Source - LSE Regulatory
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 AMENDED BY REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (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® and bioMSAR™ 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 £1.0 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® and our new renewable fuel, bioMSAR™. 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:

 

Director/PDMR

Number of Existing Ordinary

Shares

Total number

Open Offer

Shares

Number of Ordinary Shares held 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 instrument, type of instrument

Ordinary shares of 1p each

 

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

2.     2.7 pence

3.     2.7 pence

4.     2.7 pence

5.     2.7 pence

1.     30,252

2.     146,324

3.     30,844

4.     30,387

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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