Tasty PLC
04 July 2006
This announcement replaces announcement RNS 6063F released at 7.01 a.m. this
morning. An amendment has been made to paragraph 7 of this announcement changing
the turnover figure from £2,016million to £2.016 million.
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 Investment
Market ('AIM') under the ticker symbol 'TAST'. Tasty's shares have been admitted
to trading on AIM today, following a Placing at 52p per share that values the
entire issued share capital of Tasty at approximately £11.75 million.
In the Placing, Tasty has raised approximately £1.75 million (gross) by way of a
placing of new ordinary shares which, together with the Group's existing banking
facilities and net cashflow, will be principally used to enable the Group to
proceed with its expansion strategy with a view to opening at least six further
restaurants by December 2007. It is also the Group's intention to use the
proceeds to set up a new central kitchen facility.
Highlights
Established in 1993, Tasty operates three restaurants which are based in
Hampstead, Highgate and Charlotte Street, London, under the 'dim t' format. The
restaurants 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 a
contemporary ambience with a comfortable environment. The menu offers a variety
of dim sum dishes as well as a range of other oriental foods. Average spend per
head is approximately £12.
The directors believe that there is significant opportunity in the casual dining
market, following Admission, Tasty intends to expand its estate through the
continued growth of the 'dim t' concept. The Directors have the infrastructure
in place to support a significantly larger business. Leases have already been
agreed for three additional sites in Tunbridge Wells (July), Gloucester Road
(October) and Loughton (late 2006) and it is the intention to open at least six
further restaurants over the next 18 months.
Tasty's directors have extensive management experience and expertise in the fast
growing casual dining market and in successfully rolling out restaurant brands
such as ASK and Zizzi.
Tasty has achieved strong growth in both sales and profit since its inception in
2003. In the 12 months ended December 2005, Tasty generated turnover of £2.016
million, 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 terms
of eating out and dim t provides a genuinely different, ethnic dining experience
and an alternative to existing restaurant concepts for our customers. We are now
well positioned with the funding in place to expand the Group taking dim t to a
variety of new locations.'
Sam Kaye, Executive Director of Tasty plc said:
'We are delighted that the Placing has been so well received. The Directors are
confident that there is still significant opportunity for restaurants offering
quality food, value for money and excellent service. We look forward to
expanding the Group further and delivering value to shareholders going forward.'
4 July 2006
Enquiries
Tasty plc
Sam Kaye, Executive Director
Jonny Plant, Chief Executive
Evolution 020 7071 4300
Tom Price
Bobbie Hilliam
College Hill 020 7457 2020
Justine Warren
Jamie Ramsay
This information is provided by RNS
The company news service from the London Stock Exchange