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LONDON - Tasty plc (AIM:TAST), a casual dining restaurant operator, announced Friday plans to raise £9.25 million through a conditional placing and subscription of new ordinary shares at 0.5 pence per share.
The company also revealed it has conditionally agreed to acquire The Ventnor Bay Company Limited, a private cash shell, for approximately £0.2 million to be satisfied through the issuance of 40 million consideration shares.
Following the fundraising, David Page, former CEO and Chairman of PizzaExpress plc and founder of The Fulham Shore plc, will join as Executive Chairman, while Nicholas Wong, former Finance Director at The Clapham House Group PLC and The Fulham Shore plc, will become Chief Financial Officer.
The issue price represents a 13.9 percent discount to Tasty’s three-month volume weighted average price as of July 31. The company is also undertaking a retail offer to raise up to an additional £1 million.
Proceeds will be used to invest in and improve existing restaurants, enhance technology and operations, acquire other restaurant brands, and provide working capital to support the company’s revised growth strategy.
Tasty also plans to change its name to "Bow Street Group plc" with a new ticker symbol "BOW."
"We are highly confident that the strengthened executive team, together with a cash injection, will be transformative to the business and all its stakeholders," said Jonny Plant, Chief Executive Officer of Tasty.
The proposed transactions and appointments are subject to shareholder approval at a general meeting scheduled for August 21, with admission of the new shares expected on August 22.
Cavendish and Allenby Capital are acting as joint brokers for the placing, with Allenby Capital also appointed as joint broker to the company.
The announcement was made via a regulatory information service based on a company press release.
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