Business
Placing and Trading Update
Placing and Trading Update.
About this update from Bow Street Group Plc.
[{"type":"text","content":"\n Tasty PLC\n12 November 2007\n\n\n Tasty Plc ('Tasty' or the 'Company')\n\n Placing and Trading Update\n\n\nThe Company is pleased to announce a placing to raise £2.2 million and an update\non trading.\n\n\nThe Placing\n\nThe Company announces today that it intends to raise up to £2.2million, before\nexpenses, through a placing of 2,430,775 new ordinary shares of 10 pence each\n('New Shares') at a price of 90 pence per share (the 'Placing Price') ('the\nPlacing'). The Placing Price represents a discount of 11 per cent. to the\nclosing middle market price of the Company on 9 November 2007 (being the latest\npracticable date prior to this announcement). The New Shares will represent\napproximately 8.5 per cent. of the current issued share capital of the Company.\nThe Placing is conditional upon admission of the New Shares to trading on AIM\nand is not underwritten.\n\nThe net proceeds from the Placing will be used by the Company to fund the\ncontinued expansion of restaurants within the Company.\n\nThe Company has been informed that Samuel Kaye, an Executive Director, and Adam\nKaye, a Non-Executive Director, each purchased 111,111 New Shares in the\nPlacing. Following this purchase, Samuel Kaye and Adam Kaye have a holding of\n6,518,874 ordinary shares each, with each holding representing 20.9 per cent. of\nthe Company's enlarged issued ordinary share capital.\n\nApplication will be made for the New Shares to be admitted to trading on AIM and\ndealings are expected to commence on 19 November 2007.\n\n\nTrading Update\n\nThe Company announced its interim results on 28 September 2007 at which time the\nBoard indicated that it had eight restaurants with all locations performing in\nline with expectations, save for Nottingham. Since this date the Board has\nclosed the Nottingham restaurant which will lead to an exceptional write off and\nclosing cost during the current financial year. The Company has also refurbished\nsome of its existing restaurants which will be expensed during the current year.\nThe remaining seven restaurants continue to perform in line with management\nexpectations.\n\nThe expansion plans of the Company continue to be in line with expectations with\na further two restaurants expected to be operational before the year end and the\nrecently opened central kitchen in Park Royal providing capacity for\nconsidera...