engineering studies for larger commercial scale trials at one of
the client's facilities in Morocco.
-- All the UK based preparation work and testing for the trial
has been completed and the equipment and MSAR(R) fuel required for
the trial are in Morocco.
-- In response to the Covid-19 situation, site access
restrictions have been implemented by the client which have caused
the trial programme to be delayed, but as soon as prevailing
restrictions are lifted and QFI can gain safe access to the site
the trial will proceed.
-- Contingency plans have been developed to minimise the impact
of this delay on the overall programme. The engineering studies for
the next phases have now commenced, earlier than planned, though
payment for the studies is contingent on the successful completion
of the pilot trial. We are highly confident of our ability to
successfully conclude the pilot trial and so bringing forward this
work will reduce the time required to progress to the planned
commercial scale trials at the client's facility. Depending on the
time required to gain access to the site, this approach should
materially reduce the impact of any delay outside of our
control.
Power Applications, Refinery Refuelling & Co-Development
Opportunities
Kingdom of Saudi Arabia (Al Khafrah Holdings Group ("AKHG") and
Aleph Commodities)
-- A meeting was held in Riyadh in early March 2020 with
representatives from key stakeholders on the power project,
initiated by the Chairmen of AKHG and a major KSA utility
respectively. There was a positive and supportive dialogue at the
meeting, where MSAR(R) project economics and environmental benefits
were shared. Follow-up meetings are planned in KSA, once travel is
permitted and the Company continues to liaise with stakeholders
remotely.
South America (Freepoint Commodities)
-- In January 2020 QFI and Freepoint jointly met with the senior
management of a national oil company in South America, where there
are MSAR(R) opportunities for refinery refuelling, domestic power
generation and export that would significantly improve energy
economics and balance of trade for the country.
-- As previously announced, a QFI team visited the oil-company's
refinery and a neighbouring powerplant in early March 2020 with
Freepoint. Detailed information is being shared by the refinery,
which will enable QFI to promptly complete the relevant
techno-economic studies for the MSAR(R) proposal. This is expected
to be followed by testing and emulsification of refinery residue
samples at the Quadrise Research Facility ("QRF"), with planning to
facilitate MSAR(R) trials at the refinery and powerplant
respectively.
Mexico (Redliner & Freepoint Commodities)
-- Quadrise continues to engage with key stakeholders and
decision makers in the energy sector to initiate MSAR(R) technology
testing and deployment in Mexico. MSAR(R) opportunities include
refinery refuelling, domestic power generation and MSAR(R) exports
that can all reduce distillate fuel imports.
-- An agreement is being finalised to enable detailed
information to be shared electronically by the national oil
company, which will allow QFI to promptly complete the relevant
techno-economic studies for MSAR(R) on candidate refineries
currently producing fuel oil.
European Refiner
-- The client is now comparing the economics of MSAR(R)
production and consumption with another option for the refinery to
produce IMO 2020 compliant fuel (which requires complex refinery
testing during Q2 and Q3 2020). Based on the original schedule, the
client is expected to make a decision at the end of Q3 2020, and if
MSAR(R) is selected, the Company would expect to finalise the site
trial agreement, including schedule, for refinery refuelling during
Q4 2020. This timing may be subject to changes by the client driven
by Covid-19 restrictions.
Nouryon
-- We have held positive discussions regarding business
collaboration opportunities between Quadrise, Nouryon and related
companies within the Carlyle Group in the energy sector on
potential opportunities to progress MSAR(R) projects.
Marine Applications
-- The implementation of IMO 2020 compliance was the main focus
for shipping companies and operators as Q1 2020 commenced, with
Covid-19 response and mitigation becoming increasingly important as
the quarter progressed.
-- Positive meetings have been held with senior management of
two major shipping companies, each with large fleets and leading
positions in scrubber implementation in their respective segments
of the shipping industry. Discussions are progressing, with the
intention of investigating potential MSAR(R) Letter Of No Objection
("LONO") testing and commercial deployment, on success, to reduce
fuel costs further whilst improving environmental performance.
-- Quadrise is investigating the merits of establishing, or
linking with, a physical bunker fuel supplier, to provide a supply
network for high sulphur fuels in parallel with MSAR(R) for the
LONO testing opportunities being advanced.
Upstream
-- An MoU has been signed with Valkor Technologies, to
investigate the potential deployment of MSAR(R) technology in Utah,
USA.
Covid-19 Contingency Planning and Cost Saving Measures
In early March the Company implemented a contingency plan to
protect our employees and business as a pre-emptive, pragmatic and
measured approach to prevailing global events, that ensures
business continuity in our London office and at QRF.
London based staff will work remotely with little, if any,
impact on their normal activities. Business development activities
for the Company continue remotely, utilising web conferencing
facilities, and supported by the Group's in-country agents and
representatives, whilst Covid-19 related travel restrictions
prevail.
QRF (based in Essex) remains fully operational, albeit with
social-distancing measures in place and highly restricted
acceptance of third-party visitors.
We have given notice to break our London office lease, in line
with its terms, on 28(th) September 2020. This will ensure that we
are able to have facilities that are more flexible, significantly
less expensive, and better suited to our current requirements.
This, alongside other measures that we are currently reviewing, and
the expected reduction in our travel costs in the short--term, will
collectively provide a material benefit to the cashflow of the
business.
Outlook - Current trading and prospects
-- We built significant momentum during 2019 and this continued
into Q1 2020, though within the past few weeks we have started to
see the impact of the rapidly developing global response to the
Covid-19 situation. Currently, the only definitive impact has been
the delay to the planned pilot trial at the client's site in
Morocco - and we have already brought forward the latter phases of
work to mitigate this.
-- We are continuing to progress other projects using our local
agents and through phone/web conferencing and are still seeing
active engagement from our clients, which is encouraging.
-- Our business development pipeline provides the platform
needed to deliver our strategy of translating opportunities during
2020 into projects where commercial revenues can be expected to
follow successful trial outcomes and we are focused on delivering
this at the earliest possible opportunity.
