Proposed Placing of New Ordinary Shares and Open Offer
Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, today announces its intention to conduct a placing of up to 140 million new ordinary shares of £0.01 each in the capital of the Company ("New Ordinary Shares") (the "Placing Shares") at a price of 1.25 pence per Placing Share (the "Placing Price") to institutional and other investors to raise gross proceeds of not less than £1.0 million (the "Placing").
In addition, and in recognition of the continuing support from long-term shareholders, the Company also announces that it will be providing existing Qualifying Shareholders with the opportunity to participate in an open offer of New Ordinary Shares in the capital of the Company at the Placing Price to raise additional gross proceeds of up to a maximum of approximately £2.25 million (the "Open Offer"). The Open Offer will be launched on conclusion of the Placing and for such an amount as, together with the gross proceeds of the Placing, will see the Company raise gross proceeds of an aggregate of £3.25 million. The Placing Shares are not subject to clawback and will not be part of the Open Offer.
The total number of Placing Shares will not exceed 10 per cent. of the Company's existing ordinary share capital and no more than £1.75 million (gross) will be raised under the Placing.
The Placing will be conducted through an accelerated bookbuild (the "Bookbuild") which will be launched immediately following this Announcement. The Placing is subject to the terms and conditions set out in Appendix 1 to this Announcement.
Shore Capital Stockbrokers Limited ("Shore Capital") and VSA Capital Limited ("VSA Capital") (together, the "Bookrunners") are acting as joint bookrunners and placing agents in connection with the Placing. Cenkos Securities plc ("Cenkos") is acting as nominated adviser to the Company.
The Placing and Open Offer are conditional on, inter alia, (i) the Placing Agreement becoming unconditional in all respects in relation to the Placing and not having been terminated in accordance with its terms and (ii) Admission.
The Placing Shares and the Open Offer Shares will be issued and allotted under the Company's existing authorities obtained at the Company's last annual general meeting held on 25 November 2022.
Have I missed it? "Will be held in Q2 2023"
Due to an ongoing period of significant activity for the Company's management team, the investor conference call, usually held on the week of results, will be held in Q2 2023, when management will be able to provide a more detailed overview of activity to shareholders and interested parties. Details of this conference call will be provided in due course; shareholders with questions relating to this announcement are encouraged to send them to the Company's investor relations email address: ir@quadrise.com.
Hotfinance14 ....Hope your prediction is spot on
Morocco Update
Quadrise Plc (AIM:QED), the supplier of innovative energy solutions for a cleaner planet, provides an update on its fuel trial in Morocco following the announcement on 22 May 2023.
The previous demonstration test at the client's site in Morocco was paused after a mechanical component in the fuel delivery system failed progressively. The parties agreed to resume the trial once replacement parts could be sourced.
Quadrise is pleased to announce that the necessary parts and spares have been delivered to Morocco. Our personnel have installed the parts, re-tested the fuel delivery system and are ready to recommence the trial at the next available opportunity.
VINCE72 Well said 100% agree
Yes
BULP Thanks for publishing
BarkingCrazy....Very funny happy I can still smile
What are ther chances the team have replaced the broken part and the test is now up and running?
I smell a trade sale ..... And possitive news too try and get a funding underway.
Even if im wrong im so feedup, I have supported and given the BOD the benefit of doubt so manytimes.
Since ive been a SH Ive seen 4 chairmans, Numerous funding all with commercials just around the corner. Huge option grants...Whats it all for if the BOD cant deliver????
Broken promisses, No deadline achieved, No commercials. Money yet again running out.
Someone posted this week. 10 years of funding Nothing commercial to show for it...What do we get today another 1 year+ research project....This team cant deliver anything.....Please BOD please sell the business to a Major let someone with clout bring these projects to market...I need closeure
Had a auto reply from the email saying currently not in the office
Just sent the below email
Morning Jason & Andy
Please could you hold the promised delayed Investor call we deserve an update?
Just over 2 weeks since the last disappointing RNS with no update yet on what solution you have come up with, why are we still in the dark.
SP at 1p.
What do you want us all to do walk away or is it worth hanging around.
We have been promised commercial revenue. Deliver it.
If you cant urgently bring in a large trade partner, or sell the business as is.
We said it for year No Marketing , No Sales team, and now an production / test team that cant even plan property for the most important test in years.
NO way do I want to fund a hope for another 7-8 years on a maybe
Now is the time for everyone to move on
I forget the company losses to do £45,000,000 and nothing is commercial time to pass it on
Just sent to Andy and Jason
Jason
What terrible news to read this morning.
I’m utterly devastated that a project with such importance for the company’s future has failed. Clearly this will not help any imminent funding either.
With such importance being put on this and other projects please could I ask you to publish better and more informative news on when the item is being delivered and approximately when do you hope to restart. Are you purchasing other items in case anything else goes wrong or fails.
We still await the promised investor update call with Q & A is this happening now.
AKHM.... Thats an easy question to answer....
Because they have been so busy for months with all the projects they have had no time spare to do any contingency planning.....Plus they have been working hard on a company name/branding change, traveling to conferences, speeches.
It would be really silly to put all efforts just into make sure all the commercial project happen.
Lets give the BOD a few more million options....
Complete incompetence Just cant get anything done on time
If I was the CEO and the items is small?....If small
I would have collected it myself last week jumped on a plane and delivered it over the weekend.
What does the item has been procured? is it available or does it need to be made...Just more questions
Absolute disaster.
No idear when the test will restart. This needed to happen without any hiccups.
Normal wonderful contingency planning. Normal RNS with no idea when it will restart. Everyone just in the dark at such a crucial time.
Was this fated to happen? Projects that gets down the line then a disaster ( hitting a buoy ) happens.
This will really help the funding....
Dont know what to think
Im happy with the update.
QED needs to keep putting better news out to the market they will be doing a funding shortly.