Issue of Share Options and Director/PDMR Dealing
Quadrise PLC announced the grant of 10,520,000 share options to directors and employees. This includes 10,000,000 performance share options that vest in two tranches of 50% on the first and second anniversary of the grant, subject to performance conditions. Executives were granted 6,100,000 performance options with an exercise price of 5p, including Jason Miles (3,000,000), David Scott (1,600,000), and Philip Hill (1,500,000). Additionally, 520,000 nominal value options were issued to employees in lieu of cash remuneration, exercisable at 1p per share after 12 months with no performance conditions. Following this grant, the company has a total of 66,251,206 options in issue, representing approximately 3.30% of the current issued ordinary share capital.
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Quadrise plc (AIM: QED), the technology company focused on the decarbonisation of shipping and heavy industry through deployment of low emission fuels and biofuels, announces the grant of an aggregate of 10,520,000 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 Company's Enterprise Management Incentive Share Option Plan ("EMI Plan").
The EMI Plan is 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 whilst enabling the Group to preserve cash resources ahead of the commercialisation of the Company's technology.
Performance Options
Of the Options, a total of 10,000,000 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 the 2 August 2024 award of 13,880,000 share options 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 are issued under the EMI plan and will be exercisable from vesting until the tenth anniversary of the date of grant.
| Director/PDMR | Number of Options | Plan | Exercise price |
|---|---|---|---|
| Jason Miles | 3,000,000 | EMI Plan | 5p |
| David Scott | 1,600,000 | EMI Plan | 5p |
| Philip Hill | 1,500,000 | EMI Plan | 5p |
| Total | 6,100,000 | - | - |
Nominal Value Options
In addition to the Performance Option award, the Company has also issued a total of 520,000 nominal value options ("NVOs") to certain of the Company's employees in lieu of an element of cash remuneration for the financial year ended 30 June 2025 as part of the Option award. 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 at a price of 1 pence per new ordinary share from vesting until the tenth anniversary of the date of grant. No NVOs have been awarded to the Company's directors or PDMRs.
Total share options in issue
Following the grant of Options, the Company has a total of 66,251,206 options to subscribe for new ordinary shares in the Company in issue, representing approximately 3.30% of the Company's current issued ordinary share capital.
Andrew Morrison, Chairman of Quadrise commented:
"The issue of performance options at a significant premium to the current share price is designed to provide an appropriate incentive to achieve performance metrics and to deliver shareholder value, whilst the issue of nominal value options to employees in lieu of cash further strengthens alignment with shareholders whilst preserving the Company's cash resources."
The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further details.
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. David Scott 3. Philip Hill |
| 2 | Reason for notification | |
| a) | Position/Status | 1 Chief Technical Officer 2. Chief Financial Officer 3. Chief Commercial Officer |
| Initial notification/amendment | Initial notifications | |
| a) | Name | Quadrise plc |
| b) | LEI | 213800HN2ETG5476U328 |
| a) | Description of the financial instrument, type of instrument and identification code | Ordinary shares of 1 pence each 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 2. Nil 3. Nil 1. 3,000,000 2. 1,600,000 3. 1,500,000 |
| d) | Aggregated information | n/a |
| e) | Date of transaction | 10 October 2025 |
| f) | Place of transaction | Outside of a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.