Mike Kirk, Chairman of QFI, said:
"Quadrise continued to progress a range of business development
and project opportunities in the period, underlining the advantages
of our strategy of pursuing a diversified range of projects. We are
particularly excited by the progress made in Morocco where we have
an agreement to undertake a pilot trial which could lead to
paid-for engineering studies, with commercial revenues expected to
follow the successful conclusion of these trials. We have already
taken action to mitigate the impact of the Covid-19 restrictions
imposed by the client and we and the client look forward to
commencing the on-site activities as soon as it is safe for us to
do so.
Our other business development activities will continue to be
progressed through our local partners and through web-conferencing
facilities, as appropriate, until travel restrictions are lifted.
This will enable us to make continued progress in these challenging
times.
We have also responded promptly to reduce our costs in the light
of the potential impact of the Covid-19 pandemic on the business,
including giving notice to break the lease at our current London
offices to seek much more flexible and cost-effective options that
meet our business needs. These continuing actions will enable the
business to further extend its activities, through to the end of Q1
2021.
As we did in early 2019, we have instituted the Funding
Committee and will be reviewing the Company's financing needs
throughout the year, so that we will remain in a position to
translate the prospects being progressed during 2020 into projects
where commercial revenues can be expected to follow successful
trial outcomes."
Investor Conference Call
The management team will be hosting an investor conference call
at 10.00am (UK) on Tuesday 30(th) March 2020, where it will provide
investors with an opportunity to ask questions on recent
developments, including the latest results.
Any investors wishing to listen or participate in the call are
encouraged to register through the link provided below. You will
then be provided with a calendar invite and unique pin to join the
call:
https://secure.emincote.com/client/quadrise/quadrise007/vip_connect
For further information, please refer to the Company's website
at www.quadrisefuels.com , or contact ir@quadrisefuels.com 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 Quadrise@fticonsulting.com
Notes to Editors
QFI is the supplier of MSAR(R) 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 announcement is inside information for the purposes of
article 7 of Regulation 596/2014.
Chairman's Statement
Introduction
The first half of the financial year saw Quadrise continue to
progress, to good effect, its range of business development and
project opportunities across a variety of MSAR(R) applications. Our
strategy of pursuing a diversified range of projects provides
Quadrise with access to a rich body of experience through its
various partners at negligible cash cost, and the scope to fully
leverage its in-house business development capabilities. The
Company remains focused on translating the prospects being
progressed during 2020 into projects where commercial revenues can
be expected to follow successful trial outcomes.
We are particularly pleased with the progress made in Morocco
where we have an agreement to undertake a pilot trial at an
industrial facility, which, if successful, will lead to paid-for
engineering study work to scope and plan for trials on commercial
units at the facility, with commercial revenues expected to follow
the successful conclusion of these trials. Given delays to the
commencement of the pilot trial due to Covid-19 restrictions
imposed by the client, work on engineering studies for the
subsequent phases has now commenced ahead of time to mitigate the
impact on the overall project timeline.
We were delighted to announce a comprehensive funding programme
in Q3 2019, which commenced with the announcement of up to
GBP4million (gross) from Bergen Global Opportunities Fund
("Bergen"). The first GBP2 million tranche was drawn down in
September 2019. Alongside this we announced a planned open offer of
up to GBP1.5 million in August which was subsequently increased by
20% to GBP1.8 million when it was formally announced in early
September that the open offer was fully underwritten by Peel Hunt
and was accompanied by a subscription of a further GBP0.7 million
to raise additional funds of GBP2.5 million (gross). In total this
provided funding for the business through to the end of calendar
2020, without considering the potential additional drawdown of GBP2
million from Bergen which could potentially be available from
October 2020 subject to an increase in share price which would
follow project progress.
During the period under review, the positive shifts in the
liquid fuel markets continued, with the combination of a positive
macro environment and improved MSAR(R) economics, driven by the
widening spread between Heavy Fuel Oil ("HFO") and Gas Oil. In
addition, we saw the continued progression of high-sulphur fuels in
combination with scrubbers as the de-facto lowest cost solution to
meet the International Maritime Organization ("IMO") 2020 sulphur
regulations - resulting in an increased uptake across all major
shipping sectors. Overall, this provides a positive backdrop for
Quadrise to work with refiners and fuel consumers in the power,
marine and industrial markets to progress MSAR(R) projects.
However, the Company's ability to progress these projects is
expected to be impacted by the recent global events relating to the
dispute between KSA and Russia which has had a significant adverse
impact on oil and product prices, and the Covid-19 pandemic which
are discussed further below.
Research, Development and Innovation ("RDI") activities remain
central to our technology-led offering and QRF remains our hub for
these activities. Work during the period and into the first quarter
of 2020 focused on the design, fabrication and commissioning of a
new lab mill that is suitable for development and testing work on
heavier residues that require higher working temperatures and
pressures for MSAR(R) manufacture. Latterly, the focus was on the
work to support the pilot trial in Morocco including MSAR(R) fuel
manufacturing and burner tip testing.
We continue to have a close working relationship with Nouryon
and were pleased to enter into a new three-year Exclusive Purchase
and Supply Agreement with them in October 2019. QFI holds regular
quarterly meetings with them and have recently started discussions
between QFI, Nouryon and another Carlyle entity in the downstream
sector about MSAR(R) opportunities.
Developments During the Period and Q1 2020
Progress has been made in several areas that have enabled
Quadrise to increase the breadth and depth of its business
development programme, addressing the vast majority of the
potential MSAR(R) market opportunity. Developments by MSAR(R)
market segment are summarised below:
Industrial Applications
Morocco - Two site visits to Morocco took place, in December
2019 and January 2020 respectively, concluding with the completion
of a Hazard and Operability (HAZOP) study of the pilot kiln and the
associated QFI equipment that will be used to undertake the trial.
This enabled the design for the pumping and heating unit to be
finalised, and then be fabricated and commissioned at QRF. This
unit was then used to test burner tips at QRF that will be utilised
in the trial, including specialist tips designed specifically for
MSAR(R) by our in-house combustion experts. The final stage of the
preparations in the UK was the production of over 1 tonne of
MSAR(R) fuel
at QRF for shipment.
