TIDMIRGP
RNS Number : 6582K
Indian Restaurants Group PLC
23 April 2010
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INDIAN RESTAURANTS GROUP PLC
(AIM: IRGP)
Placing and Issue of Equity
Indian Restaurants Group Plc ("IRGP" or "the Company") announces that it has
completed a placing of 5,578,994 new ordinary shares of 0.5 pence each ("New
Ordinary Shares") at a price of 2.5 pence per share raising new monies totalling
approximately GBP139,475 ("the Placing").
The New Ordinary Shares are being exclusively placed with Brainspark PLC
("Brainspark"). Haresh Kanabar is a director of both IRGP and Brainspark. Mr
Kanabar does not hold any shares in either IRGP or Brainspark. The proceeds of
the Placing will be used for working capital purposes.
Further to the Placing, Brainspark will be interested in 5,578,994 ordinary
shares of 0.5 pence representing 29.9 per. cent. of the enlarged share capital.
It is the intention of IRGP to invite Alfredo Villa, CEO of Brainspark, to join
the Board of IRGP as a Non Executive Director. A further announcement will be
made when this occurs.
Application will be made to the London Stock Exchange plc for the New Ordinary
Shares to be admitted to trading on AIM and is expected to occur on 28 April
2010.
Further to the Placing the revised holdings of the directors who hold shares in
the Company are as follows:
+----------------------+---------------+---------------------------+----------+
| | Placing | Shares held | Revised |
| | participation | after the | % |
| | shares | Placing | Holding |
+----------------------+---------------+---------------------------+----------+
| Mr Kuldeep Singh | - | 1,446,720 | 7.75 |
+----------------------+---------------+---------------------------+----------+
| Mr Ashraf Rahman | - | 1,071,293 | 5.74 |
+----------------------+---------------+---------------------------+----------+
| Mr Amit Pau | - | 261,111 | 1.40 |
+----------------------+---------------+---------------------------+----------+
In accordance with the transitional provisions of the Disclosure and
Transparency Rules of the Financial Services Authority, the Company confirms
that, following this issue, its issued share capital comprises 18,658,844
Ordinary Shares of 0.1p each. All of the Ordinary Shares have equal voting
rights and none of the Ordinary Shares are held in Treasury. The total number of
voting rights in the Company is therefore 18,658,844.
This figure may be used by shareholders as the denominator for the calculations
by which they will determine if they are required to notify their interest in,
or a change to their interest in, the share capital of the Company under the
Disclosure and Transparency Rules.
+-----------------------------------+-----------------------------------+
| Contacts: | |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| Indian Restaurants Group plc | www.indianrestaurantsgroup.com |
+-----------------------------------+-----------------------------------+
| Haresh Kanabar, Chairman | +44 (0) 207 432 3278 |
+-----------------------------------+-----------------------------------+
| Amit Pau, Chief Executive | +44 (0) 207 432 3278 |
+-----------------------------------+-----------------------------------+
| | |
+-----------------------------------+-----------------------------------+
| WH Ireland Limited | www.wh-ireland.co.uk |
+-----------------------------------+-----------------------------------+
| Mike Coe / Marc Davies | +44 (0) 117 945 3470 |
+-----------------------------------+-----------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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