TIDMQFI
RNS Number : 0942T
Quadrise Fuels International PLC
23 March 2021
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE
UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH AFRICA OR ANY OTHER
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE GROUP TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMED BY
REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY
INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
23 March 2021
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Results of Open Offer
Quadrise Fuels International, the supplier of MSAR(R) and
bioMSAR(TM) emulsion technology and fuels, which are low-cost,
cleaner alternatives to heavy fuel oil, announces the results of
its Open Offer, which was significantly oversubscribed. The Open
Offer to Qualifying Shareholders was announced by the Company on 2
March 2021 and closed for acceptances, in accordance with its
terms, at 11.00 a.m. on 22 March 2021.
The Company is pleased to announce that it has received valid
acceptances and excess applications from Qualifying Shareholders
for a total of 129,803,698 Open Offer Shares under the Open Offer
which was 3.4 times subscribed.
As a result, the maximum number of a total of 37,673,598 Open
Offer Shares will be issued in connection with the Open Offer,
raising GBP1.0 million.
Applications made under the Excess Application Facility will be
scaled back pro-rata such that Qualifying Shareholders will receive
8.571% of the Excess Shares applied for.
Capitalised terms used but not otherwise defined in this
announcement bear the meanings ascribed to them in the circular
posted to Quadrise shareholders on 3 March 2021.
Mike Kirk, Chairman of Quadrise, commented:
"We are delighted to have received such overwhelming support for
the Open Offer, with it being 3.4 times subscribed. We would like
to thank our loyal, long-term shareholders who have supported the
Company for many years. It was particularly gratifying that this
fabulous response from our existing shareholders followed the
successful Placing which resulted in significant new institutional
investors being welcomed onto our register as the Company enters an
exciting new phase. Having demonstrated positive momentum in a
number of key project areas, the funding provided by the Open Offer
and Placing positions us favourably to capitalise on the exciting
opportunities ahead for MSAR (R) and our new renewable fuel,
bioMSAR (TM). We look forward to providing updates on project
progress, as appropriate, in due course" .
Director participation in the Open Offer
The following Directors and PDMRs of the Company have
participated in the Open Offer, as follows:
Number of Existing Total number Number of Ordinary
Ordinary Open Offer Shares held
Director/PDMR Shares Shares on Admission
Mike Kirk 784,323 30,252 814,575
------------------ ------------- ------------------
Jason Miles 3,759,664 146,324 3,905,988
------------------ ------------- ------------------
Laurie Mutch 491,263 30,844 522,107
------------------ ------------- ------------------
Philip Snaith 476,262 30,387 506,649
------------------ ------------- ------------------
David Scott 17,322 6,892 24,214
------------------ ------------- ------------------
The notifications below, made in accordance with the
requirements of the UK Market Abuse Regulation, provides further
detail.
Admission and dealings
The Open Offer Share will, when issued, be credited as fully
paid and will rank pari passu in all respects with each other and
with the Existing Ordinary Shares. Application has been made to the
London Stock Exchange for the Open Offer Shares to be admitted to
trading on AIM ( "Admission"). Settlement and dealings for the Open
Offer Shares and Admission are expected to take place on or around
8.00 a.m. on 24 March 2021.
Total voting rights
Following First Admission, the Company will have a total of
1,390,103,784 Ordinary Shares in issue, with no Ordinary Shares
held in treasury. Therefore, following Admission, this figure may
be used by shareholders as the denominator for the calculations by
which they determine if they are required to notify their interest
in, or a change in their interest in, the Company under the
Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority.
For further information contact:
Quadrise Fuels International Plc
Mike Kirk, Chairman +44 (0)20 7031 7321
Jason Miles, Chief Executive Officer ir@quadrisefuels.com
Cenkos Securities plc - Nominated Adviser
Ben Jeynes
Katy Birkin +44 (0)20 7397 8900
Peel Hunt LLP - Joint Broker
Richard Crichton +44 (0)20 7418 8900
David McKeown
Shore Capital Stockbrokers Limited - Bookrunner
and Joint Broker
Toby Gibbs
Fiona Conroy +44 (0)20 7408 4090
FTI Consulting - Public & Investor Relations
Ben Brewerton +44 (0)20 3727 1000
Ntobeko Chidavaenzi
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name 1. Mike Kirk
2. Jason Miles
3. Laurie Mutch
4. Philip Snaith
5. David Scott
-------------------------------- ----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status 1. PDMR (Chairman)
2. PDMR (Chief Executive)
3. PDMR (Non-Executive Director)
4. PDMR (Non-Executive Director)
5. PDMR (Head of Finance)
-------------------------------- ----------------------------------------
b) Initial notification/Amendment Initial Notification
-------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Quadrise Fuels International
plc
-------------------------------- ----------------------------------------
b) LEI 213800HN2ETG5476U328
-------------------------------- ----------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 1p each
instrument, type of instrument
-------------------------------- ----------------------------------------
Identification code GB00BF0YPG76
-------------------------------- ----------------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
pursuant to Open Offer
-------------------------------- ----------------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
-------------------------------- --------------------- -----------------
1. 2.7 pence 1. 30,252
2. 2.7 pence 2. 146,324
3. 2.7 pence 3. 30,844
4. 2.7 pence 4. 30,387
5. 2.7 pence 5. 6,892
-------------------------------- --------------------- -----------------
d) Aggregated information N/A (single transactions)
-------------------------------- ----------------------------------------
Aggregated volume N/A (single transactions)
-------------------------------- ----------------------------------------
Price N/A (single transactions)
-------------------------------- ----------------------------------------
e) Date of the transaction 22 March 2021
-------------------------------- ----------------------------------------
f) Place of the transaction Outside of a trading venue
-------------------------------- ----------------------------------------
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END
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