All equipment and fuel required for the trial have now been
shipped to Morocco and this will enable the trial to commence as
soon as QFI can safely access the site. At this stage, we do not
have an updated schedule, however, we are confident that once we
can access the site safely, we will be able to progress the trial
rapidly. The original plan was to move into the second phase of
paid feasibility studies for larger trials (that are a precursor to
commercial roll-out in the partners' facilities) following
successful completion of the pilot trial. We have now reached
agreement with the client to commence this work now, to utilise the
delay in the pilot trial to best effect, with the payment for this
work still being conditional on the successful conclusion of the
pilot trial.
Power Applications, Refinery Refuelling, & Co-Development
Opportunities
-- Kingdom of Saudi Arabia - Following discussions between the
Chairman of AKHG and the Chairman of a major power utility in KSA,
QFI attended a meeting in Riyadh in March with representatives from
these key stakeholders, together with a major boiler OEM to discuss
resuming the planned 400MWe boiler trial using in-Kingdom MSAR(R)
manufacture. The presentation was received positively by the
attendees, with follow-up meetings to be held in the power
utility's Western Province division. In parallel, AKHG is
progressing contacts at the highest levels with other major
stakeholders to promote MSAR(R) .
-- South America (Freepoint Commodities) - QFI and Freepoint
jointly met with senior management of a national oil company in
South America in very early January 2020 where there is an exciting
MSAR(R) opportunity for refinery refuelling, leading to domestic
power generation and export opportunities that would reduce energy
costs and emissions for the country. Follow-up meetings at the
relevant refinery were attended, in person, by three members of the
Quadrise team, including Jason Miles (CEO) and Mark Whittle (COO)
in early-March, and actions are progressing from this meeting to
ensure that we have the all the refinery data needed to complete
the required techno-economic studies during March/April. We will
then present a roadmap for trial MSAR(R) testing at the refinery
and a neighbouring powerplant as a precursor to commercial
production and supply.
-- Mexico (Redliner & Freepoint Commodities) - MSAR(R)
opportunities include refinery refuelling, domestic power
generation and fuel exports that reduce distillate fuel imports. At
this stage we are working principally through Redliner in Mexico,
who have been progressing opportunities with the national oil
company. We have been encouraged by Redliner's ability to provide
access at the most senior levels in the country. Agreements are
being finalised to enable detailed information to be shared
electronically by the national oil company, which will enable QFI
to promptly complete the relevant techno-economic studies for
MSAR(R) on candidate refineries currently producing fuel oil. We
are also progressing discussions with a major independent power
project developer, who is supportive of MSAR(R) deployment to
provide economic and environmental advantages to new build power
projects in the region.
-- European Refiner - As noted previously, the client is now
comparing the economics of MSAR(R) with another refinery solution
(which requires complex refinery testing during Q2 and Q3 2020) to
enable IMO 2020 compliant fuel supply. As a result, we are
currently anticipating that the client will decide at the end of Q3
2020, though this timing may be subject to change if the testing is
delayed for operational or other reasons. If MSAR(R) is selected,
the Company would expect to finalise the site trial agreement
during Q4, unless there is a delay, including the schedule for the
refinery refuelling in the quarter following a positive decision
being made.
-- Nouryon - We have held positive initial discussions with
Nouryon regarding business collaboration opportunities between
Quadrise, Nouryon and related companies within the Carlyle Group.
These discussions will be progressed during the remainder of 2020.
Our regular updates with Nouryon are continuing, using
web-conferencing when face-to-face meetings are not
practicable.
-- Kuwait - We are still following-up on the meeting held in
late 2019, to obtain up-to date data for the new refinery, both
directly and through our local agent, Hawazin to finalise the
client data and assumptions for the techno-economic study. Assuming
the project economics are positive, Quadrise will submit the
feasibility study with an implementation plan to present to the
client team in Kuwait.
Marine Applications
-- The implementation of IMO 2020 compliance was the main focus
for shipping companies and operators during the period and through
Q1 2020. The Company has had positive meetings with senior
management of two major shipping companies, each with large fleets
and leading positions in scrubber implementation in their segments
of the shipping industry. Following these positive initial
meetings, further discussions were held with their technical teams
to progress plans. The intention is to progress these opportunities
during H1 2020 to investigate potential MSAR(R) Letter Of No
Objection ("LONO") testing and commercial deployment, and on
success, to reduce fuel costs further whilst improving
environmental performance.
-- We are also investigating the merits of establishing, or
linking with, a physical bunker fuel supplier, to provide a supply
network for high sulphur fuels in parallel with MSAR(R) for the
LONO testing opportunities being pursued. These discussions have
continued and are making steady progress. If we do launch this, it
will be alongside trusted counterparties who can manage the
commodity price risk; provide and manage the working capital
requirements; and manage the logistics of a physical bunkering
operation.
Upstream Applications
-- Quadrise and Merlin Energy Resources have jointly met with an
upstream developer with MSAR(R) potential in Africa, and in
parallel, opportunities in South America are being jointly screened
during H1 2020, though there is nothing further to report at this
stage.
-- During Q1 2020 an MOU was signed with Valkor Technologies, to
investigate the potential deployment of MSAR(R) technology in Utah,
USA.
-- Quadrise is also in discussions directly with stakeholders
and government officials regarding an upstream heavy oil project in
Africa, with potential use of MSAR(R) to improve production
economics and for domestic power generation.
Other
There are no material updates to report during the period, or
through Q1, on opportunities with the European Oil Major, Bitumina,
JGC, API Poly-GCL or Maersk Line (both in relation to the Royalty
Agreement and the use of MSAR(R) in their fleet).
Response to Covid-19 Situation and Cost Reduction
Initiatives
We have put in place a pragmatic and measured approach to
protect our staff, their families and the business.
Our London office initially remained open, though staff were
generally working from home and have the necessary facilities and
systems to do so. Since the announcement by the Prime Minister on
the evening of 23(rd) March 2020 our London Office has closed and
will remain closed until current restrictions are lifted.
QRF has remained operational, though with very restricted access
to any third-party visitors, including London-based QFI staff. As
the facility is located in a relatively remote area, with a small
staff that does not use public transport, we believe that we can
continue to keep QRF operational - including the requirements to
abide by social distancing guidelines within the workplace; though
we will, of course, ensure that we take whatever measures are
necessary to protect our staff as the situation develops.
