Result of Open Offer

RNS Number : 5702N

Quadrise Fuels International PLC

21 January 2019

 

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IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR ANY JURISDICTION IN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.

The information communicated within this announcement WAS deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 PRIOR TO ITS PUBLICATION. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

21 January 2019

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) announces the results of its Open Offer. The Open Offer to Qualifying Shareholders to raise up to approximately £2.16 million was announced by the Company on 7 December 2018 and, further to the announcement dated 7 January 2019, closed for acceptances, in accordance with its terms, at 11.00 a.m. on 18 January 2019.

The Company is pleased to announce that it has received valid acceptances and excess applications from Qualifying Shareholders for a total of 60,506,919 Open Offer Shares under the Open Offer.  As a result, a total of 60,506,919 new ordinary shares of 1p each in the Company ("New Ordinary Shares") will be issued in connection with the Open Offer, raising gross proceeds of approximately £1.51 million.

As at 30 November 2018, the Company had unaudited estimated cash balances of approximately £1.2 million and monthly expenses of approximately £220,000 per month. The Board therefore currently considers that, together with the Company's existing cash balances, the proceeds of the Open Offer will enable the Company to continue to operate and to advance its business development initiatives until early October 2019.

Mike Kirk, Executive Chairman of Quadrise, said:

"We are delighted to have received an enthusiastic response from Quadrise's existing shareholders to the Open Offer. We would like to thank our shareholders for their continued strong support.  Having raised gross proceeds of £1.51 million from the Open Offer, Quadrise is now funded in the short term to build on the substantial progress made in our business development operations, and progress during 2019 our plans for the migration to commercial operations."

Director Participation

The Company confirms, as indicated in the circular published on 7 December 2018, that each of the Quadrise directors participated in the Open Offer, in respect of an aggregate of 1,185,000 Open Offer Shares - in the amounts set out below.

Director	Number of ordinary shares held prior to the Open Offer	% of ordinary share capital prior to the Open Offer	Open Offer Shares	Number of ordinary shares held following issue of the Open Offer Shares	% of ordinary share capital following the Open Offer
Mike Kirk	500,000	0.06%	100,000	600,000(1)	0.07%
Jason Miles	3,180,633	0.37%	400,000	3,580,633(2)	0.39%
Hemant Thanawala	29,039,579(3)	3.37%	200,000	29,239,579(3)	3.17%
Philip Snaith	150,000	0.02%	200,000	350,000	0.04%
Laurie Mutch	150,000	0.02%	215,000	365,000	0.04%
Dilip Shah	100,000	0.01%	70,000	170,000	0.02%

(1)   held jointly with Mike Kirk's wife.

(2)   including 1,473,542 ordinary shares held by Jason Miles' wife.

(3)   including 23,126,179 ordinary shares held by Lucrone Investments GmbH, a company in which Mr. Thanawala has a beneficial interest.

The notifications below, made in accordance with the requirements of the Market Abuse Regulation, provide further detail.

Admission to Trading on AIM and Total Voting Rights

Application has been made for the New Ordinary Shares, which will 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 in the New Ordinary Shares will commence at 8.00 a.m. on 22 January 2019.

Following the issue of the New Ordinary Shares, the Company will have 922,711,895 Ordinary Shares in issue. No Ordinary Shares are held in treasury. The figure of 922,711,895 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 Guidance 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 7 December 2018.

For further information, please refer to the Company's website at www.quadrisefuels.com, or contact [e-mail] or:

Quadrise Fuels International Plc
Mike Kirk, Executive Chairman	[phone]
Hemant Thanawala, Finance Director
Jason Miles, Chief Operating Officer
Nominated Adviser
Cenkos Securities plc
Dr Azhic Basirov	[phone]
Ben Jeynes
Katy Birkin
Joint Broker
Peel Hunt LLP
Richard Crichton	[phone]
Ross Allister
Joint Broker
Stockdale Securities	[phone]
Andy Crossley
Daniel Harris
Public & Investor Relations
FTI Consulting
Ben Brewerton	[phone]
Sara Powell

NOTIFICATIONS 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	Mr. Michael Kirk
2	Reason for the notification
a)	Position/status	PDMR (Director)
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	GB00B11DDB67
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 1 pence each
	Identification code	GB00BF0YPG76
b)	Nature of the transaction	Subscription under an open offer to existing shareholders
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			2.5p	100,000
d)	Aggregated information	n/a - single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mr. Jason Miles
2	Reason for the notification
a)	Position/status	PDMR (Director)
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	GB00B11DDB67
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 1 pence each
	Identification code	GB00BF0YPG76
b)	Nature of the transaction	Subscription under an open offer to existing shareholders
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			2.5p	191,553
d)	Aggregated information	n/a - single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mrs. Rachel Miles
2	Reason for the notification
a)	Position/status	Notification regards a person closely associated with Jason Miles, a director of the Company. Mrs. Rachel Miles is Mr. Jason Miles' spouse.
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	GB00B11DDB67
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 1 pence each
	Identification code	GB00BF0YPG76
b)	Nature of the transaction	Subscription under an open offer to existing shareholders
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			2.5p	208,447
d)	Aggregated information	n/a - single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mr. Hemant Thanawala
2	Reason for the notification
a)	Position/status	PDMR (Director)
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	GB00B11DDB67
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 1 pence each
	Identification code	GB00BF0YPG76
b)	Nature of the transaction	Subscription under an open offer to existing shareholders
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			2.5p	200,000
d)	Aggregated information	n/a - single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mr. Philip Snaith
2	Reason for the notification
a)	Position/status	PDMR (Director)
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	GB00B11DDB67
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 1 pence each
	Identification code	GB00BF0YPG76
b)	Nature of the transaction	Subscription under an open offer to existing shareholders
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			2.5p	200,000
d)	Aggregated information	n/a - single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mr. Lawrence Mutch
2	Reason for the notification
a)	Position/status	PDMR (Director)
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	GB00B11DDB67
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 1 pence each
	Identification code	GB00BF0YPG76
b)	Nature of the transaction	Subscription under an open offer to existing shareholders
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			2.5p	215,000
d)	Aggregated information	n/a - single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mr. Dilip Shah
2	Reason for the notification
a)	Position/status	PDMR (Director)
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	GB00B11DDB67
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 1 pence each
	Identification code	GB00BF0YPG76
b)	Nature of the transaction	Subscription under an open offer to existing shareholders
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			2.5p	70,000
d)	Aggregated information	n/a - single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	18 January 2019
f)	Place of the transaction	Outside a trading venue

 

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