TIDMQFI
RNS Number : 3831M
Quadrise Fuels International PLC
12 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INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR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, SOUTH AFRICA OR ANY JURISDICTION IN WHICH
SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
12 October 2016
Quadrise Fuels International plc
("Quadrise", "QFI", the "Company" and together with its
subsidiaries the "Group")
Results of Placing
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 is pleased to announce the results of the Placing
announced earlier today, with a total of 42,500,000 Placing Shares
successfully placed with institutional and other investors at a
price of 10 pence per Placing Share, raising gross proceeds of
GBP4.25 million.
The Placing Shares, which include 5,500,000 New Ordinary Shares
being subscribed for directly with the Company, will represent
approximately 5.3 per cent. of the Existing Ordinary Shares and
approximately 5.0 per cent. of the Company's enlarged issued
ordinary share capital immediately following Admission, as enlarged
by the Placing.
Application will be made to the London Stock Exchange plc for
the Placing Shares, which rank pari passu with the Company's
Existing Ordinary Shares, to be admitted to trading on AIM.
Dealings are expected to commence at 8.00 a.m. on 18 October
2016.
Defined terms used in this announcement not otherwise defined
shall have the same meaning as those terms defined and used in the
"Proposed Placing and Proposed Open Offer" Announcement released by
the Company earlier today.
Directors' participation
The directors of the Company (the "Quadrise Directors") have, in
aggregate, subscribed for a total of 2,000,000 Placing Shares in
the Placing. The participation of each of the Quadrise Directors in
the Placing is detailed below.
Beneficial interest Beneficial
in ordinary shares interest in
prior to the ordinary shares
Placing following the
Placing
------------------ --------------------------- ------------ -----------------------------
Number % of issued Number % of enlarged
of ordinary ordinary of ordinary issued
shares share Number shares ordinary
capital of Placing share
Director Shares capital
------------------ ------------- ------------ ------------ ------------- --------------
Mike Kirk 0 0.00% 500,000 500,000 0.06%
Hemant Thanawala 27,710,553 3.42% 550,000 28,260,553 3.32%
Jason Miles 2,880,633 0.36% 300,000 3,180,633 0.37%
Ian Duckels 3,877,766 0.48% 250,000 4,127,766 0.48%
Philip Snaith 0 0.00% 150,000 150,000 0.02%
Laurie Mutch 0 0.00% 150,000 150,000 0.02%
Dilip Shah 0 0.00% 100,000 100,000 0.01%
------------------ ------------- ------------ ------------ ------------- --------------
Total Voting Rights
Following the issue of the Placing Shares, the Company will have
852,085,162 ordinary shares of 1p each in issue ("Ordinary
Shares"). No Ordinary Shares are held in treasury. The figure of
852,085,162 may be used by the Company's shareholders
("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.
Proposed Open Offer
As announced earlier today, the Company intends to make a
non-underwritten Open Offer to raise up to, approximately, a
further GBP1.0 million in order to enable existing Qualifying
Shareholders of the Company to be able to participate in the
fundraising.
Full details of the non-underwritten Open Offer, to be
undertaken at the Placing Price of 10 pence per share, will be
included in a circular to be posted to Shareholders shortly (the
"Circular"). In order to maximise the number of Open Offer Shares
available to Qualifying Shareholders, each of the Quadrise
Directors have confirmed that they will not to take up their
entitlements under the Open Offer.
A further announcement in respect of the Open Offer and
availability of the Circular is expected to be made on or around 14
October 2016.
Mike Kirk, Executive Chairman of Quadrise, commented:
"The Company would like to thank existing Quadrise shareholders
for their continued support and is delighted to welcome new
investors who have participated in the placing. The strong support
for Quadrise is evidence of investor endorsement in the business
and corporate strategy. After a successful year in 2016, we are now
looking forward to utilising the net proceeds of the Placing to
support our planned transition into commercial operations in 2017.
