TIDMTAST
RNS Number : 9791V
Tasty PLC
12 April 2019
Not for publication, distribution or release directly or
indirectly, in whole or in part, in or into the United States of
America, Canada, Australia, Japan, the Republic of Ireland, the
Republic of South Africa, New Zealand, Cayman Islands, Barbados,
Switzerland, the State of Kuwait or Singapore in or into any other
jurisdiction where offers or sales would be prohibited by
applicable law. This announcement is for information purposes only
and is not an offer to sell or a solicitation to buy securities in
Tasty plc or any other entity in any jurisdiction, including the
United States of America, Canada, Australia, Japan, the Republic of
Ireland, the Republic of South Africa, New Zealand, Cayman Islands,
Barbados, Switzerland, the State of Kuwait or Singapore.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the EU Market Abuse Regulation (596/2014). Upon the publication of
the announcement via a regulatory information service, this
information is considered to be in the public domain.
12 April 2019
Tasty plc
("Tasty" or the "Company")
Firm Placing and Open Offer to raise up to GBP3.25 million
Share capital reorganisation
Adoption of new articles of association
Authority to allot shares and waiver of pre-emption rights
and
Notice of General Meeting
Tasty (AIM: TAST), the owner and operator of 57 restaurants in
the casual dining sector, announces a conditional Firm Placing and
Open Offer to raise up to GBP3.25 million before expenses. The Firm
Placing has been undertaken with new and existing institutional
investors in the Company.
Highlights:
-- Proposed conditional Firm Placing to raise GBP3.0 million
through the issue of 75,000,000 Firm Placing Shares to new and
existing institutional and other investors at 4 pence per Firm
Placing Share
-- Proposed Open Offer to raise up to approximately GBP0.25
million through the issue of up to 6,294,262 Open Offer Shares to
Qualifying Shareholders at 4 pence per Open Offer Share
-- The net proceeds of the Transaction will be used to pay down
debt and for general working capital purposes
-- Transaction conditional on General Meeting to be held at 11.00 a.m. on 1 May 2019
Keith Lassman, Chairman of Tasty, said "This is an important
fundraise for Tasty as it will enable us to continue our strategic
plans with vigour. We are delighted with the level of investor
support for the Placing and we would like to thank our shareholders
for their continued support."
The Transaction is conditional, inter alia, upon Shareholder
approval at the General Meeting of the Company that is scheduled to
be held at the offices of the Company at 32 Charlotte Street,
London, W1T 2NQ, at 11.00 a.m. on 1 May 2019.
A Circular containing the Notice of the General Meeting to
approve, amongst other things, resolutions relating to the
allotment of the New Ordinary Shares, is expected to be published
by the Company and sent to Shareholders later today, together with
a Form of Proxy and, in the case of Qualifying Shareholders, the
Application Form. A copy of the Circular and Form of Proxy will be
available on the Company's website at
www.dimt.co.uk/investor-relations/profile/. Your attention is drawn
to the letter from the Chairman of the Company that is set out in
the Circular and which contains, amongst other things, the
Directors' unanimous recommendation that Shareholders vote in
favour of the Resolutions to be proposed at the General
Meeting.
Capitalised terms used in this announcement have the meanings
given to them in the Circular.
Enquiries:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities (Nominated advisor and broker) Tel: 020 7397 8900
Mark Connelly / Cameron MacRitchie
Important Notices
Cenkos Securities, which is authorised and regulated in the
United Kingdom by the FCA, is acting as nominated adviser and
broker to the Company and no-one else in connection with the Firm
Placing, the Open Offer and Admission. Cenkos Securities will not
be responsible to anyone other than the Company for providing the
regulatory and legal protections afforded to customers (as defined
in the rules of the FCA) of Cenkos Securities nor for providing
advice in relation to the contents of this announcement or any
matter, transaction or arrangement referred to in it. The
responsibilities of Cenkos Securities, as nominated adviser under
the AIM Rules for Nominated Advisers, are owed solely to London
Stock Exchange and are not owed to the Company or any director of
the Company or to any other person in respect of their decision to
subscribe for or purchase Firm Placing Shares or Open Offer
Shares.
Forward-looking statements
This announcement includes "forward-looking statements" which
include all statements other than statements of historical facts,
including, without limitation, those regarding the Company's
financial position, business strategy, plans and objectives of
management for future operations, or any statements preceded by,
followed by or that include the words "targets", "believes",
"expects", "aims", "intends", "will", "may", "anticipates",
"would", "could" or "similar" expressions or negatives thereof.
Such forward-looking statements involve known and unknown risks,
uncertainties and other important factors beyond the Company's
control that could cause the actual results, performance or
achievements of the Company to be materially different from future
results, performance or achievements expressed or implied by such
forward-looking statements. Such forward-looking statements are
based on numerous assumptions regarding the Company's present and
future business strategies and the environment in which the Company
will operate in the future. These forward-looking statements speak
only as at the date of this announcement. The Company expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statements are based unless required to do so by
applicable law or the AIM Rules.
Introduction
The Company announces a conditional Firm Placing to raise GBP3.0
million (before expenses) by the issue and allotment by the Company
of 75,000,000 Firm Placing Shares at the Issue Price of 4 pence per
Firm Placing Share.
In addition, in order to provide Shareholders who have not taken
part in the Firm Placing with an opportunity to participate in the
proposed issue of New Ordinary Shares, the Company is providing all
Qualifying Shareholders with the opportunity to subscribe at the
Issue Price for an aggregate of up to 6,294,262 Open Offer Shares,
to raise up to GBP0.25 million (before expenses), on the basis of 2
Open Offer Shares for every 19 Existing Ordinary Shares held on the
Record Date, at the Issue Price, payable in full on acceptance.
The Open Offer provides Qualifying Shareholders with an
opportunity to participate in the proposed issue of the New
Ordinary Shares whilst providing the Company with additional
capital to invest in the business of the Group.
The Issue Price represents a discount of 32.8 per cent. to the
closing middle market price of 5.95 pence per Existing Ordinary
Share on 11 April 2019 (being the last practicable date before
publication of the Circular).
The Firm Placing and the Open Offer are conditional, inter alia,
on: (i) the approval of Shareholders of resolutions to re-organise
the share capital of the Company that will have the effect of
reducing the nominal value of each Existing Ordinary Share in the
Company to a level below the Issue Price, and (ii) the granting of
the necessary share allotment authorities to the Directors in
accordance with the Companies Act in order for the Directors to
allot the Firm Placing Shares and the Open Offer Shares and the
power to disapply statutory pre-emption rights in respect of the
Firm Placing Shares. The Resolutions are contained in the Notice of
General Meeting which is set out at the end of the Circular.
