Tasty Raises GBP2M Via Placing, Sees 1Q Trading Profitable

LONDON (Dow Jones)--Tasty Plc (TAST.LN), a restaurant operator, announced Wednesday a placing to raise GBP2.0 million, with first quarter trading expected to be profitable. MAIN FACTS: -The company indicated that the first quarter trading had improved year on year and that the company expected to report a profitable first quarter in 2010. -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. -The Company also announced that it has raised GBP2.0 million, before expenses, through a placing of 10,000,000 new ordinary shares of 10 pence each at a price of 20 pence per share. -The Placing Price represents a discount of 7% to the closing middle market price of the company on June 8. -The net proceeds from the Placing will be used by the Company to fund the continued expansion of restaurants within the Company. -Shares closed Tuesday at 21.50 pence. -By Zechariah Hemans, Dow Jones Newswires; 44-20-7842-9411; zechariah.hemans@dowjones.com (END) Dow Jones Newswires June 09, 2010 02:22 ET (06:22 GMT)