At this stage, we are confident that we can continue to operate
our London-based staff remotely with minimal impact on our
activities. As face to face client meetings are not possible
currently due to Covid-19 social-distancing measures and wider
travel restrictions, these are being replaced with
web-conferencing. In addition, our various local agents/partners,
will continue to provide on-the ground support in the various
regions/countries in which they operate. At this stage, we believe
that these actions will enable us to continue to progress our key
business development activities and projects during the remainder
of 2020
We continue to operate with a lean team at Quadrise. Jason
Miles, CEO, supported by Mark Whittle, COO, spearhead our business
development and project delivery activities. I lead on PR and IR
activities, supported by David Scott, Head of Finance, and QRF is
managed by our Head of Operations Bernard Johnston. With
restrictions on travel in place for an indeterminate time, we will
be significantly reducing our expected business development travel
costs and will seek to minimise the potential adverse impact of
these restrictions on work programmes where possible. The bringing
forward of a significant proportion of the next phase of work on
the activities in Morocco is a good example of how we can reduce
the impact of delays at little, if any, marginal cost to the
business.
Given the unprecedented developments relating to Covid-19 over a
matter of days, we have taken the opportunity to have a close look
at our cost-base, notwithstanding the tight control that we have
always maintained to ensure that we remain in the best possible
position to progress our business development and project
opportunities through the remainder of 2020. At this stage, the
most significant of these measures, is the decision to break the
lease at our current London Office. The notice to break the lease
was served on Thursday 26(th) March 2020 and will be effective from
28(th) September 2020. The coincidence of the break being available
at this time, together with our experience of remote working, has
provided us with the opportunity to fundamentally review our office
requirements and we will look for solutions that deliver much lower
cost, more flexible and appropriately sized facilities from
September 2020. This is expected to reduce our annual costs
relating to a London office very significantly. In addition, we are
looking at all other costs in the business and will be doing
further work on this in the coming weeks. Where appropriate, we
will be accessing the support being provided by the Government,
though for clarity this will not include the Government-backed
loans scheme, as we are not eligible to participate.
Financial Position
The Group held cash and cash equivalents of approximately GBP3.8
million as at 31 December 2019.
The Group recorded a loss of GBP3.1m for the six months to 31
December 2019 (2018: GBP1.7m). This included production and
development costs of GBP0.7m (2018: GBP0.9m), administration
expenses of GBP1.1m (2018: GBP0.7m) and a warrant charge of GBP0.9m
(2018: GBPnil).
Basic and diluted loss per share was 0.32p (2018: 0.19p).
The Group's total assets amounted to GBP7.8 million as at 31
December 2019 (GBP5.1 million as at 31 December 2018). Apart from
the cash and cash equivalents, this included fixed tangible assets
(mainly plant and equipment) of GBP0.7 million and MSAR(R) trade
name of GBP2.9 million.
The Group has accumulated tax losses of approximately GBP50.6
million (2018: GBP48.7 million) available to be carried forward
against future profits.
Funding
Our existing cash resources continue to enable the Group to
pursue our business development activities throughout calendar year
2020, based on the originally budgeted levels of expenditure. With
the significant travel restriction now in place, together with
further active cost saving measures within the business, such as
the decision to terminate the lease of our current London office,
we are very confident that we will be able to operate to the end of
Q1 2021. This work is still in its early stages, but it will
provide the Company with the necessary platform to ensure that it
remains in the best possible position to resume normal business
development and project activities when able to do so safely.
As disclosed previously, a further GBP2 million of funding is
potentially available to the Company from October 2020 through the
agreement with Bergen. However, for Quadrise to have a high degree
of confidence of this being available, it will require a
substantial and sustained improvement in the share price. This is
likely to require a clear demonstration of substantive progress on
our key projects, as well as a continuation of our efforts in
investor relations and market communication. Alongside this, as we
did in 2019, we will continue to evaluate a wide variety of funding
options for the business and have reconstituted the Funding
Committee with immediate effect to assist in this task.
Outlook - Current trading and prospects.
We built significant momentum during 2019 and this continued
into Q1 2020, though within the past few weeks we have started to
see the impact of the rapidly developing global response to the
Covid-19 situation. Currently, the only definitive impact from
Covid-19 has been the delay to the planned pilot trial at the
client's site in Morocco. We do not have a new schedule for this
trial, but we have now brought forward the majority of the second
stage of the work, which will provide the detailed engineering
studies to enable the client to progress trials on the commercial
units at the facility, subject to entering into the new agreements
planned to cover these trials and the satisfactory conclusion of
the pilot trial. We are highly confident of our ability to
successfully conclude the pilot trial and so bringing forward this
work will reduce the time required to progress to the planned
commercial scale trials at the client's facility. Depending on the
time required to gain access to the site, this approach should
materially reduce the impact of any delay outside of our
control.
We are continuing to progress other projects using our local
agents and through phone/web conferencing and are still seeing
active engagement from our clients, which is encouraging. We
believe that the business development pipeline outlined above
provides the platform needed to deliver our strategy of translating
opportunities during 2020 into projects where commercial revenues
can be expected to follow successful trial outcomes
and we are focused on delivering this at the earliest possible
opportunity.
As noted previously, the coincidence of the Covid-19 global
pandemic and the dispute between KSA and Russia in relation to oil
production has had a significant adverse impact on oil and product
prices. Current markets are highly volatile - though we believe
most clients will continue to base their planning on long-run
prices. However, there is no doubt that the operational imperative
to respond to the Covid-19 situation will be the focus for most
organisations and it will remain important that we can respond
flexibly as the situation continues to develop. Our business
development activities, both directly and through our agents, will
progress as quickly as possible during this period and we expect to
be able to make positive progress during the rest of the year and
look forward to providing updates as appropriate.
We announced in December 2019, that due to other work
commitments, Hemant Thanawala resigned with effect from 31(st)
December 2019 and the Board would like to thank him for his many
years of service as both an executive and non-executive director.
In January 2020, we announced changes to the board that became
effective on 1(st) February 2020. Jason Miles was promoted to CEO,
from COO, and Mark Whittle was promoted to COO, from Head of
Projects and joined the Board. I am delighted to be working with
both Jason and Mark in their new roles.
