TIDMTAST
RNS Number : 2953Q
Tasty PLC
11 October 2013
Tasty Plc ("Tasty" or the "Company")
Placing and Director/PDMR Shareholdings
The Company is pleased to announce a placing to raise
GBP2.5million. Further the Company also today announces changes to
certain Directors interests in the ordinary shares of 10 pence each
("Ordinary Shares") and incentive arrangements in the Ordinary
Shares.
The Placing
The Company today announces that it has raised GBP2.5million,
before expenses, through a placing of 2,500,000 new Ordinary Shares
("New Shares") at a price of 100 pence per share (the "Placing
Price") (the "Placing"). The Placing Price represents a discount of
4 per cent. to the closing middle market price of the Company on 10
October 2013 (being the latest practicable date prior to this
announcement). The New Shares represent approximately 5.22 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.
The net proceeds from the Placing will be used by the Company to
fund the continued expansion of restaurants within the Company.
As part of the Placing certain Directors of the Company have
subscribed for New Shares at the Placing Price as set out
below:
Name Title No. of New Shares subscribed
for under the Placing
Samuel Kaye Joint Chief Executive 150,000
Adam Kaye Non-Executive Director 150,000
Keith Lassman, Chairman of the Company, has also subscribed for
10,000 Ordinary Shares at the Placing Price.
The directors of the Company (excluding Samuel Kaye and Adam
Kaye), having consulted the Company's nominated adviser, consider
the subscription for New Shares by Samuel Kaye and Adam Kaye to be
fair and reasonable insofar as the Company's shareholders are
concerned.
Application will be made for 2,510,000 Ordinary Shares, being
issued as part of the Placing and subscription, to be admitted to
trading on AIM and dealings are expected to commence on 18 October
2013.
Director Exercise of Options
Each of the directors of the Company ("the "Directors") has
informed the Company that they intend to shortly exercise options
granted under the Company's share option plan for approved awards
and also as unapproved options. The performance conditions attached
to these options have been met in full.
In order to settle exercise costs and tax liabilities on
exercise, the Directors will sell, in total, 1,463,672 Ordinary
Shares at a price of 100 pence per shares ("Directors Sale").
Details of exercise and sales are set out below:
Name Title No. of options No. of Ordinary No. of Ordinary
exercised Shares sold following Shares retained
the exercise following the
of options exercise of
options
Joint Chief
Jonny Plant Executive 1,029,922 511,391 518,531
Joint Chief
Samuel Kaye Executive 500,000 332,230 167,770
Non-Executive
Director 500,000 332,230 167,770
Keith Lassman Chairman 219,230 163,910 55,320
In addition to the above, another option holder will exercise
options over 240,000 Ordinary Share.
Application will be made for 2,489,152 new Ordinary Shares to be
issued following the exercise of options to be admitted to trading
on AIM and dealings are expected to commence on 17 October
2013.
New Options
The Remuneration Committee of the Company has committed to grant
new options over Ordinary Shares to certain Directors related to
new performance targets ("New Options"). The details of these
grants are set out below:
Name Title No. of New Options Exercise price of the
Granted New Options
Jonny Plant Joint Chief Executive 500,000 100 pence
Samuel Kaye Joint Chief Executive 500,000 100 pence
Adam Kaye Non-Executive 500,000 100 pence
Director
The options will be exercisable subject to the share price of
the Company having an average closing mid-market price of GBP1.50
for fifteen (15) consecutive trading days.
The board of the Company is exploring a number of option or
option equivalent incentive schemes under which to grant the above
New Options.
Director/PDMR Shareholdings
Following the Placing, the Directors Sale and the grant of New
Options the Directors will be interested in the following number of
Ordinary Shares in the Company:
Name Title No. Ordinary % of the issued Total number of
Shares share capital options over Ordinary
of the Company Shares held following
as enlarged by exercise and grant
the Placing and of New Options
the exercise
of options
Jonny Plant Joint Chief Executive 4,194,877 7.93% 500,000
Samuel Kaye Joint Chief Executive 9,690,240 18.31% 500,000
Non-Executive
Adam Kaye Director 7,940,238 15.00% 500,000
Keith Lassman Chairman 134,640 0.25% 0
Total Voting Rights
In accordance with the FSA's Disclosure and Transparency Rules,
the Company wishes to notify the market that following the Placing
and the exercise of options the Company's issued share capital will
consist of 52,927,101 ordinary shares of 10 pence each ("Ordinary
Shares"), all with voting rights. No shares were held in treasury
at the date of this announcement. The total number of current
voting rights in the Company is therefore 52,927,101.
The above figure (52,927,101 Ordinary Shares) may be used by
shareholders as the denominator for the calculation by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the Company.
11 October 2013
Enquiries
Tasty plc
Jonny Plant Tel: 020 7637 1166
Cenkos Securities plc
Bobbie Hilliam Tel: 020 7071 4300
NOMAD and Broker
This information is provided by RNS
The company news service from the London Stock Exchange
END
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