Business
Placing and trading update
Placing and trading update.
About this update from Bow Street Group Plc.
[{"type":"text","content":"\n RNS Number : 2856N Tasty PLC 09 June 2010 \n \n\n \n \nTasty Plc (\"Tasty\" or the \"Company\")\n \nPlacing and Trading Update\n \nThe Company is pleased to announce a placing to raise £2.0million and an update on trading for the year to date.\n \nThe Placing\n \nThe 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. \n \nThe net proceeds from the Placing will be used by the Company to fund the continued expansion of restaurants within the Company.\n \nAs part of the Placing certain Directors of the Company have subscribed for New Shares as set out below:\n \n\n\n\n\nName\n\n\nTitle\n\n\nNo. of New Shares subscribed for under the Placing\n\n\nShareholding following completion of the Placing\n\n\n% shareholding post Placing\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nKeith Lassman\n\n\nChairman\n\n\n50,000\n\n\n69,320\n\n\n0.14%\n\n\n\n\nJonny Plant\n\n\nChief Executive \n\n\n250,000\n\n\n3,676,346\n\n\n7.69%\n\n\n\n\nSamuel Kaye\n\n\nExecutive Director\n\n\n2,075,000\n\n\n8,827,207\n\n\n18.45%\n\n\n\n\nAdam Kaye\n\n\nNon-Executive Director\n\n\n625,000\n\n\n7,377,207\n\n\n15.42%\n\n\n\n\n \nFurther 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.\n \nApplication will be made for the New Shares to be admitted to trading on AIM and dealings are expected to commence on 15 June 2010.\n \nTrading Update\n \nThe 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 tr...