Mike Kirk
Chairman
27 March 2020
Condensed Consolidated Statement of Comprehensive Income
For the 6 months ended 31 December 2019
Note 6 months 6 months Year ended
ended 31 ended 31 30 June
December December 2019
2019 2018 Audited
Unaudited Unaudited GBP'000
GBP'000 GBP'000
Continuing operations
Revenue - - 22
Production and development
costs (730) (934) (1,475)
Other administration expenses (1,078) (738) (1,462)
Share option charge 4 (277) (6) (154)
Warrant charge 5 (881) - (105)
Foreign exchange (loss)/gain (4) 11 10
------------------------------- ----- ----------- ----------- -----------
Operating loss (2,970) (1,667) (3,164)
Finance costs 6 (144) (3) (6)
Finance income 4 1 3
------------------------------- ----- ----------- ----------- -----------
Loss before tax (3,110) (1,669) (3,167)
Taxation - - 184
------------------------------- ----- ----------- ----------- -----------
Total comprehensive loss for
the period from continuing
operations (3,110) (1,669) (2,983)
-------------------------------------- ----------- ----------- -----------
Loss per share - pence
Basic 7 (0.32)p (0.19)p (0.34) p
Diluted 7 (0.32)p (0.19)p (0.34) p
------------------------------- ----- ----------- ----------- -----------
Condensed Consolidated Statement of Financial Position
As at 31 December 2019
Note As at As at As at
31 December 31 December 30 June
2019 2018 2019
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 8 656 811 730
Intangible assets 9 2,924 2,924 2,924
Non-current assets 3,580 3,735 3,654
------------------------------- ----- ------------- ------------- ---------
Current assets
Cash and cash equivalents 3,778 967 1,060
Trade and other receivables 257 166 169
Prepayments 118 163 106
Stock 61 61 61
------------------------------- ----- ------------- ------------- ---------
Current assets 4,214 1,357 1,396
------------------------------- ----- ------------- ------------- ---------
TOTAL ASSETS 7,794 5,092 5,050
------------------------------- ----- ------------- ------------- ---------
Equity and liabilities
Current liabilities
Trade and other payables 501 481 288
Provision for decommissioning - 189 -
Convertible securities 11 1,864 - -
------------------------------- --- --------- --------- ---------
Current liabilities 2,365 670 288
------------------------------- --- --------- --------- ---------
Equity attributable to
equity holders of the parent
Issued share capital 9,958 8,622 9,227
Share premium 76,190 73,642 74,438
Share option reserve 3,732 3,346 3,455
Warrant reserve 1,122 - 105
Reverse acquisition reserve 522 522 522
Accumulated losses (86,095) (81,710) (82,985)
------------------------------- --- --------- --------- ---------
Total shareholders' equity 5,429 4,422 4,762
------------------------------- --- --------- --------- ---------
TOTAL EQUITY AND LIABILITIES 7,794 5,092 5,050
------------------------------- --- --------- --------- ---------
Condensed Consolidated Statement of Changes in Equity
For the 6 months ended 31 December 2019
Issued Reverse
share Share Share Warrant acquisition Accumulated
capital premium option reserve reserve losses Total
GBP'000 GBP'000 reserve GBP'000 GBP'000 GBP'000 GBP'000
GBP'000
As at 1 July
2019 9,227 74,438 3,455 105 522 (82,985) 4,762
Loss and total
comprehensive
loss for the
period - - - - - (3,110) (3,110)
Share option
charge - - 277 - - - 277
------------------ --------- ---------- ---------- ---------- ------------- -------------- ----------
Warrant charge - - - 881 - - 881
------------------ --------- ---------- ---------- ---------- ------------- -------------- ----------
Deferred warrant
charge - - - 136 - - 136
------------------ --------- ---------- ---------- ---------- ------------- -------------- ----------
New shares
issued net
of issue costs 731 1,752 - - - - 2,483
------------------ --------- ---------- ---------- ---------- ------------- -------------- ----------
Shareholders'
equity at 31
December 2019 9.958 76,190 3,732 1,122 522 86,095 5,429
------------------ --------- ---------- ---------- ---------- ------------- -------------- ----------
As at 1 July
2018 8,622 73,642 3,432 - 522 (80,133) 6,085
Loss and total
comprehensive
loss for the
period - - - - (1,669) (1,669)
Share option
charge - - 6 - - - 6
-------------------- ------ ------- ------ ---- ---- --------- ------------------
Transfer of
balances relating
to expired
share options - - (92) - 92 -
-------------------- ------ ------- ------ ---- ---- --------- ------------------
Shareholders'
equity at 31
December 2018 8,622 73,642 3,346 522 (81,710) 4,422
-------------------- ------ ------- ------ ---- ---- --------- ------------------
As at 1 January
2019 8,622 73,642 3,346 - 522 (81,710) 4,422
Loss and total
comprehensive
loss for the
period - - - - - (1,314) (1,314)
Share option
charge - - 148 - - - 148
-------------------- ------ ------- ------ ---- ---- --------- ----------------
Warrant charge 105 105
-------------------- ------ ------- ------ ---- ---- --------- ----------------
Transfer of
balances relating
to expired
share options - - (39) - - 39 -
-------------------- ------ ------- ------ ---- ---- --------- ----------------
New shares
issued net
of issue costs 605 796 - - - - 1,401
-------------------- ------ ------- ------ ---- ---- --------- ----------------
Shareholders'
equity at 30
June 2019 9,227 74,438 3,455 105 522 (82,985) 4,762
-------------------- ------ ------- ------ ---- ---- --------- ------ --------
Condensed Consolidated Statement of Cash Flows
For the 6 months ended 31 December 2019
Note 6 months 6 months Year ended
ended 31 ended 31 30 June
December December 2019
2019 2018 Audited
Unaudited Unaudited GBP'000
GBP'000 GBP'000
Operating activities
Loss before tax from continuing
operations (3,110) (1,669) (3,167)
Finance costs paid 6 144 3 6
Finance income received (4) (1) (3)
Loss on disposal of fixed
assets 8 - 25 25
Depreciation 8 94 130 230
Share option charge 4 277 6 154
Warrant charge 5 1,017 - 105
Working capital adjustments
(Increase)/decrease in
trade and other receivables (88) 22 19
(Increase)/decrease in
prepayments (12) (41) 16
Increase/(decrease) in
trade and other payables 213 81 (112)
Increase in provision for - 189 -
decommissioning
Cash utilised in operations (1,469) (1,255) (2,727)
--------------------------------- ------ ----------- ----------- -----------
Finance costs paid 6 (144) (3) (6)
Taxation received - - 184
----------- -----------
Net cash outflow from operating
activities (1,613) (1,258) (2,549)
--------------------------------- ------ ----------- ----------- -----------
