Quadrise Fuels International plc (LON:QFI), the supplier of MSAR® and bioMSAR™ emulsion technology and fuels, which are low-cost, cleaner alternatives to heavy fuel oil, has announced 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.
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 OrdinaryShares | Total numberOpen OfferShares | 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. 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.
Mike Kirk, Chairman of Quadrise Fuels International plc, 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” .
