Result of Placing and Subscription
Company raises £4.53m through oversubscribed placing and subscription at 3p per share.
- Gross proceeds from Placing and Subscription £4.53m
- Placing Shares issued 150,000,000
- Subscription Shares issued 1,000,000
- Issue Price 3 pence per share
- Additional funds targeted from Retail Offer up to £1m
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Quadrise Plc (AIM: QED), the supplier of innovative energy solutions for a cleaner planet, is pleased to announce the successful results of the Placing and Subscription announced on 23 January 2025 (the "Launch Announcement").
The Company has conditionally raised £4.50 million pursuant to the upsized and oversubscribed Placing of 150,000,000 Placing Shares and £0.03 million through a direct subscription by certain Directors of the Company for 1,000,000 Subscription Shares, in each case at the Issue Price of 3 pence per new Ordinary Share.
The gross proceeds of the Placing and Subscription are expected to be supplemented by additional gross proceeds of up to £1 million to be raised pursuant to the Retail Offer at the Issue Price, although the amount to be raised pursuant to the Retail Offer may be appropriately increased with additional demand.
The Placing Shares and the Subscription Shares will be issued and allotted under the Company's existing authorities obtained at the Company's last annual general meeting held on 22 November 2024.
A separate announcement will be made shortly by the Company in relation to the Retail Offer and with its terms. For the avoidance of doubt, the Retail Offer is not part of the Placing and the Subscription.
Director/PDMR Placing and Subscription participation
The following Directors and PDMRs of the Company have participated in the Placing and Subscription as follows:
| Director/PDMR | Number of Existing Ordinary Shares | Number of Placing Shares subscribed for | Number of Subscription Shares subscribed for | Number of Ordinary Shares held on First Admission |
|---|---|---|---|---|
| Andy Morrison | 4,100,000 | 500,000 | - | 4,600,000 |
| Jason Miles | 5,594,236 | 500,000 | - | 6,094,236 |
| Laurie Mutch | 912,789 | - | 166,667 | 1,079,456 |
| Vicky Boiten-Lee | 800,000 | - | 833,333 | 1,633,333 |
| Phil Hill | 200,464 | 116,666 | - | 317,130 |
The notifications below, made in accordance with the requirements of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and as modified by or under the European Union (Withdrawal) Act 2018 or other domestic law, provide further detail.
Admission and dealings
Application will be made to the London Stock Exchange for the Placing Shares and the Subscription Shares to be admitted to trading on AIM ("First Admission"). A separate application will be made for the Retail Offer Shares to be admitted to trading on AIM following the closing of the Retail Offer ("Second Admission").
First Admission is expected to take place on or around 8.00 a.m. on 31 January 2025 (or such later date as may be agreed between the Bookrunners, Cavendish and the Company being no later than 8.00 a.m. GMT on 28 February 2025).
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | 1. Andy Morrison 2. Jason Miles 3. Laurie Mutch 4. Vicky Boiten-Lee 5. Phil Hill |
| 2 | Reason for notification | |
| a) | Position/Status | 1. Non-Executive Chairman 2. Chief Executive Officer 3. Non-Executive Director 4. Non-Executive Director 5. Chief Operating Officer |
| b) | Initial notification/amendment | Initial notification |
| a) | Name | Quadrise plc |
| b) | LEI | 213800HN2ETG5476U328 |
| a) | Description of the financial instrument, type of instrument and identification code | Ordinary shares of 1 pence each ISIN: GB00BM9CLS53 |
| b) | Nature of transaction | Subscription for Placing Shares or Subscription Shares |
| c) | Price(s) and volume(s) | Price(s) Volume(s) £0.03 £0.03 £0.03 £0.03 £0.03 500,000 500,000 166,667 833,333 116,666 |
| d) | Aggregated information | n/a |
| e) | Date of transaction | 31 January 2025 |
| f) | Place of transaction | Outside of a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.