Quadrise Fuels not aware of any reason for share price drop

AIM-listed emulsion fuel manufacturer Quadrise Fuels said on Friday that it is not aware of any specific reason for the drop in its share price.

Earlier this month, the company announced that Hemant Thanawala had agreed to step down as finance director and become a non-executive director, enabling the board to restructure and streamline the number of executive directors from three to two.

It also said at the time that executive chairman Mike Kirk agreed to cut his cash salary by 50% with effect from September, while the non-executive directors agreed to reduce their fees to £24,000 a year.

The general manager roles were restructured to enable the three segments of Refinery, Power and Marine to be covered effectively by two general managers. In addition, the laboratory personnel roles at the Quadrise Research Facility were reduced by one.

The restructuring measures announced were expected to deliver annualised cash-cost savings of more than £500,000, which is around 18% of the company’s underlying annualised costs.

At 1025 BST, the shares were down 21% to 4.75p.