IRC Individual Rest

 

TIDMIRC 
 
RNS Number : 3730V 
Individual Restaurant Company PLC 
09 July 2009 
 

Individual Restaurant Company plc 
 
 
 
Results of Open Offer of 16,195,885 Open Offer Shares at 13 pence per Open Offer 
Share 
 
 
Placing of Ordinary Shares 
 
 
 
 
Individual Restaurant Company plc ('IRC' or the 'Company') today announces that 
pursuant to the Open Offer of up to 16,195,885 ordinary shares at 13 pence each, 
as announced on 22 June 2009, it has applied for up to 16,195,885 ordinary 
shares to be admitted to trading on AIM ('Open Offer Shares'), raising 
approximately GBP2.1m. 
 
 
The Company also announces that, due to the positive take up of the Open Offer 
(74.6% of the Open Offer Shares), it has taken the opportunity to place an 
additional 3,950,216 of its ordinary shares for cash ('Placing Shares') at a 
price of 13p per share under the authority given to the Company by shareholders 
at the last Annual General Meeting.  The proceeds of the additional cash placing 
of GBP0.5m, when combined with the proceeds of the Open Offer, take the total 
amount raised by the Company to GBP2.6 million. 
 
 
 
 
Highlights 
 
 
  *  Total funds raised of GBP2.6 million 
 
  *  All shares available under the Open Offer have been fully taken up 
 
  *  CEO, Steven Walker, has invested GBP0.33 million and taken up his full 
  entitlement 
 
  *  The purpose of the Fundraising is to reduce the Company's indebtedness to a more 
  appropriate level for the current economic climate 
 
  *  The reduced indebtedness will leave the Company better placed to capitalise on 
  new site opportunities and put the Company in a stronger position to prosper and 
  take advantage of opportunities as they arise 
 
  *  Application has been made to the London Stock Exchange for the Open Offer Shares 
  to be admitted to trading on AIM. Dealings are expected to commence in the Open 
  Offer Shares on 10 July 2009 
 
  *  Application will be made to the London Stock Exchange for the Placing Shares to 
  be admitted to trading on AIM. Dealings are expected to commence in the Placing 
  Shares on 14 July 2009 
 
  *  Malcolm Walker, whose trust vehicle partially underwrote the Open Offer and 
  whose nominee companies took up their entire Open Offer entitlements, has a 
  resultant beneficial interest in 11.0% of the total share capital of the 
  Company 
 
 
 
 
 
Commenting on the combined fundraising, Steven Walker, Chief Executive of 
Individual Restaurant Company plc, said: 
 
 
"The proceeds of the Open Offer and Placing has enabled the Company to raise 
circa GBP2.6 million. These funds will be used to reduce the Company's existing 
indebtedness leaving substantial headroom in its banking facility. We are 
confident in respect of both our national brands. When the timing is right the 
headroom in our facility will allow the Company to grow these further taking 
advantage of the preferential terms, rent agreements and capital contributions 
available. This Fundraising puts the Company in a stronger position to take 
advantage of opportunities as they arise.We welcome the Placees as supportive 
shareholders in IRC." 
 
 
 
 
Results of Open Offer 
 
 
Individual Restaurant Company plc ('IRC' or the 'Company') today announces that, 
pursuant to the Open Offer of up to 16,195,885 ordinary shares at 13 pence each, 
as announced on 22 June 2009, it has applied for 16,195,885 ordinary shares to 
be admitted to trading on AIM. 
 
 
The Open Offer has been fully supported by Steven Walker and Iain Donald, Chief 
Executive Officer and Operations Director respectively, in respect of all of 
their Open Offer entitlements as follows: 
 
 
+-----------------+------------------+----------------+--------------------+ 
| Name of         |        Number of |          Total |         Percentage | 
| Director        |  Shares taken up |        holding | of issued ordinary | 
|                 |                  |      following |      share capital | 
|                 |                  |   notification |       beneficially | 
|                 |                  |                |     currently held | 
|                 |                  |                |                    | 
+-----------------+------------------+----------------+--------------------+ 
| Steven Walker   |        2,562,349 |      8,811,981 |               14.8 | 
+-----------------+------------------+----------------+--------------------+ 
| Iain Donald     |          370,341 |      1,273,613 |                2.1 | 
+-----------------+------------------+----------------+--------------------+ 
 
 
 
 
Dealings in the new ordinary shares will commence at 8.00 a.m. on 10 July 2009. 
Following the admission of these shares the issued share capital of the Company 
will be 55,698,045 ordinary shares. 
 
