Placing and Issue of Equity

RNS Number : 6582K

Indian Restaurants Group PLC

23 April 2010

 



INDIAN RESTAURANTS GROUP PLC

(AIM: IRGP)

Placing and Issue of Equity

Indian Restaurants Group Plc ("IRGP" or "the Company") announces that it has completed a placing of 5,578,994 new ordinary shares of 0.5 pence each ("New Ordinary Shares") at a price of 2.5 pence per share raising new monies totalling approximately £139,475 ("the Placing").

The New Ordinary Shares are being exclusively placed with Brainspark PLC ("Brainspark").  Haresh Kanabar is a director of both IRGP and Brainspark.  Mr Kanabar does not hold any shares in either IRGP or Brainspark.  The proceeds of the Placing will be used for working capital purposes.

Further to the Placing, Brainspark will be interested in 5,578,994 ordinary shares of 0.5 pence representing 29.9 per. cent. of the enlarged share capital.  It is the intention of IRGP to invite Alfredo Villa, CEO of Brainspark, to join the Board of IRGP as a Non Executive Director.  A further announcement will be made when this occurs.

Application will be made to the London Stock Exchange plc for the New Ordinary Shares to be admitted to trading on AIM and is expected to occur on 28 April 2010.

Further to the Placing the revised holdings of the directors who hold shares in the Company are as follows:

	Placing participation shares	Shares held after the Placing	Revised % Holding
Mr Kuldeep Singh	-	1,446,720	7.75
Mr Ashraf Rahman	-	1,071,293	5.74
Mr Amit Pau	-	261,111	1.40

In accordance with the transitional provisions of the Disclosure and Transparency Rules of the Financial Services Authority, the Company confirms that, following this issue, its issued share capital comprises 18,658,844 Ordinary Shares of 0.1p each. All of the Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company is therefore 18,658,844.

This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.

Contacts:
Indian Restaurants Group plc	www.indianrestaurantsgroup.com
Haresh Kanabar, Chairman	[phone]
Amit Pau, Chief Executive	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
Mike Coe / Marc Davies	[phone]

 

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