Investing activities
Finance income received 4 1 3
Purchase of fixed assets 8 (20) (5) (24)
Net cash outflow from investing
activities (16) (4) (21)
--------------------------------- ------ ----------- ----------- -----------
Financing activities
Increase in borrowings 11 1,864 - -
New shares issued net of
costs 11,12 2,483 - 1,401
Net cash inflow from financing
activities 4,347 - 1,401
--------------------------------- ------ ----------- ----------- -----------
Net increase/(decrease)
in cash and cash equivalents 2,718 (1,262) (1,169)
Cash and cash equivalents
at the beginning of the
period 1,060 2,229 2,229
--------------------------------- ------ ----------- ----------- -----------
Cash and cash equivalents
at the end of the period 3,778 967 1,060
--------------------------------- ------ ----------- ----------- -----------
Notes to the Group Condensed Financial Statements
1. General Information
Quadrise Fuels International plc ("QFI", "Quadrise", or the
"Company") and its subsidiaries (together with the Company, the
"Group") are engaged principally in the manufacture and marketing
of emulsified fuel for use in power generation, industrial and
marine diesel engines and steam generation applications. The
Company's ordinary shares are quoted on the AIM market of the
London Stock Exchange.
QFI was incorporated on 22 October 2004 as a limited company
under UK Company Law with registered number 05267512. It is
domiciled and registered at Gillingham House, 38-44 Gillingham
Street, London, SW1V 1HU.
2. Summary of Significant Accounting Policies
2.1 Basis of Preparation
The interim accounts have been prepared in accordance with IAS
34 'Interim financial reporting' and on the basis of the accounting
policies set out in the annual report and accounts for the year
ended 30 June 2019, which have been prepared in accordance with
International Financial Reporting Standards as adopted for use by
the European Union. The interim accounts are unaudited and do not
constitute statutory accounts as defined in Section 434 of the
Companies Act 2006.
The same accounting policies, presentation and methods of
computation have been followed in these unaudited interim financial
statements as those which were applied in the preparation of the
Group's annual statements for the year ended 30 June 2019, upon
which the auditors issued an unqualified opinion, and which have
been delivered to the registrar of companies.
The interim accounts have been drawn up using accounting
policies and presentation expected to be adopted in the Group's
annual financial statements for the year ended 30 June 2020.
The directors have carried out a detailed assessment of going
concern as part of the financial reporting process, and having
conducted a full review of the updated business plan, budgets and
associated commitments at the period end, have concluded that the
Group has adequate financial resources to continue in operational
existence for the foreseeable future, and therefore continue to
adopt the going concern basis in preparing the accounts
A number of new standards and amendments to standards and
interpretations have been issued but are not yet effective and in
some cases have not yet been adopted by the European Union. The
Directors do not expect that the adoption of these standards will
have a material impact on the financial information of the Group in
future periods.
The interim accounts for the six months ended 31 December 2019
were approved by the Board on 27 March 2020.
The directors do not propose an interim dividend.
3. Segmental Information
For the purpose of segmental information the reportable
operating segment is determined to be the business segment. The
Group principally has one business segment, the results of which
are regularly reviewed by the Board. This business segment is a
business to produce emulsion fuel (or supply the associated
technology to third parties) as a low cost substitute for
conventional HFO for use in power generation plants and industrial
and marine diesel engines.
The Group's only geographical segment during the period was the
UK.
4. Share Option charge
During the period to 31 December 2019, no share options were
issued by the Company. During the year to 30 June 2019, the Company
issued 19.15m share options to directors and employees with a
weighted average exercise price of 7.29p and the weighted average
fair value of 4.60p.
The Share Option Schemes are equity settled plans, and fair
value is measured at the grant date of the option. Options issued
under the Schemes vest over a two year or three year period
provided the recipient remains an employee of the Group. Options
may be also exercised within one year of an employee leaving the
Group at the discretion of the Board.
5. Warrant charge
On 6 September 2019, 32.3 million share warrants with an
exercise price of 7.48p per share were granted to shareholders of
the Company as part of the Open Offer and Subscription.
On 27 September 2019, 4.9m share warrants with an exercise price
of 5.78p were granted to Bergen Global Opportunity Fund, LP as part
of the Convertible Securities transaction detailed further in note
11.
On 4 December 2019, 3m share warrants with an exercise price of
3.5p were granted to Younes Maamar under the terms of the
Representation Agreement dated 6 March 2019.
All warrants granted vest immediately.
6. Finance Costs
A commencement fee of GBP140,000 settled by way of issuance of
3,888,889 new ordinary shares in the Company, was paid to Bergen
Global Opportunity Fund, LP as part of the Convertible Securities
transaction detailed further in note 10.
7. Loss Per Share
The calculation of loss per share is based on the following loss
and number of shares:
6 months 6 months Year ended
ended 31 ended 30 June
December 31 December 2019
2019 2018 Audited
Unaudited Unaudited
Loss for the period from
continuing operations (GBP'000s) (3,110) (1,669) (2,983)
Weighted average number
of shares:
Basic 961,058,037 862,204,976 888,728,557
Diluted 961,058,037 862,204,976 888,728,557
Loss per share:
----------------------------------- ------------ ------------- ------------
Basic (0.32)p (0.19)p (0.34)p
----------------------------------- ------------ ------------- ------------
Diluted (0.32)p (0.19)p (0.34)p
----------------------------------- ------------ ------------- ------------
Basic loss per share is calculated by dividing the loss for the
period from continuing operations of the Group by the weighted
average number of ordinary shares in issue during the period.
