Quadrise announces placing results, launches open offer

Quadrise announced the results of its placing and the launch of an open offer to qualifying shareholders on Friday.

The AIM-traded company said it had raised a total of £1.1m through the placing, which involved the issue of 88 million shares at a price of 1.25p each.

It said the placing's gross proceeds were expected to be supplemented by up to £2.2m through the open offer.

The open offer will allow qualifying shareholders to subscribe to a total of 175,863,121 new shares at the same price of 1.25p apiece.

Quadrise said the allocation would be based on a ratio of one open offer share for every eight existing shares held on the record date.

Qualifying shareholders who take up their basic entitlements in full would also have the opportunity to apply for additional open offer shares through the excess application facility.

“The placing shares and 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,” the board said in its statement.

“Application has been made to the London Stock Exchange for the placing shares and open offer shares to be admitted to trading on AIM.”

At 1323 BST, shares in Quadrise were down 32.81% at 1.28p.

Reporting by Josh White for Sharecast.com.