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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Quadrise has 'high degree of confidence' about securing equity funding

UK firm upbeat about clinching long-term financing.



Quadrise Fuels International logo on frosted glass at the company's London office. Image credit: Quadrise Fuels International


Updated on 24 Sep 2018 10:13 GMT

Quadrise Fuels International plc explained on Monday that it is positive about the prospect of securing long-term financing following the release of its annual results, in which the UK firm posted a loss of GBP 3.3m and saw its cash reserves diminish by 56 percent to GBP 2.2m.

In a statement, MSAR fuel producer Quadrise said: "We had, at the end of the period [June 30, 2018], cash resources of GBP 2.2 million which will enable continued development of the business into early 2019 with a number of initiatives, including equity funding, under consideration to provide longer term financing for the business.

"The directors have a high degree of confidence that sufficient progress can be demonstrated with business development opportunities to provide support for a potential fundraising and we will provide an update on our plans in due course."

The development follows Quadrise's appointment, earlier this month, of Stockdale Securities Ltd as joint corporate broker - a role that normally involves providing advice on market conditions and stock performance.

London-based Stockdale describes itself as an institutional stockbroking and corporate advisory firm focused on small- and mid-cap companies.

At the time of the release of its annual results on Monday, the value of Quadrise's stock - which has a 52-week trading range of 2.2-15.5 pence per share - had fallen to 2.8 pence from Friday's closing price of 3.0 pence; it later recovered back to 3.0 pence, before plummeting below 2.75 pence during morning trading.






Related Links:

Quadrise reports GBP 3.3m annual loss
Quadrise appoints Stockdale Securities as joint corporate broker
'Significant momentum' in scrubber orders improves economics for MSAR: Quadrise
Quadrise upbeat on developments in marine sector
United Kingdom

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