Tasty Regulatory News (TAST)

4 Jul 2006 07:01

Tasty PLC04 July 2006 Tasty plc ("Tasty" or "the Group") First Day of Dealings on the Alternative Investment Market Tasty plc is pleased to announce its flotation on the Alternative InvestmentMarket ("AIM") under the ticker symbol "TAST". Tasty's shares have been admittedto trading on AIM today, following a Placing at 52p per share that values theentire issued share capital of Tasty at approximately £11.75 million. In the Placing, Tasty has raised approximately £1.75 million (gross) by way of aplacing of new ordinary shares which, together with the Group's existing bankingfacilities and net cashflow, will be principally used to enable the Group toproceed with its expansion strategy with a view to opening at least six furtherrestaurants by December 2007. It is also the Group's intention to use theproceeds to set up a new central kitchen facility. Highlights Established in 1993, Tasty operates three restaurants which are based inHampstead, Highgate and Charlotte Street, London, under the 'dim t' format. Therestaurants principally serve dim sum and other oriental food including Chinese,Thai and Vietnamese cuisine. The Group's restaurants are in a modern, oriental style which combines acontemporary ambience with a comfortable environment. The menu offers a varietyof dim sum dishes as well as a range of other oriental foods. Average spend perhead is approximately £12. The directors believe that there is significant opportunity in the casual diningmarket, following Admission, Tasty intends to expand its estate through thecontinued growth of the 'dim t' concept. The Directors have the infrastructurein place to support a significantly larger business. Leases have already beenagreed for three additional sites in Tunbridge Wells (July), Gloucester Road(October) and Loughton (late 2006) and it is the intention to open at least sixfurther restaurants over the next 18 months. Tasty's directors have extensive management experience and expertise in the fastgrowing casual dining market and in successfully rolling out restaurant brandssuch as ASK and Zizzi. Tasty has achieved strong growth in both sales and profit since its inception in2003. In the 12 months ended December 2005, Tasty generated turnover of £2,016million, gross profit of £950,000 and operating profit of £110,000. Evolution Securities is acting as Nominated Adviser and Broker to Tasty plc. Jonny Plant, Chief Executive of Tasty plc said: "Tasty has a unique trading format. People are increasingly adventurous in termsof eating out and dim t provides a genuinely different, ethnic dining experienceand an alternative to existing restaurant concepts for our customers. We are nowwell positioned with the funding in place to expand the Group taking dim t to avariety of new locations." Sam Kaye, Executive Director of Tasty plc said: "We are delighted that the Placing has been so well received. The Directors areconfident that there is still significant opportunity for restaurants offeringquality food, value for money and excellent service. We look forward toexpanding the Group further and delivering value to shareholders going forward." 4 July 2006 Enquiries Tasty plcSam Kaye, Executive DirectorJonny Plant, Chief Executive Evolution 020 7071 4300Tom PriceBobbie Hilliam College Hill 020 7457 2020Justine WarrenJamie Ramsay This information is provided by RNS The company news service from the London Stock Exchange