The purpose of this announcement is to explain the background to
and reasons for the Firm Placing and the Open Offer, the use of
proceeds, details of the Firm Placing and the Open Offer and to
recommend that Shareholders vote in favour of the Resolutions.
Current Trading and Outlook
Tasty is a restaurant operator in the UK casual dining market,
which trades under two brands 'dim-t' and 'Wildwood'. The Group
currently trades from 57 sites, consisting 6 dim t and 51 Wildwood
restaurants. The Wildwood brand is aimed at a wide market, with the
'Pizza, Pasta, Grill' offering continuing to be the main focus. The
Wildwood restaurants are situated on the high street as well as in
leisure, retail and tourist locations, highlighting the broad
appeal and scalability of the offering. Dim t is a pan-Asian
restaurant serving a wide range of dishes including, dim sum,
noodles, soup and curry.
As set out in the preliminary results of the Company for the 52
weeks ended 30 December 2018 announced on 20 March 2019 (the "2018
Final Results"), the Company generated revenue of GBP47.28 million
(2017: GBP50.31 million) and adjusted EBITDA of GBP1.58 million
(2017: GBP3.5 million). The reduction in revenue and EBITDA in 2018
was principally due to the closure of sites and like-for-like
revenue decline.
As mentioned in the 2018 Final Results, market conditions have
become increasingly challenging throughout the year and the Board's
expectation is that there will be no significant improvement in
2019. Accordingly, the Company intends to focus on sales and cost
control to ensure that the impact of the challenging economic
environment is minimised. Furthermore, and in-line with the agreed
strategy, the Board has no plans to open any new sites in 2019 and
will continue to monitor underperforming sites as well as the
success of its turnaround strategies. The Group will make further
disposals in 2019 if and when appropriate.
Background and Reasons for the Firm Placing
As announced in the Company's unaudited interim results for the
26 weeks ended 1 July 2018 and in the 2018 Final Results, given the
poor trading environment across the casual dining market and
throughout the retail sector in 2018, and following a review of the
Group's estate, 4 sites were closed in the year, 3 of which have
been sold. Pending an improvement in trading conditions, the Board
has no plans to open any new sites at the current time. During
2018, funding costs were reduced by approximately GBP35,000 per
annum by cancelling the Company's unutilised GBP5 million revolving
credit facility, that was previously earmarked for new restaurant
openings. In addition, the Company's operational team has been
restructured to improve efficiency and reduce costs leading to
annualised cost savings of approximately GBP300,000.
As announced on 22 November 2018, the Company entered into an
agreement to revise its GBP7.0 million term loan facility with its
existing lender Barclays plc (the "Revised Loan Facility"), which
amended the Company's previous GBP7.0 million term loan facility.
The key effects of the Revised Loan Facility were to extend the
final repayment date from July 2021 to March 2022 and to
significantly reduce the quarterly repayments with effect from July
2019.
Under the terms of the Revised Loan Facility agreement, the
Company pays interest on the amount drawn down (of which GBP6.42
million was outstanding at the year-end) of between 2.5% and 4.0%
over LIBOR with the interest rate payable dependent upon the ratio
of the amount drawn down to adjusted EBITDA.
In addition to the quarterly repayments referred to above, the
Company undertook to reduce the amount drawn down under the Revised
Loan Facility by an aggregate of GBP1.1 million on or before 30
June 2019. Of this GBP1.1 million, certain of the Directors
undertook to provide, in aggregate, GBP0.5 million. This new
capital is to be in the form of either new subordinated loan or
equity capital, or a combination of the two. Those Directors
propose to meet that undertaking by participating in the Firm
Placing in the amount of, in aggregate, GBP700,000, on the terms
and subject to the conditions set out in further detail in the
Circular.
The net proceeds of the Firm Placing and the Open Offer are to
be used to reduce the Revised Loan Facility as described above and
to support the operating cash flow of the Group.
The Board is continuously assessing the Company's estate to
identify where improvements can be made. Where sites are
underperforming, turnaround strategies have been implemented and,
in many instances, significant improvements in performance have
been made. Where the Board believes that it is in the shareholders'
interest, sites will be sold and the proceeds used to pay down
debt.
The Firm Placing
Subject to, inter alia, Admission, the Company will issue
75,000,000 Firm Placing Shares which will raise approximately
GBP3.0 million, before expenses, and approximately GBP2.8 million
after the expenses of the Firm Placing (which are estimated to be
approximately GBP0.2million (excluding VAT in total). The Firm
Placing Shares have been conditionally placed by Cenkos, as agent
for the Company, with institutional and other investors, including
members of the Board. Application will be made for the Firm Placing
Shares to be admitted to trading on AIM and dealings are expected
to become effective on 2 May 2019.
The Firm Placing is conditional, inter alia, upon:
(a) the passing of the Resolutions at the General Meeting;
(b) the Firm Placing and Open Offer Agreement becoming
unconditional and not having been terminated in accordance with its
terms prior to Admission; and
(c) Admission becoming effective by no later than 8.00 a.m. on 2
May 2019 or such later time and/or date (being no later than 8.00
a.m. on 30 May 2019) as Cenkos and the Company may agree.
If any of the conditions are not satisfied, the Firm Placing
Shares (and the Open Offer Shares) will not be issued and all
monies received from the Placees and Qualifying Shareholders will
be returned to them (at the Placees' and Qualifying Shareholders'
risk and without interest) as soon as possible thereafter. The
purpose of the General Meeting is to seek approval from
Shareholders of the Resolutions to enable the Transaction to
proceed.
The Firm Placing Shares to be issued pursuant to the Firm
Placing will represent approximately 53.2 per cent. of the Enlarged
Share Capital assuming full take-up of the Open Offer. The Firm
Placing Shares will, following Admission, rank in full for all
dividends and distributions declared, made or paid in respect of
the issued ordinary share capital of the Company after the date of
their issue and will otherwise rank pari passu in all other
respects with the Existing Ordinary Shares. The Issue Price is at a
32.8 per cent. discount to the closing mid-market price of 5.95
pence per Ordinary Share as at 11 April 2019 (being the latest
practicable date prior to the announcement of the Firm Placing and
the Open Offer).
