Business
Placing and Open Offer
Placing and Open Offer.
About this update from Quadrise Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 4947C Quadrise Fuels International PLC 08 March 2011 \n \n\nQuadrise Fuels International Plc\n(\"QFI\" or \"the Company\")\nPlacing and Open Offer of 85,816,534 new Ordinary Shares at 3.5 pence per share on the basis of 5 Offer Shares for every 32 Existing Ordinary Shares\n8 March 2011\nThe Company announces today that it proposes to raise approximately £3.0 million (before expenses) by way of a Placing and Open Offer, thereby allowing the Company's existing shareholders the opportunity to participate in the fundraising. \nThe terms of the Placing and Open Offer are described in a circular dated 8 March 2011, which is being posted to shareholders today. The net proceeds of the Placing and Open Offer are expected to be approximately £2.7 million and, as explained below, the directors believe that this will be sufficient to take the Group to the stage where it is generating net positive cashflow from continuing operations. Application will be made to the London Stock Exchange for the new ordinary shares subscribed in the Placing and Open Offer (\"Offer Shares\") to be admitted to trading on AIM (\"Admission\"). It is expected that Admission will become effective and that dealings will commence on 4 April 2011. The Placing and Open Offer are conditional, inter alia, upon Admission.\nExisting shareholders are being invited to apply for Offer Shares, pro rata to their existing shareholdings on the basis of 5 Offer Shares for every 32 existing Ordinary Shares held at the Record Date of 5pm on 3 March 2011, under the Open Offer at a price of 3.5 pence per Offer Share, payable in full on application and free of all expenses.\nThe Open Offer is subject to the satisfaction, amongst other matters, of the following conditions on or before 7 April 2011, or such later date (being not later than 30 April 2011), as the Company may decide:\n(i) the Placing Agreement being unconditional in all respects and not having been terminated in accordance with its terms; and\n(ii) Admission becoming effective.\nThe Offer Shares will, when issued and fully paid, rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of Admission.\nThe Open Offer has been structured so as to al...