Tasty raises £9.25m to support its planned acquisition
A separate retail offer, which was launched on 1 August via the Bookbuild platform, aims to raise up to £1m. It is scheduled to close at midday on Wednesday (6 August)
Casual dining group Tasty has raised £9.25m before expenses through a share placing and subscription to support its planned acquisition.
The news comes after the AIM-listed company placed 1.7 billion new shares and issued a further 150.6 million shares by subscription, each priced at 0.5p. The price represents a discount of about 13.9% to the three-month average of 0.58p on 31 July.
A separate retail offer, which was launched on 1 August via the Bookbuild platform, aims to raise up to £1m. It is scheduled to close at midday on Wednesday (6 August).
ASK Italian co-founders Adam and Sam Kaye, along with Amberstar, a company controlled by Phillip, Adam and Sam Kaye, plan to invest £500k through the retail offer.
In addition, several directors and major shareholders are taking part in the fundraising. Chairman David Page subscribed for 70 million placing shares, while his spouse, Andrea Pinnington, subscribed for 45 million. Page will also receive more than 8.4 million consideration shares linked to the acquisition.
Director Nicholas Wong, through his company Risksoft Solutions, subscribed for 20 million shares and will receive almost nine million consideration shares.
The company said the involvement of related parties including Keith Lassman, Jonny Plant, Will Roseff, Gresham House Asset Management and the Kaye family constitutes related party transactions under AIM rules. Its nominated adviser, Cavendish, has confirmed the terms are fair and reasonable.
The fundraising and acquisition remain subject to shareholder approval at a general meeting on 21 August. If approved, admission of the new shares to AIM is expected on 22 August.