Cenkos, as agent for the Company, has conditionally agreed to
use its reasonable endeavours to procure subscribers for the Firm
Placing Shares at the Issue Price under the terms of the Firm
Pacing and Open Offer Agreement. The Firm Placing is not
underwritten and is not subject to clawback. The obligations of
Cenkos under the Firm Placing and Open Offer Agreement are
conditional, inter alia, upon Admission having occurred by not
later than 2 May 2019 (or such later date as may be agreed, being
no later than 30 May 2019), there being prior to Admission no
material breach of the warranties given to Cenkos, and Shareholders
passing the Resolutions at the General Meeting.
The Firm Placing and Open Offer Agreement contains warranties
from the Company in favour of Cenkos (for itself and as agent for
each of the Placees) and in relation to, inter alia, the accuracy
of the information contained in this announcement and certain other
matters relating to the Group and its business. In addition, the
Company has agreed to indemnify Cenkos in relation to certain
liabilities that it might occur in respect of the Firm Placing and
the Open Offer. The Firm Placing and Open Offer Agreement also
contains certain warranties given by the Directors who are members
of the Concert Party in relation to the Concert Party.
Cenkos may terminate the Firm Placing and Open Offer Agreement
in specified circumstances (including for breach of warranty at any
time prior to Admission, if such breach is reasonably considered by
Cenkos to be material in the context of the Firm Placing and the
Open Offer). If the conditions of the Firm Placing and Open Offer
Agreement are not fulfilled on or before the relevant date in the
Firm Placing and Open Offer Agreement, application monies will be
returned to applicants without interest as soon as possible
thereafter.
Details of the Open Offer
The Company is proposing to raise up to GBP0.25 million before
expenses from existing shareholders in the Company under the Open
Offer. A total of, in aggregate, up to 6,294,262 Open Offer Shares
are available to Qualifying Shareholders pursuant to the Open Offer
at the Issue Price, payable in full on acceptance. Any Open Offer
Shares not subscribed for by Qualifying Shareholders will be
available to Qualifying Shareholders under the Excess Application
Facility. The balance of any Open Offer Shares not subscribed for
under the Excess Application Facility will not be available to
Placees under the Firm Placing.
Qualifying Shareholders may apply for Open Offer Shares under
the Open Offer at the Issue Price on the following basis:
2 Open Offer Shares for every 19 Existing Ordinary Shares
registered in their name on the Record Date.
Entitlements of Qualifying Shareholders will be rounded down to
the nearest whole number of Open Offer Shares. Fractional
entitlements which would otherwise arise will not be issued to the
Qualifying Shareholders but will be made available under the Excess
Application Facility. The Excess Application Facility enables
Qualifying Shareholders to apply for Excess Shares in excess of
their Open Offer Entitlement. Not all Shareholders will be
Qualifying Shareholders. Shareholders who are located in, or are
citizens of, or have a registered office in certain overseas
jurisdictions will not qualify to participate in the Open Offer.
The attention of Overseas Shareholders is drawn to paragraph 6 of
Part III of the Circular.
Valid applications by Qualifying Non-CREST Shareholders will be
satisfied in full up to their Open Offer Entitlements as shown on
the Application Form. Applicants can apply for less or more than
their entitlements under the Open Offer but the Company cannot
guarantee that any application for Excess Shares under the Excess
Application Facility will be satisfied as this will depend in part
on the extent to which other Qualifying Shareholders apply for less
than or more than their own Open Offer Entitlements. The Company
may satisfy valid applications for Excess Shares of applicants in
whole or in part but reserves the right not to satisfy any excess
above any Open Offer Entitlement. The Board may scale back
applications made in excess of Open Offer Entitlements pro rata to
the number of excess shares applied for by Qualifying Shareholders
under the Excess Application Facility.
Application has been made for the Open Offer Entitlements to be
admitted to CREST. It is expected that such Open Offer Entitlements
will be credited to CREST on 15 April 2019. The Open Offer
Entitlements will be enabled for settlement in CREST until 11.00
a.m. on 30 April 2019. Applications through the CREST system may
only be made by the Qualifying CREST Shareholder originally
entitled or by a person entitled by virtue of bona fide market
claims. The Open Offer Shares must be paid in full on application.
The latest time and date for receipt of completed Application Forms
or CREST applications and payment in respect of the Open Offer is
11.00 a.m. on 30 April 2019.
Qualifying Shareholders should note that the Open Offer is not a
rights issue and therefore the Open Offer Shares which are not
applied for by Qualifying Shareholders will not be sold in the
market for the benefit of the Qualifying Shareholders who do not
apply under the Open Offer. The Application Form is not a document
of title and cannot be traded or otherwise transferred.
Further details of the Open Offer and the terms and conditions
on which it is being made, including the procedure for application
and payment, are contained in Part III of the Circular and on the
accompanying Application Form.
The Open Offer is conditional on the Firm Placing becoming or
being declared unconditional in all respects and not being
terminated before Admission (as the case may be). The principal
conditions to the Firm Placing are:
(a) the passing of all of the Resolutions at the General Meeting;
(b) the Firm Placing and Open Offer Agreement having become
unconditional in all respects (save for the condition relating to
Admission); and
(c) Admission becoming effective by no later than 8.00 a.m. on 2
May 2019 or such later time and/or date (being no later than 8.00
a.m. on 30 May 2019) as Cenkos and the Company may agree.
Accordingly, if these conditions are not satisfied or waived
(where capable of waiver), the Open Offer will not proceed and the
Open Offer Shares will not be issued and all monies received by
Computershare will be returned to the applicants (at the
applicants' risk and without interest) as soon as possible
thereafter. Any Open Offer Entitlements admitted to CREST will
thereafter be disabled.
The Open Offer Shares (and the Firm Placing Shares) will be
issued free of all liens, charges and encumbrances and will, when
issued and fully paid, rank pari passu in all respects with the
Existing Ordinary Shares, including the right to receive all
dividends and other distributions declared, made or paid after the
date of their issue.
Application will be made to the London Stock Exchange for the
Admission of the Open Offer Shares to trading on AIM. It is
expected that Admission will occur and that dealings will commence
at 8.00 a.m. on 2 May 2019 at which time it is also expected that
the Open Offer Shares will be enabled for settlement in CREST.
