Business
First Day of Dealings on AIM
First Day of Dealings on AIM.
About this update from Bow Street Group Plc.
[{"type":"text","content":"\n Tasty PLC\n04 July 2006\n\n\nThis announcement replaces announcement RNS 6063F released at 7.01 a.m. this\nmorning. An amendment has been made to paragraph 7 of this announcement changing\nthe turnover figure from £2,016million to £2.016 million.\n\n\n\n Tasty plc\n \n \n ('Tasty' or 'the Group')\n \n \n First Day of Dealings on the Alternative Investment Market\n\n\nTasty plc is pleased to announce its flotation on the Alternative Investment\nMarket ('AIM') under the ticker symbol 'TAST'. Tasty's shares have been admitted\nto trading on AIM today, following a Placing at 52p per share that values the\nentire issued share capital of Tasty at approximately £11.75 million.\n\n\nIn the Placing, Tasty has raised approximately £1.75 million (gross) by way of a\nplacing of new ordinary shares which, together with the Group's existing banking\nfacilities and net cashflow, will be principally used to enable the Group to\nproceed with its expansion strategy with a view to opening at least six further\nrestaurants by December 2007. It is also the Group's intention to use the\nproceeds to set up a new central kitchen facility.\n\n\n\nHighlights\n\n\nEstablished in 1993, Tasty operates three restaurants which are based in\nHampstead, Highgate and Charlotte Street, London, under the 'dim t' format. The\nrestaurants principally serve dim sum and other oriental food including Chinese,\nThai and Vietnamese cuisine.\n\n\nThe Group's restaurants are in a modern, oriental style which combines a\ncontemporary ambience with a comfortable environment. The menu offers a variety\nof dim sum dishes as well as a range of other oriental foods. Average spend per\nhead is approximately £12.\n\n\nThe directors believe that there is significant opportunity in the casual dining\nmarket, following Admission, Tasty intends to expand its estate through the\ncontinued growth of the 'dim t' concept. The Directors have the infrastructure\nin place to support a significantly larger business. Leases have already been\nagreed for three additional sites in Tunbridge Wells (July), Gloucester Road\n(October) and Loughton (late 2006) and it is the intention to open at least six\nfurther restaurants over the next 18 months.\n\n\nTasty's directors have extensive management experience and expertise in the fast\ngrowing casual dining market and in successfully rolling o...