Tasty raises £9m in placing to fund expansion

7th Nov 2016 14:39

(ShareCast News) - Restaurant operator Tasty has conditionally raised £9m through a placing of 6.21m shares at 145p each.The placing, which represents around 11.6% of the current issued share capital, was oversubscribed and supported by new and existing institutional investors, as well as the board.Tasty said proceeds from the placing will be used to fund the continued expansion of the company's restaurants estate.The placing is at zero discount to the closing middle market price of shares on 4 November.Also on Monday, the group said current trading remains in line with expectations and the continued rollout of the Wildwood restaurant brand is proceeding well.AIM-listed Tasty also operates the Dim T restaurant chain.At 1515 GMT, the shares were up 1.9% to 147.25p.