Firm Placing and Open Offer Agreement
Pursuant to the Firm Placing and Open Offer Agreement, Cenkos
Securities has agreed to use its reasonable endeavours as agent of
the Company to procure subscribers for the Firm Placing Shares at
the Issue Price.
The Firm Placing and Open Offer Agreement provides, inter alia,
for payment by the Company to Cenkos Securities of a corporate
finance fee and commissions based on certain percentages related to
the number of Firm Placing Shares placed by Cenkos Securities and
issued Open Offer Shares, multiplied by the Issue Price.
The Company will bear all other expenses of and incidental to
the Firm Placing and the Open Offer, including printing costs,
Registrar's and Receiving Agent's fees, all legal and accounting
fees of the Company and of Cenkos Securities, all stamp duty and
other taxes and duties where payable.
The Firm Placing and Open Offer Agreement contains certain
warranties and indemnities from the Company in favour of Cenkos
Securities, all of which are customary for a document of this
nature, and is conditional, inter alia, upon:
(a) Shareholder approval of the Resolutions at the General Meeting;
(b) the Firm Placing and Open Offer Agreement having become
unconditional in all respects (save for the condition relating to
Admission) and not having been terminated in accordance with its
terms; and
(c) Admission becoming effective not later than 8.00 a.m. on 2
May 2019 or such later time and/or date as the Company and Cenkos
Securities may agree, being not later than 30 May 2019.
Cenkos Securities may terminate the Firm Placing and Open Offer
Agreement in certain circumstances, if, inter alia, the Company is
in material breach of any of its obligations under the Firm Placing
and Open Offer Agreement; if there is a material adverse change in
the condition, earnings, business, operations or solvency of the
Company; or if there is a material adverse change in the financial,
political, economic or stock market conditions, which in their
respective reasonable opinion makes it impractical or inadvisable
to proceed with the Firm Placing and the Open Offer.
Rule 9 of the Takeover Code and Jonny Plant
Adam and Sam Kaye are brothers and are members of a wider
Concert Party comprising a number of their extended family members
who have an existing shareholding in the Company (as well as
interests in other Kaye family related quoted companies including
Everyman Media Group plc, Comptoir Group plc and Richoux Group plc,
and, prior to its sale to TPG Capital LLC, Prezzo plc). Due to
their close family link, Adam and Sam Kaye and members of their
extended family are presumed to be acting in concert for the
purposes of the Takeover Code and accordingly their beneficial
interests in the Company are required to be aggregated for
consideration of Rule 9 of the Takeover Code. The Kaye family
members presumed to be acting in concert with Adam Kaye and Sam
Kaye are Jonathan Kaye, Philip Kaye, Anne Kaye, Samantha Sanson and
Doreen Kaye.
Adam Kaye and Sam Kaye and Jonny Plant, are the joint founders
of the business that became Tasty plc, and they are close friends,
having known each other for thirty years. In addition to Mr.
Plant's interest in the Company, he too has interests in other Kaye
family related quoted companies including Everyman Media Group plc,
Comptoir Group plc and Richoux Group plc. Save for Adam Kaye's
appointment as an executive director of Everyman Media Group plc,
Jonny Plant, Adam Kaye and Sam Kaye have no involvement in the
management of these companies and their interests in them as
shareholders are held purely as investments. In light of the
relationships outlined above, Mr. Plant is being treated as acting
in concert with the Kaye family members referred to above for the
purposes of the Takeover Code.
As at 11 April 2019, the latest practicable date prior to the
posting of the Circular, Jonny Plant had an interest in 4,154,579
Existing Ordinary Shares, representing approximately 6.9 per cent.
of the issued share capital of the Company. On 5 April 2018, Mr.
Plant acquired 311,250 Existing Ordinary Shares at a price of 14
pence per Existing Ordinary Share (the "Market Purchase") such
shares representing 0.52 per cent. of the then issued ordinary
share capital of the Company.
The Market Purchase would normally have given rise to an
obligation for Mr. Plant to make a mandatory offer for Tasty
pursuant to Rule 9.1 (b) of the Takeover Code. However, the Panel
has acknowledged that the Existing Ordinary Shares acquired by him
by way of the Market Purchase were purchased inadvertently as
regards his obligations pursuant to Rule 9 of the Takeover Code.
The Panel has therefore granted a dispensation from the requirement
for Mr. Plant to make an offer in accordance with Rule 9 of the
Takeover Code as long as his resultant holding following completion
of the Firm Placing and the Open Offer is reduced from what it
would otherwise have been by 0.52 per cent. Assuming that the
Placing and Open Offer proceed, due to the dilutive effect of the
Firm Placing and Open Offer on Mr. Plant's overall shareholding his
interest in Ordinary Shares will be reduced by the requisite 0.52
per cent.
Concert Party Shareholdings
As at the date On Admission
of this announcement
Name Number % of Existing Number of Amount Interest Maximum
of Existing Issued Firm Placing Subscribed in Ordinary % of Enlarged
Ordinary Share Capital Shares being Shares Issued Share
Shares subscribed of the Capital
for Company assuming
including each Concert
the Firm Party member
Placing subscribes
Shares* for their
pro rata
entitlement
in the Open
Offer and
no other
Shareholders
participate
------------- --------------- -------------- ------------ ------------- ---------------
Sam Kaye 10,750,588 17.98% 10,000,000 GBP400,000 20,750,588 15.87%
------------- --------------- -------------- ------------ ------------- ---------------
Adam Kaye 7,236,560 12.10% 5,000,000 GBP200,000 12,236,560 9.43%
------------- --------------- -------------- ------------ ------------- ---------------
Jonny Plant 4,154,579 6.95% 2,500,000 GBP100,000 6,654,579 5.14%
------------- --------------- -------------- ------------ ------------- ---------------
Philip Kaye 3,319,390 5.55% 2,500,000 GBP100,000 5,819,390 4.48%
------------- --------------- -------------- ------------ ------------- ---------------
Jonathan
Kaye 3,065,811 5.13% 2,500,000 GBP100,000 5,565,811 4.27%
------------- --------------- -------------- ------------ ------------- ---------------
Anne Kaye 394,828 0.66% - - 394,828 0.32%
------------- --------------- -------------- ------------ ------------- ---------------
Samantha
Sanson 38,461 0.06% - - 38,461 0.03%
------------- --------------- -------------- ------------ ------------- ---------------
Doreen Kaye 19,230 0.03% - - 19,230 0.02%
------------- --------------- -------------- ------------ ------------- ---------------
Total 28,979,447 48.5% 22,500,000 GBP900,000 51,479,447 39.6%
------------- --------------- -------------- ------------ ------------- ---------------
*Excludes any Open Offer Shares that may be subscribed. Details
of Open Offer Shares subscribed will be announced in due course
once final acceptances have been received.
