TIDMTAST
RNS Number : 9163L
Tasty PLC
15 January 2021
15 January 2021
Tasty plc
("Tasty" or the "Company")
Trading Update, Bank Facility and Result of General Meeting
Tasty (AIM: TAST), the owner and operator of restaurants in the
casual dining sector, is pleased to announce the following
updates:
Trading Update and Bank Facility
Since the Company's Trading Update announced on 15 December 2020
(and as further updated on 23 December 2020), the UK has been
subject to unexpected increased restrictions as a result of the
third COVID-19 lockdown, leading to the closure of all in-dining at
the Company's restaurants. As a result, the Company currently has
open approximately 38 units providing takeaway and delivery
services only. The Company continues to monitor developments
affecting its restaurants in line with the continually changing UK
restrictions.
As previously announced, the Company has now been successful in
achieving rent reductions and lease concessions on more than half
of the estate. The Company is continuing consensual negotiations
with landlords and other creditors in respect of outstanding rents
and, given the current third lockdown, now anticipates that this
process will continue into at least March 2021. The Company will
again be relying on Government support for employees' pay and VAT,
and business rate holidays and grants, where available.
The bank facility secured in order to strengthen the Company's
balance sheet and provide additional working capital support as
detailed in the announcement dated 30 September 2020, has now been
drawn down by the Company.
Result of General Meeting
All resolutions put to shareholders at the Company's General
Meeting held earlier today, were duly passed on a show of
hands.
The total proxy votes were cast as follows:
Resolution For % Against % Withheld
1 48,218,042 100.00 0 0.00 51,750,041
----------- ------- -------- ----- -----------
2 99,965,873 100.00 2,210 0.00 0
----------- ------- -------- ----- -----------
3 99,965,873 100.00 2,210 0.00 0
----------- ------- -------- ----- -----------
4 99,965,873 100.00 2,210 0.00 0
----------- ------- -------- ----- -----------
5 99,965,873 100.00 2,210 0.00 0
----------- ------- -------- ----- -----------
6 99,965,873 100.00 2,210 0.00 0
----------- ------- -------- ----- -----------
Note: A vote "Withheld" is not a vote in law and is not counted
in the calculation of the proportion of the votes "For" and
"Against" shown.
Growth Shares Scheme
As detailed in the circular issued by the Company on 23 December
2020 (the "Circular"), f ollowing the issue of the B Ordinary
Shares and their subsequent conversion into new Ordinary Shares
(should the share price performance criteria be met); Jonny Plant
would hold (together with his existing holding of Ordinary Shares)
an interest in the Company of up to a total of 22,768,542 Ordinary
Shares representing 14.52% of the Enlarged Ordinary Share Capital
and the Concert Party would hold, in aggregate, 67,593,409 Ordinary
Shares, representing 43.12% of the Enlarged Ordinary Share Capital.
Full details of the Concert Party's interests in Ordinary Shares
and percentage interest in Ordinary Shares if Jonny Plant converted
his B Ordinary Shares into new Ordinary Shares in full are set out
below:
Name Number of Percentage of Proposed number Maximum number of Resulting
Ordinary Shares Existing Ordinary of B Ordinary new Ordinary holding as a
held on the Last Shares Shares Shares upon percentage of
Practicable Date conversion of the the Enlarged
B Ordinary Shares Ordinary Share
Capital assuming
conversion
of all the B
Ordinary Shares
and assuming no
further issue of
Ordinary Shares
Adam Kaye 12,368,168 8.77% - - 7.89%
Sam Kaye 20,882,197 14.80% - - 13.32%
Phillip Kaye 5,819,390 4.12% - - 3.71%
Jonathan Kaye 5,565,811 3.94% - - 3.55%
Samantha Sanson 170,071 0.12% - - 0.11%
Doreen Kaye 19,230 0.01% - - 0.01%
Jonny Plant 7,091,902 5.03% 15,676,640 15,676,640 14.52%
Total 51,916,769 36.80% 15,676,640 15,676,640 43.12%
Capitalised terms in this paragraph shall have the same meaning
as in the Circular.
For further information, please contact:
Tasty plc Tel: 020 7637 1166
Jonny Plant, Chief Executive
Cenkos Securities plc (Nominated adviser
and broker)
Mark Connelly / Katy Birkin Tel: 020 7397 8900
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END
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