Placing and Director/PDMR Shareholdings

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 £2.5million. 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 £2.5million, 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 exercised	No. of Ordinary Shares sold following the exercise of options	No. of Ordinary Shares retained following the exercise of options
Jonny Plant	Joint Chief Executive	1,029,922	511,391	518,531
Samuel Kaye	Joint Chief 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 Granted	Exercise price of the New Options
Jonny Plant	Joint Chief Executive	500,000	100 pence
Samuel Kaye	Joint Chief Executive	500,000	100 pence
Adam Kaye	Non-Executive Director	500,000	100 pence

The options will be exercisable subject to the share price of the Company having an average closing mid-market price of £1.50 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 Shares	% of the issued share capital of the Company as enlarged by the Placing and the exercise of options	Total number of options over Ordinary Shares held following exercise and grant of New 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
Adam Kaye	Non-Executive 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: [phone]

Cenkos Securities plc

Bobbie Hilliam                                     Tel: [phone] 

NOMAD and Broker

 

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