Results of Open Offer
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Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a cleaner planet, announces the results of its Open Offer. The Open Offer to Qualifying Shareholders was announced by the Company on 18 March 2024 and closed for acceptances, in accordance with its terms, at 11.00 a.m. on 12 April 2024.
The Company is pleased to announce that the Open Offer was oversubscribed and that it has received valid acceptances and excess applications from Qualifying Shareholders for a total of 112,353,488 Open Offer Shares under the Open Offer, representing approximately 137 per cent. of the 82,235,727 Open Offer Shares available under the Open Offer. In accordance with the terms and conditions of the Open Offer all applications made pursuant to the Open Offer (other than Excess Shares applied for under the Excess Application Facility) have been met in full and a scaling back exercise has been undertaken in respect of applications for Excess Shares, with Excess Applications scaled back pro-rata to 44.766907% of the number of shares applied for.
As a result, and subject to Second Admission becoming effective, 82,235,727 Open Offer Shares will be issued in connection with the Open Offer, raising approximately £1 million (before expenses) for the Company at an Issue Price of 1.25 pence per Open Offer Share. As a consequence, the Placing and the Subscription announced on 18 March 2024 and the Open Offer will have raised, at the Issue Price, approximately £2.5 million (before expenses) for the Company.
Capitalised terms used but not otherwise defined in this announcement bear the meanings ascribed to them in the circular posted to shareholders on 19 March 2024.
Director and PDMR participation in the Open Offer
The following Director and PDMRs of the Company have participated in the Open Offer, as follows:
| Director/PDMR | Number of Existing Ordinary Shares | Number of Open Offer Shares subscribed for | Number of Ordinary Shares held on Second Admission |
|---|---|---|---|
| Laurie Mutch | 800,000 | 112,789 | 912,789 |
| Philip Hill | 160,000 | 40,464 | 200,464 |
| David Scott | 110,309 | 39,019 | 149,328 |
Admission and dealings
The Open Offer Shares 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, including the right to receive all dividends and other distributions declared, made or paid after the date of Second Admission. 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 Second Admission are expected to take place on or around 8.00 a.m. on 16 April 2024.
Total voting rights
Following Second Admission, the Company will have a total of 1,764,714,550 Ordinary Shares in issue, with no Ordinary Shares held in treasury. Therefore, following Second Admission, this figure may be used by shareholders of the Company 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 ("FCA").
Commenting on the results, Andy Morrison, Chairman of Quadrise, said:
"This is an excellent Open Offer result. An acceptance rate of approximately 70% of basic shareholder entitlements is an indication of the high level of engagement and confidence that our shareholders have in our unique decarbonisation solutions. The Company is now well positioned to execute its projects and directors and management extend our thanks to shareholders for their ongoing support."
| a) | Name | 1. Laurie Mutch 2. Philip Hill 3. David Scott | |
| 2 | Reason for the notification | ||
| a) | Position/status | 1. Non-Executive Director 2. Chief Operating Officer 3. Chief Financial Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| a) | Name | Quadrise plc | |
| b) | LEI | 213800HN2ETG5476U328 | |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1p each | |
| Identification code | GB00B11DDB67 | ||
| b) | Nature of the transaction | Purchase of Ordinary Shares pursuant to Open Offer | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| 1. 1,25 pence 2. 1.25 pence 3. 1.25 pence | 1. 112,789 2. 40,464 3. 39,019 | ||
| d) | Aggregated information | N/A (single transactions) | |
| Aggregated volume | N/A (single transactions) | ||
| Price | N/A (single transactions) | ||
| e) | Date of the transaction | 12 April 2024 | |
| f) | Place of the transaction | Outside of a trading venue |
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