As previously announced, we will also be providing existing
Qualifying Shareholders of Quadrise with the opportunity to
participate in an open offer, at the Issue Price."
Special note concerning the Market Abuse Regulation
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.
The notifications below, made in accordance with the
requirements of the Market Abuse Regulation, provide further detail
in relation to the Directors' participation in the Placing.
Other information
Peel Hunt is acting solely as broker and Smith & Williamson
is acting as nominated adviser exclusively for the Company and no
one else in connection with the Placing and Open Offer and neither
Peel Hunt nor Smith & Williamson will regard any other person
(whether or not a recipient of this announcement) as its client in
relation to the Placing and Open Offer nor will it be responsible
to anyone other than the Company for providing the protections
afforded to its clients or for providing advice in relation to the
Placing and Open Offer. Apart from the responsibilities and
liabilities, if any, which may be imposed on Peel Hunt or Smith
& Williamson by FSMA or the regulatory regime established
thereunder, neither Peel Hunt nor Smith & Williamson accepts
any responsibility whatsoever, and makes no representation or
warranty, express or implied, for the contents of this announcement
including its accuracy, completeness or verification or for any
other statement made or purported to be made by it, or on behalf of
it, the Company or any other person, in connection with the Company
and the contents of this announcement respect, whether as to the
past or the future. Peel Hunt and Smith & Williamson
accordingly disclaim all and any liability whatsoever, whether
arising in tort, contract or otherwise (save as referred to above),
which it might otherwise have in respect of the Placing and Open
Offer or contents of this announcement or any such statement.
No person has been authorised to give any information or to make
any representations other than those contained in this announcement
and, if given or made, such information or representations must not
be relied on as having been authorised by the Company, Smith &
Williamson, Peel Hunt or any of their respective directors,
officers, employees or agents. Neither the delivery of this
announcement nor any subscription or acquisition made under it
shall, in any circumstances, create any implication that there has
been no change in the affairs of the Company since the date of this
announcement or that the information in it is correct as of any
subsequent date.
This announcement is for information only and does not
constitute or form part of any offer or invitation to issue,
acquire or dispose of any securities or investment advice in any
jurisdiction.
Contacts
For further information, please 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
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 Mike 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 -
---- -------------------------------- --------------------------------
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 Ordinary shares of 1p
instrument, type of each
instrument
---- -------------------------------- --------------------------------
Identification code GB00B11DDB67
---- -------------------------------- --------------------------------
b) Nature of the transaction Purchase of ordinary
shares
---- -------------------------------- --------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- --------------- ---------------
GBP0.10 500,000
----------------------------------------------------- ---------------
d) Aggregated information N/A (single transaction)
---- -------------------------------- --------------------------------
Aggregated volume
------------------------------------------------- --------------------
Price
------------------------------------------------- --------------------
e) Date of the transaction 12 October 2016
---- -------------------------------- --------------------------------
f) Place of the transaction Outside of a trading
venue
---- -------------------------------- --------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name 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 -
---- -------------------------------- --------------------------------
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 Ordinary shares of 1p
instrument, type of each
instrument
---- -------------------------------- --------------------------------
Identification code GB00B11DDB67
---- -------------------------------- --------------------------------
b) Nature of the transaction Purchase of ordinary
shares
---- -------------------------------- --------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- --------------- ---------------
GBP0.10 550,000
----------------------------------------------------- ---------------
d) Aggregated information N/A (single transaction)
---- -------------------------------- --------------------------------
Aggregated volume
------------------------------------------------- --------------------
Price
------------------------------------------------- --------------------
e) Date of the transaction 12 October 2016
---- -------------------------------- --------------------------------
f) Place of the transaction Outside of a trading
venue
---- -------------------------------- --------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name 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 -
---- -------------------------------- --------------------------------
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 Ordinary shares of 1p
instrument, type of each
instrument
---- -------------------------------- --------------------------------
Identification code GB00B11DDB67
---- -------------------------------- --------------------------------
b) Nature of the transaction Purchase of ordinary
shares
---- -------------------------------- --------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- --------------- ---------------