Directors' participation in the Firm Placing
Certain Directors intend to subscribe for New Ordinary Shares in
the Firm Placing may also subscribe for additional Offer Shares in
the Open Offer at the Issue Price. Details of Firm Placing Shares
for which the Directors will be subscribing and their maximum
potential interests as they would be on Admission (assuming that no
other Shareholder save for the Directors participating in the Firm
Placing and Open Offer takes up their Basic Entitlements to Open
Offer Shares and that none of the Directors participating in the
Firm Placing and Open Offer applies for Excess Shares under the
Excess Application Facility) are as follows:
As at the date On Admission
of this announcement
Name Number % of Existing Number of Amount Interest Percentage
of Existing Issued Firm Placing Subscribed in Ordinary of Ordinary
Ordinary Share Capital Shares intended Shares Shares
Shares to be subscribed of the held following
for Company the Firm
including Placing
the Firm and Open
Placing Offer
Shares assuming
* the Open
Offer
is fully
subscribed
and the
Directors
subscribe
for their
pro rata
entitlement
in the
Open Offer
------------- --------------- ------------------ ------------ ------------- ----------------
Sam Kaye 10,750,588 18.0% 10,000,000 GBP400,000 20,750,588 15.5%
------------- --------------- ------------------ ------------ ------------- ----------------
Adam Kaye 7,236,560 12.1% 5,000,000 GBP200,000 12,236,560 9.2%
------------- --------------- ------------------ ------------ ------------- ----------------
Jonny Plant 4,154,579 6.9% 2,500,000 GBP100,000 6,654,579 5.0%
------------- --------------- ------------------ ------------ ------------- ----------------
Keith Lassman 333,185 0.6% - - 333,185 0.3%
------------- --------------- ------------------ ------------ ------------- ----------------
Total 22,474,912 37.6% 17,500,000 GBP700,000 39,974,912 30.0%
------------- --------------- ------------------ ------------ ------------- ----------------
*Excludes any Open Offer Shares that may be subscribed. Details
of Open Offer Shares subscribed will be announced in due course
once final acceptances have been received.
Related parties' participation in the Firm Placing
As part of the Firm Placing, Gresham House, an existing
Shareholder, has agreed to subscribe for 10,000,000 Firm Placing
Shares pursuant to the Firm Placing at the Issue Price. Following
Admission, and on the assumption that Gresham House takes up their
Basic Entitlement and that the Open Offer is fully subscribed,
Gresham House will have an interest in 20,130,609 Ordinary Shares,
representing 14.3 per cent. of the Enlarged Share Capital.
The participation in the Firm Placing by Gresham House (or funds
managed by Gresham House) (as a substantial shareholder)
constitutes a related party transaction pursuant to the AIM Rules.
The Independent Director considers, having consulted with Cenkos,
the Company's Nominated Adviser, that the terms of the related
party subscription are fair and reasonable insofar as Shareholders
are concerned.
Percentage
of Ordinary
Shares held
following
Number of Number of the Firm
Ordinary Ordinary Placing
Shares held Shares held and Open
as a percentage Number including Offer assuming
Number of of the Existing of Firm the Firm the Open
Ordinary Ordinary Placing Placing Offer is
Shares held Shares Shares Amount Subscribed Shares fully subscribed
Gresham House 10,088,133 16.9% 10,000,000 GBP400,000 20,088,133 14.3
------------- ----------------- ----------- ------------------ ------------- ------------------
Furthermore, as detailed in paragraph 8 of Part I of the
Circular, certain Directors have either committed or indicated
their intentions to subscribe for Firm Placing Shares. The
aggregate participation by the Directors in the Firm Placing would
constitute a related party transaction pursuant to the AIM Rules.
The Independent Director considers, having consulted with Cenkos,
the Company's Nominated Adviser, that the terms of the proposed
related party transaction by the relevant Directors are fair and
reasonable insofar as Shareholders are concerned.
Share Capital Reorganisation
As at the date of the Circular, the Company has 59,795,496
Existing Ordinary Shares in issue. The Existing Ordinary Shares
currently trade below their nominal value of 10 pence. As a
consequence, the Company is prohibited by the Companies Act from
issuing shares at a price below their nominal value. Accordingly,
the Board proposes to sub-divide each Existing Ordinary Share into
one ordinary share of 0.1 pence each and one Deferred Share of 9.9
pence each. The effect of this will be to reduce the nominal value
of an Existing Ordinary Share from 10 pence to 0.1 pence, which is
well below the Issue Price and therefore enable the Company to
proceed with the Transaction.
On completion of the Share Capital Reorganisation, Shareholders
would own one Existing Ordinary Share of 0.1 pence (nominal value)
and one Deferred Share for every Existing Ordinary Share of 10
pence that they owned prior to the Share Capital Reorganisation. By
way of example a Shareholder who owns 100 Existing Ordinary Shares
of 10 pence each will, on completion of the Share Capital
Reorganisation, own 100 Existing Ordinary Shares of 0.1 pence each
and 100 Deferred Shares of 9.9 pence each. As explained below, the
Deferred Shares will effectively be worthless and approval to
cancel them will likely be sought at a later date. Percentage
holdings of individual Shareholders will not change as a result of
the Share Capital Reorganisation. It is not anticipated that the
Share Capital Reorganisation will have any impact on the market
price of an Ordinary Share and the Existing Ordinary Shares of 0.1
pence each are expected to trade at the same price as the Existing
Ordinary Shares of 10 pence each, assuming normal market
conditions.
The rights attached to the Existing Ordinary Shares of 0.1 pence
each will be identical in all respects to those of the Existing
Ordinary Shares of 10 pence each. The Share Capital Reorganisation
will not affect the voting or other rights of holders of Existing
Ordinary Shares of 10 pence each who receive Existing Ordinary
Shares of 0.1 pence each.
The Deferred Shares will have the minimal rights described in
the paragraph headed "Amendment to the Articles", below. No
application will be made to the London Stock Exchange for admission
of the Deferred Shares to trading on AIM nor will any such
application by made to any other exchange. As a consequence, the
Deferred Shares will effectively be worthless and approval to
cancel the Deferred Shares will likely be sought at a later
date.
