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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

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