Result of Placing and Subscription
Tasty PLC raised £9.25m via placing and subscription at 0.5p per share, with retail offer of up to £1m to close 6 August.
- Fundraising £9.25 million
- Placing shares 1,699,400,000
- Subscription shares 150,600,000
- Issue price 0.5 pence per share
- Discount to 3-month VWAP 13.9%
- Retail offer up to £1 million
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Tasty (AIM: TAST), the owner and operator of restaurants in the casual dining sector, is pleased to announce that, further to the announcement made on 1 August 2025 regarding the Fundraising and the Acquisition (the "Launch Announcement"), it has raised £9.25 million (before expenses), in aggregate, via the placing of 1,699,400,000 new Ordinary Shares by way of the Placing and 150,600,000 new Ordinary Shares by way of the Subscription, each at the Issue Price of 0.5 pence per new Ordinary Share.
In addition, a retail offer via the Bookbuild platform to raise up to £1 million was announced and opened to eligible existing retail Shareholders and new retail Shareholders in the United Kingdom at 4.35 p.m. on 1 August 2025 (the "Retail Offer Announcement"). It is expected that the Retail Offer will be closed at 12.00 p.m. on 6 August 2025. Further information regarding the Retail Offer can be found in the Retail Offer Announcement.
Adam Kaye, Sam Kaye and Amberstar Limited (a company controlled by Phillip, Adam and Sam Kaye) are intending to participate for an aggregate amount of £500,000 through the Retail Offer. A further announcement will be made in due course.
The Issue Price represents a discount of approximately 13.9 per cent. to the 3-month volume weighted average price of 0.58 pence on 31 July 2025 (being the latest practicable date prior to the date of the Launch Announcement).
Directors, Proposed Directors and Substantial Shareholder's participation in the Fundraising
The following Directors, Proposed Directors and certain Substantial Shareholders have subscribed, in aggregate, for 820,000,000 Placing Shares, 71,000,000 Subscription Shares and will receive 17,874,103 Consideration Shares, in accordance with the terms of the Acquisition Agreement, as follows:
| Director/Proposed Director /Substantial Shareholder | Number of Existing Ordinary Shares | % of Existing Ordinary Shares | Number of Placing Shares subscribed for at the Issue Price | Number of Subscription Shares subscribed at the Issue Price | Number of Consideration Shares issued at the Issue Price | Number of Ordinary Shares held on Admission | % of Enlarged Share Capital on Admission |
|---|---|---|---|---|---|---|---|
| Will Roseff | 51,369,863 | 25.99% | 390,000,000 | - | - | 441,369,863 | 19.29% |
| Gresham House Asset Management Limited | 20,088,133 | 10.16% | 240,000,000 | - | - | 260,088,133 | 11.37% |
| Jonny Plant | 12,317,448 | 6.23% | 10,000,000 | - | - | 22,317,448 | 0.98% |
| Keith Lassman | 1,421,983 | 0.72% | - | 6,000,000 | - | 7,421,983 | 0.32% |
| David Page* | - | - | 70,000,000 | 45,000,000 | 8,897,760 | 123,897,760 | 5.42% |
| Nicholas Wong** | 10,000 | 0.01% | 110,000,000 | 20,000,000 | 8,976,343 | 138,986,343 | 6.08% |
* David Page has subscribed for 70,000,000 Placing Shares and his spouse, Andrea Pinnington, has subscribed for 45,000,000 Subscription Shares. David Page will receive 8,425,321 Consideration Shares and Andrea Pinnington will receive 472,439 Consideration Shares pursuant to the terms of the Share Purchase Agreement.
** Nicholas Wong has subscribed for 20,000,000 Subscription Shares through Risksoft Solutions Limited, a company controlled by him. Nick Wong will receive 8,976,343 Consideration Shares pursuant to the terms of the Share Purchase Agreement.
Related Party Transactions
The aggregate participation by Keith Lassman and Jonny Plant in the Fundraising, the participation in the Placing by Will Roseff, and Gresham House Asset Management Limited and the intended participation by Adam Kaye, Sam Kaye, Amberstar Limited (a company controlled by Phillip, Adam and Sam Kaye) as substantial shareholders of the Company, constitute related party transactions for the purpose of Rule 13 of the AIM Rules for Companies. The Directors (excluding Keith Lassman and Jonny Plant), having consulted with Cavendish, the Company's nominated adviser, confirm that the terms of the transaction are fair and reasonable insofar as Shareholders are concerned.
Posting of Circular and General Meeting
The Placing is not conditional upon the completion of the Retail Offer, but it is conditional upon completion of the Subscription and the Acquisition. Completion of the Retail Offer, the Subscription and the Acquisition are conditional, inter alia, upon completion of the Placing.
The Circular, including the Notice of General Meeting which is to be held at the offices of Howard Kennedy LLP, No.1 London Bridge, London SE1 9BG at 10.00 a.m. on 21 August 2025, will be posted to Shareholders shortly and will be available on the Company's website at https://dimt.co.uk/investor-relations/.
Admission, Settlement and Dealings
Application will be made to the London Stock Exchange for the admission of the New Ordinary Shares to trading on AIM. Admission is expected to occur at 8.00 a.m. on 22 August 2025 (or such later times(s) and/or date(s) as Cavendish, Allenby Capital and the Company may agree).
Capitalised terms in this announcement shall have the same meaning as in the Launch Announcement.
David Page - P roposed Executive Chairman Jonny Plant - Chief Executive Officer N icholas Wong - Proposed Chief Financial Officer
| Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker) | Tel: 020 7220 0500 |
| Allenby Capital Limited (Joint Broker) | T el: 020 3328 5656 |
Nick Naylor / Piers Shimwell - Corporate Finance Jos Pinnington - Sales and Corporate Broking
| Hudson Sandler (Financial PR) | Tel: 020 7796 4133 tasty@hudsonsandler.com |
Alex Brennan / Harry Griffiths / Jackson Redley
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.