Application will be made to the London Stock Exchange for the
Existing Ordinary Shares of 0.1 pence each (assuming the Share
Capital Reorganisation resolution is approved at the General
Meeting) in addition to the New Ordinary Shares to be admitted to
trading on AIM. It is expected that Admission will become effective
and that dealings in the New Ordinary Shares and Existing Ordinary
Shares (assuming the Share Capital Reorganisation resolution is
approved at the General Meeting) will commence on 2 May 2019.
Amendment to the Articles
It is proposed to adopt new Articles at the General Meeting
which will amend the current Articles to create a new class of
shares, being the Deferred Shares and to set out the rights of the
holders of the Deferred Shares with regard to their dividend,
capital, voting and conversion rights, the maintenance of share
funds and the distribution of profits, as follows:
Dividends and Capital
The holders of Deferred Shares shall not be entitled to receive
any dividend or other distribution or to participate in any return
of capital on a winding up.
Voting
The Deferred Shares will not carry any right to receive notice
of or attend and vote at any general meeting of the Company.
Conversion Rights
The Deferred Shares will have no conversion rights.
General Meeting
A notice is set out at the end of the Circular convening the
General Meeting to be held at the offices of the Company 32
Charlotte Street, London, W1T 2NQ at 11.00 a.m. on 1 May 2019 at
which the following Resolutions will be proposed:
(A) Resolution 1 which will be proposed as an ordinary
resolution and which is subject to the passing of Resolution 2,
seeks approval for the sub-division of each of the Existing
Ordinary Share of 10 pence each into one Existing Ordinary Share of
0.1 pence each and 1 Deferred Share of 9.9 pence each;
(B) Resolution 2, which will be proposed as an ordinary
resolution, and which is subject to the passing of Resolution 1, is
to adopt new articles of association;
(C) Resolution 3, which will be proposed as an ordinary
resolution, is to authorise the Directors to allot relevant
securities up to an aggregate nominal value of (i) GBP81,294.26 in
connection with the Firm Placing and the Open Offer and (ii)
GBP47,029.92 otherwise than in connection with the Transaction;
and
(D) Resolution 4 which will be proposed as a special resolution
and which is subject to the passing of Resolution 3, disapplies
statutory pre-emption rights, provided that such authority shall be
limited to, inter alia, the allotment of equity securities in
connection with the Firm Placing and the Open Offer, and otherwise
the allotment of equity securities up to an aggregate nominal
amount of GBP14,108.98.
Resolutions 1, 2, and 3 are ordinary resolutions and require a
simple majority of those voting to vote in favour of those
Resolutions. Resolution 4 is a special resolution and will require
not less than 75 per cent. of those voting in person or on a poll
by proxy to vote in favour of those Resolutions.
Resolution 3 authorises the allotment of such number of New
Ordinary Shares as are necessary for the Firm Placing and the Open
Offer, as well as providing the Directors with a standing authority
to allot equity securities up to an aggregate nominal value of
GBP47,029.92 (representing one-third of the Enlarged Share
Capital). Similarly, Resolution 4 authorises the disapplication of
statutory pre-emption rights in respect of such number of New
Ordinary Shares as are necessary for the Firm Placing and the Open
Offer as well as providing the Directors with a standing authority
to allot equity securities otherwise than in accordance with
statutory pre-emption rights up to an aggregate nominal value of
GBP14,108.98 (representing ten per cent. of the Enlarged Share
Capital).
Overseas Shareholders
The attention of Qualifying Shareholders who have registered
addresses outside the United Kingdom, or who are citizens or
residents of countries other than the United Kingdom, or who are
holding Existing Ordinary Shares for the benefit of such persons,
(including, without limitation, custodians, nominees, trustees and
agents) or who have a contractual or other legal obligation to
forward the Circular or the Application Form to such persons, is
drawn to the information which appears in paragraph 6 of Part III
of the Circular.
In particular, Qualifying Shareholders who have registered
addresses in or who are resident in, or who are citizens of,
countries other than the UK (including without limitation the
United States of America), should consult their professional
advisers as to whether they require any governmental or other
consents or need to observe any other formalities to enable them to
take up their entitlements under the Open Offer.
Recommendation
The Directors consider the Firm Placing and the Open Offer to be
in the best interests of the Company and the Shareholders as a
whole and, accordingly, unanimously recommend that Shareholders
vote in favour of the Resolutions to be proposed at the General
Meeting as they intend to do in respect of their own beneficial
holdings amounting, in aggregate, to 22,474,912 Existing Ordinary
Shares, representing approximately 37.6 per cent. of the Existing
Ordinary Shares.
The Firm Placing and the Open Offer are conditional, inter alia,
upon the passing of the Resolutions at the General Meeting.
Shareholders should be aware that if the Resolutions are not
approved at the General Meeting, the Firm Placing and the Open
Offer will not proceed and the Company will need to secure
alternative sources of capital in order to meet its obligations to
the provider of its debt facilities.
