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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Quadrise Fuels International Plc | LSE:QFI | London | Ordinary Share | GB00B11DDB67 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.5175 | 1.49 | 1.545 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMQFI
RNS Number : 5121M
Quadrise Fuels International PLC
14 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IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR ANY JURISDICTION IN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.
14 October 2016
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its subsidiaries the "Group")
Open Offer to raise up to approximately GBP1 million
Quadrise Fuels International plc (AIM: QFI) is 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, power generation markets.
The Company announced on 12 October 2016 a successful placing of GBP4.25 million and the intention to undertake a non-underwritten open offer to enable Shareholders to participate in a further issue of new equity in the Company at the Issue Price in order to raise up to, approximately, a further GBP1.0 million ("Open Offer").
A circular setting out full details of the Open Offer, including the terms and conditions and details on how to accept the Open Offer, (the "Circular") and an accompanying Application Form (for Qualifying Non-CREST Shareholders) have been posted to Shareholders today.
A copy of the Circular will be made available today on the Company's website at www.quadrisefuels.com.
Open Offer
On announcement of the Placing, the Directors stated that it was appropriate, given the longstanding support that Shareholders, including a large number of individual shareholders, have provided to the Company over an extended period, that existing Shareholders were provided with the opportunity to participate in the further issue of new equity in the Company at the same price as was available to institutional and other investors under the Placing.
Accordingly, the Company is now making the Open Offer to Qualifying Shareholders of up to 10,119,814 New Ordinary Shares of 1p each ("Open Offer Shares") to raise up to, approximately, a further GBP1.0 million at the Issue Price of 10 pence per Open Offer Share on the basis of 1 Open Offer Share for every 80 Existing Ordinary Shares held on the record date, being the close of business on 13 October 2016 (the "Record Date") (the "Open Offer"). The Issue Price represents a discount of approximately 14.0 percent to the closing mid-market price of 11.625 pence per Existing Ordinary Share on 11 October 2016, being the last practicable date prior to the announcement of the Placing and proposed Open Offer.
The Open Offer Shares and the Placing Shares will together represent approximately 6.1 percent of the Enlarged Share Capital (assuming full take up of the Open Offer Shares under the Open Offer).
The Placing and Open Offer is expected to raise total gross proceeds of approximately GBP5.25 million, should the Open Offer be fully subscribed. The terms of the Open Offer are described in the Circular and the Directors currently believe that the funds raised as a result will be sufficient to take the Group to the stage where it is generating net positive cash from continuing operations.
Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request further Open Offer Shares through the Excess Application Facility further described in the Circular. Admission of the Open Offer Shares is expected to take place on 1 November 2016.
In order to maximise the number of Open Offer Shares available under the Open Offer to Qualifying Shareholders, the Directors have confirmed that they and their affiliates will not take up any Ordinary Shares which may have been offered to them as part of the Open Offer and will not subscribe for any Open Offer Shares. The Open Offer Entitlements which could otherwise have been available to the Directors and their affiliates under the Open Offer will be made available to Qualifying Shareholders under the Excess Application Facility.
Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the Circular.
The Open Offer is conditional upon:
(i) the Placing and Open Offer Agreement being unconditional in all respects and not having been terminated in accordance with its terms; and
(ii) the admission of the Open Offer Shares becoming effective by not later than 8.00 a.m. on 1 November 2016.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Record Date for Open Offer 6.00 p.m. on 13 October 2016 Announcement of the Open Offer 7.00 a.m. on 14 October 2016 Publication and posting of the 14 October 2016 Circular and Application Form Existing Ordinary Shares marked 8.00 a.m. on 'ex' by London Stock Exchange 14 October 2016 Open Offer Entitlements and Excess as soon as practicable CREST Open Offer Entitlements credited after 8.00 a.m. to stock accounts in CREST of Qualifying on 17 October CREST Shareholders 2016 Expected time and date First Admission 18 October 2016 effective and dealings in Placing Shares commence on AIM Expected date for CREST accounts 18 October 2016 credited in respect of Placing Shares Recommended latest time for requesting 4.30 p.m. on withdrawal of Open Offer Entitlements 24 October 2016 and Excess CREST Open Offer Entitlements from CREST Latest time for depositing Open 3.00 p.m. on Offer Entitlements and Excess CREST 25 October 2016 Open Offer Entitlements into CREST Latest time for splitting Application 3.00 p.m. on Forms (to satisfy bona fide market 26 October 2016 claims only) Latest time and date for receipt 11.00 a.m. on of completed Application Forms 28 October 2016 and payment in full under the Open Offer and settlement of relevant CREST instructions (as appropriate) Expected date of announcement of 31 October 2016 the results of the Open Offer Share certificates dispatched for 1 November 2016 the Placing Shares by Expected time and date Second Admission 1 November 2016 effective and dealings in Open Offer Shares commence on AIM CREST accounts credited in respect 1 November 2016 of Open Offer Shares Share certificates dispatched for 15 November 2016 the Open Offer Shares by
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEMJBPTMBTBBJF
(END) Dow Jones Newswires
October 14, 2016 02:00 ET (06:00 GMT)
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