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24 Sep 2008 12:00
RNS Number : 1919E
Tasty PLC
24 September 2008
Tasty Plc (“Tasty” or the “Company”)
Placing
The Company announces today that it has raised £2.0 million, before expenses, through a placing of 6,666,666 new ordinary shares of 10 pence each ("New Shares") at a price of 30 pence per share (the "Placing Price") ("the Placing"). The Placing Price represents a discount of 19 per cent. to the closing middle market price of the Company on 9 September 2008 (being the date the interim results of the Company were announced) and 34 per cent. to the closing middle market price of the Company on 23 September 2008 (being the latest practicable date prior to this announcement). The New Shares represent approximately 21 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 will not be underwritten.
The net proceeds from the Placing will be used by the Company to fund the continued expansion of restaurants within the Company, specifically within the Italian themed ‘Wildwood’ brand.
The Company has been informed that Samuel Kaye, an Executive Director, and Adam Kaye, a Non-Executive Director, each purchased 233,333 New Shares in the Placing. Following this purchase, Samuel Kaye and Adam Kaye have a holding of 6,752,207 ordinary shares each, with each holding representing 17.85 per cent. of the Company's enlarged issued ordinary share capital.
The Company has also been informed that Jonathan Kaye, a substantial shareholder in the Company, has purchased 200,000 New Shares in the Placing. Following this purchase, Jonathan Kaye has a holding of 1,949,519 ordinary shares each, with a holding representing 5.15 per cent. of the Company's enlarged issued ordinary share capital.
Application will be made for the New Shares to be admitted to trading on AIM and dealings are expected to commence on 1 October 2008.
24 September 2008
Enquiries:
Tasty plc Tel: 020 7637 1166
Jonny Plant
Chief Executive Officer
Evolution Securities Tel: 020 7071 4300
Tom Price / Bobbie Hilliam
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