FIRM PLACING STATISTICS
Number of Existing Ordinary Shares of 10
pence each as at the date of this announcement 59,795,496
Number of Existing Ordinary Shares of 0.1
pence each on Admission * 59,795,496
Number of Firm Placing Shares 75,000,000
Issue Price 4 pence
Number of Ordinary Shares in issue immediately
following Admission of the Firm Placing
Shares** 134,795,496
Firm Placing Shares as a percentage of the
Existing Ordinary Shares in issue immediately
following the Firm Placing Shares** 55.6%
Percentage of the Enlarged Share Capital
held by the Concert Party following Admission
of the Firm Placing Shares** 38.2%
Approximately GBP3.0
Gross Proceeds of the Firm Placing million
ISIN Code of the Existing Ordinary Shares GB00B17MN067
of 10 pence each
ISIN Code for the Existing Ordinary Shares GB00B17MN067
of 0.1 pence each
OPEN OFFER STATISTICS
Number of Open Offer Shares up to 6,294,262
Issue Price 4 pence
Basis of Open Offer 2 Open Offer Shares
for every
19 Existing Ordinary
Shares
Gross proceeds from the Open Offer*** up to GBP0.5 million
Enlarged Share Capital following the Firm up to 141,089,758
Placing and the Open Offer***
Open Offer Shares as a percentage of the up to 4.5%
Enlarged Share Capital***
Percentage of the Enlarged Share Capital up to 38.6%
held by the Concert Party following the
allotment and issue of the Firm Placing
Shares and Open Offer Shares***
ISIN Code for Open Offer Entitlements GB00BJ5K3195
ISIN Code for the Excess CREST Open Offer GB00BJ5K3203
Entitlements
* assuming the Share Capital Reorganisation has completed
** prior to the issue of the Open Offer Shares
*** on the assumption that the Open Offer is fully subscribed
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
6.00 p.m. on 10
Record Date for the Open Offer April 2019
Announcement of the Firm Placing and the Open 12 April 2019
Offer, publication and posting of the Circular,
the Application Form and Form of Proxy
8.00 a.m. on 12
Ex-entitlement Date April 2019
Open Offer Entitlements and Excess CREST Open 15 April 2019
Offer Entitlements credited to stock accounts
of Qualifying CREST Shareholders
Recommended latest time and date for requesting 4.30 p.m. on 24
withdrawal of Open Offer Entitlements and April 2019
Excess CREST Open Offer Entitlements from
CREST
Recommended latest time for depositing Open 3.00 p.m. on 25
Offer Entitlements and Excess CREST Open Offer April 2019
Entitlements into CREST
Latest time and date for splitting Application 3.00 p.m. on 26
Forms (to satisfy bona fide market claims April 2019
only)
Latest time and date for receipt of completed 11.00 a.m. on
Forms of Proxy to be valid at the General 29 April 2019
Meeting
Latest time and date for acceptance of the 11.00 a.m. on
Open Offer and receipt of completed Application 30 April 2019
Forms and payment in full under the Open Offer
or settlement of relevant CREST instruction
(if appropriate)
11.00 a.m. on
General Meeting 1 May 2019
Announcement of result of General Meeting 1 May 2019
and the Open Offer
Record Date for the Share Capital Reorganisation 6:00pm 1 May 2019
Admission and commencement of dealings in 8.00 a.m. on 2
the New Ordinary Shares on AIM and in the May 2019
Existing Ordinary Shares (as sub-divided)
New Ordinary Shares and (if applicable) Existing 2 May 2019
Ordinary Shares (as sub-divided) credited
to CREST members' accounts
Despatch of definitive share certificates 9 May 2019
in certificated form
If any of the details contained in the timetable above should
change, the revised times and dates will be notified by means of an
announcement through a Regulatory Information Service.
Certain of the events in the above timetable are conditional
upon, amongst other things, the approval of the Resolutions to be
proposed at the General Meeting.
All references are to London time unless stated otherwise.
DEFINITIONS
The following words and expressions shall have the following
meanings in this announcement unless the context otherwise
requires:
"Admission" the admission to trading on AIM of the New Ordinary
Shares and Existing Ordinary Shares of 0.1 pence
each becoming effective in accordance with Rule
6 of the AIM Rules
"AIM" AIM, the market of that name operated by the London
Stock Exchange
"AIM Rules" the AIM Rules for Companies as published by the
London Stock Exchange from time to time
"Application the non-CREST Application Form
Form"
"Articles" the articles of association of the Company
"Basic Entitlement" the number of Open Offer Shares which Qualifying
Holders are entitled to subscribe for at the Issue
Price pro rata to their holding of Existing Ordinary
Shares pursuant to the Open Offer as described
in Part III of the Circular
"Board" or the directors of the Company
"Directors"
"Business a day (other than a Saturday or Sunday) on which
Day" commercial banks are open for general business
in London, England
"Cenkos" or Cenkos Securities plc (company number: 05210733)
"Cenkos Securities" whose registered office is at 6.7.8 Tokenhouse
Yard, London EC2R 7AS
"certificated" a share or other security which is not in uncertificated
or "in certificated form (that is, not in CREST)
form"
"Circular" the circular to be posted to Shareholders on 12
April 2019
"Companies the Companies Act 2006, as amended
Act"
"Company" Tasty plc, a company incorporated in England and
or "Tasty" Wales with registered number 5826464
"Computershare" Computershare Investor Services PLC
"Concert Party" together, Adam Kaye, Jonny Plant, Sam Kaye, Jonathan
Kaye, Philip Kaye, Anne Kaye, Samantha Sanson
and Doreen Kaye
"CREST" the computerised settlement system to facilitate
transfer of title to, or interests in, securities
in uncertificated form operated by Euroclear UK
& Ireland Limited
"CREST Manual" the rules governing the operation of CREST, consisting
of the CREST Reference Manual, CREST International
Manual, CREST Central Counterparty Service Manual,
CREST Rules, Registrars Service Standards, Settlement
Discipline Rules, CREST Courier and Sorting Services
Manual, Daily Timetable, CREST Application Procedures
and CREST Glossary of Terms (all as defined in
the CREST Glossary of Terms promulgated by Euroclear
on 15 July 1996 and as amended since) as published
by Euroclear
"CREST member" a person who has been admitted to CREST as a system-member
(as defined in the CREST Manual)
"CREST member the identification code or number attached to
account ID" a member account in CREST
"CREST participant" a person who is, in relation to CREST, a system-participant
(as defined in the CREST Regulations)
"CREST participant shall have the meaning given in the CREST Manual
ID" issued by Euroclear
"CREST payment" shall have the meaning given in the CREST Manual
issued by Euroclear
"CREST Regulations" the Uncertificated Securities Regulations 2001
(SI 2001/3755) (as amended)
"CREST sponsor" a CREST participant admitted to CREST as a CREST
sponsor
"CREST sponsored a CREST member admitted to CREST as a sponsored
member" member
"CSOP" the Company Share Option Plan established by the
Company on 27 February 2014
"Deferred the Deferred Shares of 9.9 pence each in the capital
Shares" of the Company having the rights set out in paragraph
