Quadrise Fuels International PLC Result of Open Offer (7977N)
October 31 2016 - 3:00AM
UK Regulatory
TIDMQFI
RNS Number : 7977N
Quadrise Fuels International PLC
31 October 2016
NEITHER THIS ANNOUNCEMENT NOR ANY PART OF IT CONSTITUTES AN
OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY,
SUBSCRIBE OR ACQUIRE ANY SECURITIES IN ANY JURISDICTION IN WHICH
ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL AND THE
INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR
ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL.
31 October 2016
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Result of Open Offer
Quadrise Fuels International plc (AIM: QFI), the emerging
supplier of MSAR(R) emulsion technology and fuel, enabling a
low-cost alternative to heavy fuel oil (one of the world's largest
fuel markets, comprising over 450 million tonnes per annum) in the
global shipping, refining and power generation markets, announces
the results of its Open Offer, which was significantly
oversubscribed.
On 12 October 2016, the Company announced the result of a
successful Placing with institutional and other investors at the
Placing Price of 10 pence per Placing Share to raise gross proceeds
of GBP4.25 million. In order to enable existing qualifying
shareholders of QFI ("Qualifying Shareholders") to participate in
the fundraising on the same terms, an Open Offer to raise up to
approximately GBP1 million was announced by Quadrise on 14 October
2016 and closed, in accordance with its terms, at 11.00 a.m. on 28
October 2016.
The Company is pleased to announce that it has received valid
acceptances and excess applications from Qualifying Shareholders
for a total of 25,685,431 Open Offer Shares under the Open Offer
which was 2.5 times oversubscribed. Following scale back, the
maximum of a total of 10,119,814 new ordinary shares of 1p each in
the Company ("Ordinary Shares") will be issued in connection with
the Open Offer, raising GBP1.0 million.
Application has been made for the Open Offer Shares, which rank
pari passu with the Company's issued Ordinary Shares, to be
admitted to trading on AIM. It is expected that Admission will
become effective and that dealings will commence at 8.00 a.m. on 1
November 2016.
Following the issue of the Open Offer Shares, the Company will
have 862,204,976 Ordinary Shares in issue. No Ordinary Shares are
held in treasury. The figure of 862,204,976 Ordinary Shares may be
used by the Company's shareholders as the denominator for the
calculations by which they will determine if they are required to
notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure Rules
and Transparency Rules.
Capitalised terms used but not otherwise defined in this
announcement bear the meanings ascribed to them in the circular of
the Company dated 14 October 2016.
Mike Kirk, Executive Chairman of Quadrise, said:
"We are delighted to have received such an enthusiastic response
from our existing shareholders to the Open Offer which was 2.5
times oversubscribed. Having raised gross proceeds of GBP5.25
million from the Placing and Open Offer, Quadrise is now ideally
placed to build on the substantial progress made in our key trial
projects in the marine and power markets, and implement our plans
for the migration to commercial operations during 2017."
This information contained in this announcement is deemed to
constitute inside information for the purposes of article 7 of
Regulation 596/2014. Upon the publication of this announcement,
this inside information is now considered to be in the public
domain.
For further information, please refer to the Company's website
at www.quadrisefuels.com or contact:
Quadrise Fuels International Plc
+44 (0)20 7031
Mike Kirk, Executive Chairman 7321
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating Officer
Nominated Adviser
Smith & Williamson Corporate Finance
Limited
+44 (0)20 7131
Dr Azhic Basirov 4000
Ben Jeynes
Katy Birkin
Broker
Peel Hunt LLP
+44 (0)20 7418
Richard Crichton 8900
Ross Allister
Chris Burrows
Public & Investor Relations
FTI Consulting
+44 (0)20 3727
Ben Brewerton 1000
Sara Powell
This information is provided by RNS
The company news service from the London Stock Exchange
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