Business
Corp Restructuring, Board Cha
Corp Restructuring, Board Cha.
About this update from Quadrise Plc
[{"type":"text","content":"\n RNS Number : 5187U Quadrise Fuels International PLC 18 October 2010 \n \n\n \n \nQuadrise Fuels International Plc (the \"Company\", \"QFI\" or the \"Group\")\n \nCorporate Restructuring, Board Change and Operational Update \n \n18 October 2010\n \nCorporate Restructuring\n \nThe Company announced on 14 July 2010 that the Company would be undertaking a review of the QFI corporate structure following changes in board responsibilities and the acquisition of substantial shareholdings in two newly formed Canadian ventures, Sparky Energy Corporation (\"Sparky\") and Porient Fuel Corporation (\"Porient\").\n \nThe review and associated changes to the corporate structure have been finalised and implemented (with the exception of updating the respective company share registers which is in progress). The basic changes are the clear separation of managed and non-managed interests resulting in QFI becoming a holding company and the repositioning of the existing actively managed projects under an existing 100% owned subsidiary of QFI, Quadrise International Limited (\"QIL\").\n \nWhile QFI continues to employ certain executive directors and coordinates administrative and accounting services, employment of the senior specialist technical, engineering and operations management has been transferred to QIL, now the key operating service company for the Group and all group interests are held in specialised subsidiaries. \n \nQFI directly holds all 'non-managed' interests in the Canadian affiliates, namely:\n \n· Quadrise Canada Corporation (\"QCC\") - the Company holds 3,682,500 shares representing 20.44% of the issued share capital of QCC\n \n· Sparky Energy Corporation - the Company holds 5,682,500 shares representing 17.85% of the issued share capital of Sparky \n \n· Porient Fuels Corporation - the Company holds 3,682,500 shares representing 16.86% of the issued share capital of Porient; and\n \n· Paxton Corporation - the Company holds 652,874 shares representing 3.75% of the issued share capital of Paxton. \n \nAll 'managed' interests are now held by QIL which has a 75% controlling interest in the specialised subsidiaries. Senior management responsible for develop...