11 of Part 1 of this Circular
"Enlarged the entire issued ordinary share capital of the
Share Capital" Company immediately following Admission of the
New Ordinary Shares
"EU" the European Union
"Euroclear" Euroclear UK & Ireland Limited
"Excess Application the arrangement pursuant to which Qualifying Shareholders
Facility" may apply for additional Open Offer Shares in
excess of their Open Offer Entitlement in accordance
with the terms and conditions of the Open Offer
"Excess CREST in respect of each Qualifying CREST Shareholder,
Open Offer" their entitlement (in addition to his Open Offer
Entitlement) to apply for Open Offer Shares pursuant
to the Excess Application Facility, which is conditional
on him taking up his Open Offer Entitlement in
full
"Excess CREST in respect of each Qualifying CREST Shareholder
Open Offer who has taken up his Basic Entitlement in full,
Entitlement" the entitlement to apply for Open Offer Shares
in addition to his Basic Entitlement credited
to his stock account in CREST, pursuant to the
Excess Application Facility, which may be subject
to scaling back in accordance with the provisions
of the Circular
"Excess Shares" Open Offer Shares applied for by Qualifying Shareholders
under the Excess Application Facility
"Existing the 59,795,496 ordinary shares of 10 pence each
Ordinary Shares" in issue at the date of this announcement and,
or "Existing as from the passing of the Share Capital Reorganisation
Issued Share resolution, 59,795,496 ordinary shares of 0.1
Capital" pence each
"Ex-entitlement the date on which the Existing Ordinary Shares
Date" are marked "ex" for entitlement under the Open
Offer, being 12 April 2019
"FCA" the Financial Conduct Authority of the UK
"Firm Placing" the placing by the Company of the Firm Placing
Shares with certain institutional investors and
existing Shareholders (or their associated investment
vehicles), otherwise than on a pre-emptive basis,
at the Issue Price
"Firm Placing the agreement dated 11 April 2019 entered into
and Open Offer between the Company, Adam Kaye, Sam Kaye, Jonny
Agreement" Plant and Cenkos Securities in respect of the
Firm Placing and the Open Offer , as described
in the Circular
"Firm Placing the 75,000,000 New Ordinary Shares of 0.1 pence
Shares" each to be issued by the Company pursuant to the
Firm Placing
"Form of Proxy" the form of proxy for use at the General Meeting
which accompanies the Circular
"FSMA" Financial Services and Markets Act 2000 (as amended)
"General Meeting" the General Meeting of the Company, convened for
11.00 a.m. on 1 May 2019 or at any adjournment
thereof, notice of which is set out at the end
of the Circular
"Gresham House" the Gresham House funds formerly managed by Livingbridge
VP LLP including LF Gresham House UK Micro Cap
Fund and/or LF Gresham House UK Multi Cap Income
Fund and /or Baronsmead Venture Trust plc and
/or Baronsmead Second Ventures Trust plc
"Group" the Company and its subsidiary undertakings
"Independent Keith Lassman, who is deemed to be an Independent
Director" Director by virtue of his not participating in
the Firm Placing
"ISIN" International Securities Identification Number
"Issue Price" 4 pence per Firm Placing Share and Open Offer
Share
"London Stock London Stock Exchange plc
Exchange"
"Long Stop 30 May 2019
Date"
"Money Laundering the Money Laundering, Terrorist Financing and
Regulations" Transfer of Funds (Information on the Payer) Regulations
2017, the money laundering provisions of the Criminal
Justice Act 1993 and the Proceeds of Crime Act
2002
"New Ordinary together, the Firm Placing Shares and the up to
Shares" 6,294,262 Open Offer Shares
"Notice of the notice of the General Meeting, which is set
General Meeting" out at the end of the Circular
"Open Offer" the conditional invitation made to Qualifying
Shareholders to apply to subscribe for the Open
Offer Shares at the Issue Price on the terms and
subject to the conditions set out in Part III
of the Circular and, where relevant, in the Application
Form
"Open Offer up to 6,294,262 new Ordinary Shares of 0.1 pence
Shares" each being made available to Qualifying Shareholders
pursuant to the Open Offer
"Open Offer the entitlement of Qualifying Shareholders to
Entitlement" subscribe for Open Offer Shares allocated to Qualifying
Shareholders on the Record Date pursuant to the
Open Offer
"Overseas a Shareholder with a registered address outside
Shareholders" the United Kingdom
"Panel" the Panel on Takeovers and Mergers
"Placees" subscribers for Firm Placing Shares
"Prospectus the Prospectus Rules by the FCA under section
Rules" 73A of FSMA, as amended from time to time
"Qualifying Qualifying Shareholders holding Existing Ordinary
CREST Shareholders" Shares in a CREST account
"Qualifying Qualifying Shareholders holding Existing Ordinary
Non-CREST Shares in certificated form
Shareholders"
"Qualifying holders of Existing Ordinary Shares on the register
Shareholders" of members of the Company at the Record Date (but
excluding any Overseas Shareholder who has a registered
address in the United States of America or any
other Restricted Jurisdiction)
"Receiving Computershare Investor Services PLC, The Pavilions,
Agents" Bridgwater Road, Bristol, BS99 6AH
"Record Date" 6.00 p.m. on 10 April 2019 in respect of the entitlements
of Qualifying Shareholders under the Open Offer
"Registrars" Computershare Investor Services PLC, The Pavilions,
Bridgwater Road, Bristol, BS13 8AE
"Regulatory has the meaning given in the AIM Rules for Companies
Information
Service"
"Resolutions" the resolutions to be proposed at the General
Meeting, as set out in the Notice of General Meeting
which is set out at the end of the Circular
"Restricted United States of America, Canada, Australia, Japan,
Jurisdiction" New Zealand, the Republic of South Africa, Cayman
Islands, Singapore, Barbados, Switzerland or the
State of Kuwait and any other jurisdiction where
the extension or availability of the Firm Placing
and the Open Offer would breach any applicable
law
"Securities US Securities Act of 1933 (as amended)
Act"
"Shareholder(s)" holder(s) of Existing Ordinary Shares
Share Capital the proposal to sub-divide each Existing Ordinary
Reorganisation Share into 1 ordinary share of 0.1 pence each
and one Deferred Share of 9.9 pence each as set
out in paragraph 10 of Part 1 of this Circular
"Takeover the City Code on Takeovers and Mergers
Code"
"Transaction" the Firm Placing and the Open Offer
"UK" or "United the United Kingdom of Great Britain and Northern
Kingdom" Ireland
"Uncertificated" recorded on the relevant register or other record
or "in Uncertificated of the Ordinary Shares or other security concerned
form" as being held in uncertificated form in CREST,
and title to which, by virtue of the CREST Regulations,
may be transferred by means of CREST
"US" or "United the United States of America
States"
"USE" has the meaning given in paragraph 3.2 (c) of
Part III of the Circular
"USE Instruction" has the meaning given in paragraph 3.2 (c) of
Part III of the Circular
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCSFWEFFFUSEDL
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