 
The beneficial shareholding of Malcolm Walker, following admission of the Open 
Offer Shares and the admission of the Placing Shares, will be 6,534,126 ordinary 
shares (11.0% of the Company's issued share capital). 
 
 
Placing of Ordinary Shares for Cash 
 
 
IRC also announces a cash placing of 3,950,216 new IRC ordinary shares ('Placing 
Shares') to be issued at a price of 13p per share (the "Placing"). The Placing 
Shares have been placed with Blackstar (Isle of Man) Limited (in its capacity as 
trustee of The Tarsem Singh Dhaliwal EFRBS and as trustee of The Andrew Simon 
Pritchard EFRBS) (together, the 'Placees'). 
 
 
The Placing Shares have been issued by the Company for cash pursuant to the 
authority granted by the Company's shareholders at its last AGM. 
 
The shareholdings of the Placees (following admission of the Placing Shares and 
the Open Offer Shares) are set out in the table below. 
 
 
 
 
+-----------------------------------+----------------+------------------+ 
| Beneficial Holder                 |      Number of |       Percentage | 
|                                   |       ordinary |        of issued | 
|                                   |  shares placed |   ordinary share | 
|                                   |                |          capital | 
|                                   |                |     beneficially | 
|                                   |                |   currently held | 
|                                   |                |               %  | 
+-----------------------------------+----------------+------------------+ 
| Tarsem Dhaliwal                   |      1,975,108 |             3.31 | 
|                                   |                |                  | 
+-----------------------------------+----------------+------------------+ 
| Andrew Pritchard                  |      1,975,108 |             3.31 | 
|                                   |                |                  | 
+-----------------------------------+----------------+------------------+ 
 
 
The proceeds from the Placing and the Open Offer (in aggregate approximately 
GBP2.6 million), will be used to reduce indebtedness to more appropriate levels 
given the current economic climate. 
 
The Placing Shares have been issued credited as fully paid conditional upon 
Admission and will rank pari passu in all respects with the IRC Ordinary Shares, 
including the right to receive all dividends and other distributions declared 
after the date of their issue. Admission is expected to take place, and dealing 
in the Placing Shares to commence, at 8.00 a.m. on 14 July 2009. The issued 
share capital of the Company following admission of the Placing Shares will be 
59,648,261. 
 
 
 
9 July 2009 
 
 
 
 
 
 
 
 
 
 
* * ENDS * * 
 
For further information visit www.individualrestaurantcompanyplc.co.uk or 
contact: 
 
 
+------------------------------------+------------------------------------+ 
| Enquiries:                         |                                    | 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| Individual Restaurant Company plc  | 0161 839 5511                      | 
+------------------------------------+------------------------------------+ 
| Steven Walker                      |                                    | 
| Vernon Lord                        |                                    | 
+------------------------------------+------------------------------------+ 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| Altium Capital Limited             | 0161 831 9133                      | 
+------------------------------------+------------------------------------+ 
| Mike Fletcher                      |                                    | 
+------------------------------------+------------------------------------+ 
| David Foreman                      |                                    | 
+------------------------------------+------------------------------------+ 
|                                    |                                    | 
+------------------------------------+------------------------------------+ 
| College Hill                       |                                    | 
+------------------------------------+------------------------------------+ 
| Justine Warren                     | 020 7457 2020                      | 
| Matthew Smallwood                  |                                    | 
+------------------------------------+------------------------------------+ 
 
 
This announcement is for information only and shall not constitute an offer to 
buy, sell, issue, or subscribe for, or the solicitation of an offer to buy, sell 
or issue, or subscribe for any securities, nor shall there be any sale of 
securities in any jurisdiction in which such offer, solicitation or sale would 
be unlawful prior to registration or qualification under the securities laws of 
any such jurisdiction. This announcement has been issued by and is the sole 
responsibility of IRC. 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCILFFTDFITIIA 
 

Grafico Azioni Individual Rest (LSE:IRC)
Storico
Da Apr 2024 a Mag 2024

Grafico Azioni Individual Rest (LSE:IRC)
Storico
Da Mag 2023 a Mag 2024