For diluted loss per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
potential dilutive options and warrants over ordinary shares.
Potential ordinary shares resulting from the exercise of share
options and warrants have an anti-dilutive effect due to the Group
being in a loss position. As a result, diluted loss per share is
disclosed as the same value as basic loss per share. The 39.4
million share options and 45.2 million warrants issued by the
Company and which are outstanding at the period-end could
potentially dilute earnings per share in the future if exercised
when the Group is in a profit making position.
8. Property, Plant and Equipment
Leasehold Computer Software Office Plant Total
improvements equipment equipment and machinery
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
Opening balance
- 1 July 2019 181 91 43 16 1,390 1,721
Additions - - - - 20 20
Disposals - - - - - -
--------------------- -------------- ----------- --------- ----------- --------------- --------
Closing balance
- 31 December
2019 181 91 43 16 1,410 1,741
--------------------- -------------- ----------- --------- ----------- --------------- --------
Depreciation
Opening balance
- 1 July 2019 (166) (78) (41) (16) (690) (991)
Depreciation charge
for the period (11) (7) (2) - (74) (94)
Disposals - - - - - -
--------------------- -------------- ----------- --------- ----------- --------------- --------
Closing balance
- 31 December
2019 (177) (85) (43) (16) (764) (1,085)
--------------------- -------------- ----------- --------- ----------- --------------- --------
Net book value
at 31 December
2019 4 6 - - 646 656
--------------------- -------------- ----------- --------- ----------- --------------- --------
Cost
Opening balance
- 1 July 2018 166 91 43 16 1,428 1,744
Additions - - - - 5 5
Disposals - - - - (47) (47)
--------------------- ------ ----- ----- ----- ------ ------
Closing balance
- 31 December
2018 166 91 43 16 1,386 1,702
--------------------- ------ ----- ----- ----- ------ ------
Depreciation
Opening balance
- 1 July 2018 (109) (63) (36) (16) (559) (783)
Depreciation charge
for the period (42) (8) (3) - (77) (130)
Disposals - - - - 22 22
--------------------- ------ ----- ----- ----- ------ ------
Closing balance
- 31 December
2018 (151) (71) (39) (16) (614) (891)
--------------------- ------ ----- ----- ----- ------ ------
Net book value
at 31 December
2018 15 20 4 - 772 811
--------------------- ------ ----- ----- ----- ------ ------
Cost
Opening balance
- 1 July 2018 166 91 43 16 1,428 1,744
Additions 15 - - - 9 24
Disposals - - - - (47) (47)
Closing balance
- 30 June 2019 181 91 43 16 1,390 1,721
--------------------- ------ ----- ----- ----- ------ ------
Depreciation
Opening balance
- 1 July 2018 (109) (63) (36) (16) (559) (783)
Depreciation charge
for the year (57) (15) (5) - (153) (230)
Disposals - - - - 22 22
Closing balance
- 30 June 2019 (166) (78) (41) (16) (690) (991)
--------------------- ------ ----- ----- ----- ------ ------
Net book value
at 30 June 2019 15 13 2 - 700 730
--------------------- ------ ----- ----- ----- ------ ------
9. Intangible Assets
QCC royalty MSAR(R) Technology
payments trade name and know-how Total
Unaudited Unaudited Unaudited Unaudited
GBP'000 GBP'000 GBP'000 GBP'000
Cost
Balance as at 1 July
2019 and 31 December
2019 7,686 3,100 25,901 36,687
Amortisation and
Impairment
Balance as at 1 July
2019 and 31 December
2019 (7,686) (176) (25,901) (33,763)
Net book value at
31 December 2019 - 2,924 - 2,924
----------------------- ------------ ------------ -------------- ----------
Cost
Balance as at 1 July
2018 and 31 December
2018 7,686 3,100 25,901 36,687
Amortisation and
Impairment
Balance as at 1 July
2018 and 31 December
2018 (7,686) (176) (25,901) (33,763)
Net book value at
31 December 2018 - 2,924 - 2,924
----------------------- -------- -------- --------- ---------
Cost
Balance at 1 July
2018 and 30 June
2019 7,686 3,100 25,901 36,687
- - - -
Amortisation and
Impairment
Balance at 1 July
2018 and 30 June
2019 (7,686) (176) (25,901) (33,763)
Net book value at
30 June 2018 - 2,924 - 2,924
------------------- -------- ------ --------- ---------
Intangibles comprise intellectual property with a cost of
GBP36.69m, including assets of finite and indefinite life. QCC
royalty payments of GBP7.69m and the MSAR(R) trade name of GBP3.10m
are termed as assets having indefinite life as it is assessed that
there is no foreseeable limit to the period over which the assets
are expected to generate net cash inflows for the Group. The assets
with indefinite life are not amortised. The remaining intangibles
amounting to GBP25.90m, primarily made up of technology and
know-how, are considered as finite assets and are now fully
amortised. The Group does not have any internally generated
intangibles.
The Group tests intangible assets annually for impairment, or
more frequently if there are indications that they might be
impaired. As at 30 June 2019, the QCC royalty payments asset was
fully impaired and the MSAR(R) trade name asset had a net book
value of GBP2.924m. For the six month period to 31 December 2019,
there was no indication that the MSAR(R) trade name asset may be
impaired.
As a result, the Directors concluded that no impairment is
necessary for the six month period to 31 December 2019.
10. Investments
At the statement of financial position date, the Group held a
20.44% share in the ordinary issued capital of Quadrise Canada
Corporation ("QCC"), a 3.75% share in the ordinary issued capital
of Paxton Corporation , a 9.54% share in the ordinary issued
capital of Optimal Resources Inc. and a 16.86% share in the
ordinary issued capital of Porient Fuels Corporation, all of which
are incorporated in Canada.
QCC is independent of the Group and is responsible for its own
policy-making decisions. There have been no material transactions
between QCC and the Group during the period or any interchange of
managerial personnel. As a result, the Directors do not consider
that they have significant influence over QCC and as such this
investment is not accounted for as an associate.
The Group has no immediate intention to dispose of its
investments unless a beneficial opportunity to realise these
investments arises.
