Placing and trading update

RNS Number : 2856N

Tasty PLC

09 June 2010

 



Tasty Plc ("Tasty" or the "Company")

Placing and Trading Update

The Company is pleased to announce a placing to raise £2.0million and an update on trading for the year to date.

The Placing

The Company today announces that it has raised £2.0million, before expenses, through a placing of 10,000,000 new ordinary shares of 10 pence each ("New Shares") at a price of 20 pence per share (the "Placing Price") ("the Placing"). The Placing Price represents a discount of 7 per cent. to the closing middle market price of the Company on 8 June 2010 (being the latest practicable date prior to this announcement). The New Shares will represent approximately 26.4 per cent. of the current issued share capital of the Company. The Placing is conditional upon admission of the New Shares to trading on AIM and is not underwritten.

The net proceeds from the Placing will be used by the Company to fund the continued expansion of restaurants within the Company.

As part of the Placing certain Directors of the Company have subscribed for New Shares as set out below:

Name	Title	No. of New Shares subscribed for under the Placing	Shareholding following completion of the Placing	% shareholding  post Placing
Keith Lassman	Chairman	50,000	69,320	0.14%
Jonny Plant	Chief Executive	250,000	3,676,346	7.69%
Samuel Kaye	Executive Director	2,075,000	8,827,207	18.45%
Adam Kaye	Non-Executive Director	625,000	7,377,207	15.42%

Further to the above, Philip Kaye, a major shareholder, has subscribed for 1,000,000 New Shares. Following this purchase Philip Kaye has a holding of 2,500,000 ordinary shares, representing 5.23 per cent. of the Company's issued ordinary share capital as enlarged by the Placing.

Application will be made for the New Shares to be admitted to trading on AIM and dealings are expected to commence on 15 June 2010.

Trading Update

The Company announced its preliminary results for the 52 weeks ended 27 December 2009 on 29 April 2010 at which time the Board indicated that the first quarter trading had improved year on year and that the Company expected to report a profitable first quarter in 2010.

Since the preliminary results announcement, the Company has exchanged contracts on a property in Chelmsford with a view to opening a new Wildwood restaurant in the second half of 2010. The Board has also committed to re-furbish an existing Dim-T in Gloucester Road, London into a Wildwood. Following these actions the Company will have twelve restaurants in operation - 7 Dim T and 5 Wildwood. The Board expect Wildwood to be the core brand for future expansion.  

The Board is pleased to report this positive trading has continued into the second quarter of 2010.

9 June 2010

Enquiries:

Tasty plc
Jonny Plant	020 7637 1166
Evolution Securities	020 7071 4300
Bobbie Hilliam

 

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