GBP0.10 300,000
----------------------------------------------------- ---------------
d) Aggregated information N/A (single transaction)
---- -------------------------------- --------------------------------
Aggregated volume
------------------------------------------------- --------------------
Price
------------------------------------------------- --------------------
e) Date of the transaction 12 October 2016
---- -------------------------------- --------------------------------
f) Place of the transaction Outside of a trading
venue
---- -------------------------------- --------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name 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 -
---- -------------------------------- --------------------------------
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 Ordinary shares of 1p
instrument, type of each
instrument
---- -------------------------------- --------------------------------
Identification code GB00B11DDB67
---- -------------------------------- --------------------------------
b) Nature of the transaction Purchase of ordinary
shares
---- -------------------------------- --------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- --------------- ---------------
GBP0.10 150,000
----------------------------------------------------- ---------------
d) Aggregated information N/A (single transaction)
---- -------------------------------- --------------------------------
Aggregated volume
------------------------------------------------- --------------------
Price
------------------------------------------------- --------------------
e) Date of the transaction 12 October 2016
---- -------------------------------- --------------------------------
f) Place of the transaction Outside of a trading
venue
---- -------------------------------- --------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name Laurie 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 -
---- -------------------------------- --------------------------------
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 Ordinary shares of 1p
instrument, type of each
instrument
---- -------------------------------- --------------------------------
Identification code GB00B11DDB67
---- -------------------------------- --------------------------------
b) Nature of the transaction Purchase of ordinary
shares
---- -------------------------------- --------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- --------------- ---------------
GBP0.10 150,000
----------------------------------------------------- ---------------
d) Aggregated information N/A (single transaction)
---- -------------------------------- --------------------------------
Aggregated volume
------------------------------------------------- --------------------
Price
------------------------------------------------- --------------------
e) Date of the transaction 12 October 2016
---- -------------------------------- --------------------------------
f) Place of the transaction Outside of a trading
venue
---- -------------------------------- --------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name Ian Duckels
---- -------------------------------- --------------------------------
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 -
---- -------------------------------- --------------------------------
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 Ordinary shares of 1p
instrument, type of each
instrument
---- -------------------------------- --------------------------------
Identification code GB00B11DDB67
---- -------------------------------- --------------------------------
b) Nature of the transaction Purchase of ordinary
shares
---- -------------------------------- --------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- --------------- ---------------
GBP0.10 250,000
----------------------------------------------------- ---------------
d) Aggregated information N/A (single transaction)
---- -------------------------------- --------------------------------
Aggregated volume
------------------------------------------------- --------------------
Price
------------------------------------------------- --------------------
e) Date of the transaction 12 October 2016
---- -------------------------------- --------------------------------
f) Place of the transaction Outside of a trading
venue
---- -------------------------------- --------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ------------------------------------------------------------------
a) Name 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 -
---- -------------------------------- --------------------------------
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 Ordinary shares of 1p
instrument, type of each
instrument
---- -------------------------------- --------------------------------
Identification code GB00B11DDB67
---- -------------------------------- --------------------------------
b) Nature of the transaction Purchase of ordinary
shares
---- -------------------------------- --------------------------------
c) Price(s) and volumes(s) Price(s) Volume(s)
---- -------------------------------- --------------- ---------------
GBP0.10 100,000
----------------------------------------------------- ---------------
d) Aggregated information N/A (single transaction)
---- -------------------------------- --------------------------------
Aggregated volume
------------------------------------------------- --------------------
Price
------------------------------------------------- --------------------
e) Date of the transaction 12 October 2016
---- -------------------------------- --------------------------------
f) Place of the transaction Outside of a trading
venue
---- -------------------------------- --------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
ROIGGGCCUUPQGWP
(END) Dow Jones Newswires
October 12, 2016 09:46 ET (13:46 GMT)
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