Given that there is no active market in the shares of any of
above companies, the Directors have determined the fair value of
the unquoted securities at 31 December 2019. The shares in each of
these companies were valued at CAD $nil on 1 July 2019. Shareholder
communications received during the period to 31 December 2019
indicate that the business models for each of these companies
remain highly uncertain, with minimal possibility of any material
value being recovered from their asset base. On that basis, the
directors have determined that the investments should continue to
remain valued at CAD $nil at 31 December 2019.
11. Convertible securities
On 22 August 2019, the Company entered into an agreement with
Bergen Global Opportunity Fund LP ('the Investor') whereby the
Investor will provide up to GBP4.0 million of interest free
unsecured funding, provided in two tranches through the issue by
the Company of Convertible Securities with a nominal value of up to
GBP4.3 million, convertible into Ordinary Shares.
An initial tranche of Convertible Securities with a nominal
value of GBP2.15 million was subscribed for by the Investor for
GBP2.0 million on 30 August 2019. A second tranche of Convertible
Securities, with a nominal value of up to GBP2.15 million is
conditionally available to the Company with a subscription price of
up to GBP2.0 million. Both tranches have 24 month maturity dates
from the dates of their respective issuance, and any Convertible
Securities not converted prior to such dates will automatically
convert into Ordinary Shares at such time.
The Company also issued 4.9 million 36 month warrants to
subscribe for new Ordinary Shares to the Investor by way of a
Warrant Instrument initially exercisable at 5.78p per Ordinary
Share, subject to anti-dilution and exercise price reduction
provisions.
In connection with the Agreement, on 30 August 2019 the Company
also issued to the Investor 3,888,889 new Ordinary Shares in
settlement of a commencement fee of GBP140,000 and a further
4,500,000 new Ordinary Shares to collateralize the Agreement
subscribed for at nominal value by the Investor.
The Convertible Securities are only converted to the extent that
the Company has corporate authority to do so, and it is a term of
the agreement that the Company must retain sufficient authority to
issue and allot (on a non-pre-emptive basis) a sufficient number of
Ordinary Shares potentially required to be issued under the terms
of the Agreement (and the Warrant Instrument).
Pursuant to the terms of the Agreement, the Company is required
to obtain and maintain sufficient non-pre-emptive share issuance
authority from its shareholders in relation to the Ordinary Shares
that may be required to be issued pursuant to the Agreement and
Warrant Instrument.
The Agreement was completed and the Initial Tranche funded to
the Company on the basis of the remaining current Authority from
the 2018 annual general meeting, and also on the basis that an
updated authority must be obtained at a General Meeting of
shareholders. Such authority was obtained at a General Meeting held
on September 27, 2019.
12. Open Offer and Subscription
On 9 September 2019 the Company announced a fully underwritten
open offer to raise up to approximately GBP1.8 million through the
issue of up to 46,555,039 Open Offer Shares at the Issue Price of
3.96 pence per Open Offer Share on the basis of 1 Open Offer Share
for every 20 Existing Ordinary Shares held on the Record Date (the
"Open Offer").
The Company announced that it had entered into conditional
binding agreements with the Subscribers to raise additional gross
proceeds of GBP716,800 through the issue of an aggregate 18,101,012
Subscription Shares at 3.96 pence per Subscription Share, with
9,050,506 Subscription Warrants attached. inter alia, on the
Resolutions being passed at the General Meeting.
The Open Offer and Subscription were conditional upon
Shareholder approval of the Resolutions at the General Meeting of
27 September 2019, which was duly granted.
13. Related Party Transactions
Non-executive Director Laurie Mutch is also a Director of Laurie
Mutch & Associates Limited, which has provided consulting
services to the Group. The total fees charged for the period
amounted to GBP30k (2019: GBPnil) . The balance payable at the
statement of financial position date was GBPnil (2019: GBPnil).
QFI defines key management personnel as the Directors of the
Company. Other than the above, there are no transactions with
Directors other than their remuneration.
14. Seasonality
The operations of the Group are not affected by seasonal
fluctuations.
15. Commitments and Contingencies
The Group and the Company have entered into commercial leases
for the rental of operational and office premises. The leases
earliest expiry dates are 29(th) February 2020 and 28 September
2020, and there are no restrictions placed on the Group or Company
by entering into these leases. The minimum future lease payments
for the non-cancellable leases are as follows:
31 December 31 December 30 June
2019 GBP'000 2018 2019
GBP'000 GBP'000
Operational and Office
premises:
One year 93 28 136
Two to five years - - 30
After five years - - -
On 1 March 2020, the lease for operational premises was renewed
for a minimum period of 29 months. The minimum non-cancellable
lease payments arising as a result of this lease renewal total
GBP64k.
Additionally, the Group and Company have no capital commitments
or contingent liabilities as at the statement of financial position
date.
16. Events After the End of the Reporting Period
On 15(th) January 2020, the Company announced that Mark Whittle
was appointed to the board as an executive director in his new
capacity as Chief Operating Officer. Additionally, Jason Miles,
formerly Chief Operating Officer, was promoted to Chief Executive
Officer, with Mike Kirk remaining as the Company's Chairman.
On 30(th) January 2020, the Company announced that BDO LLP has
been appointed as the Company's auditors, with shareholder approval
to confirm the appointment being sought at the Company's 2020
Annual General Meeting.
On 24(th) March 2020, the Company announced that following
receipt of a notice of exercise from the Investor (see note 11) in
respect of the Convertible Security issued by the Company on 30
August 2019 to convert GBP100,000 of the Convertible Security into
new ordinary shares in the Company at a conversion price of 1.2p
per new ordinary share, the Company issued 8,333,333 new ordinary
shares. An amount of GBP2,050,000 remains outstanding under the
Convertible Security.
17. Copies of the Interim Accounts
Copies of the interim accounts are available on the Company's
website at www.quadrisefuels.com and from the Company's registered
office, Gillingham House, 38-44 Gillingham Street, London, SW1V 1HU
.
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 rns@lseg.com or visit www.rns.com.
END
IR BUGDXGXDDGGC
(END) Dow Jones Newswires
March 30, 2020 02:00 ET (06:00 GMT)
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