Quadrise said open offer oversubscribed for total of 112.4 million new shares compared to the 82.2 million available. As a result, says a scaling back exercise has become effective, with all applications being met and excess applications scaled back pro-rata to 45% of the number of shares applied for. As a result, 82.2 million shares will be issued at 1.25 pence each, raising around £1.0 million under the open offer.
Chair Andy Morrison comments: 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.
Quadrise plc (LON:QED) is an energy technology provider whose solutions enable production of cheaper, cleaner, simpler and safer alternatives to fuel oil and biofuels, proven in real world applications. Quadrise technologies produce transition fuels called MSAR® and bioMSAR™, which allow clients in the shipping, utilities and industrial sectors to reduce carbon emissions whilst also saving costs.
