Edition:
United Kingdom

Restaurant Group seeks to raise 315 mln stg in rights issue


Monday, 12 Nov 2018 

Nov 12 (Reuters) - Restaurant Group PLC ::SAYS FULLY UNDERWRITTEN RIGHTS ISSUE RAISING GROSS PROCEEDS OF APPROXIMATELY £315 MILLION TO PART FUND ACQUISITION OF WAGAMAMA.SAYS RIGHTS ISSUE IS BEING FULLY UNDERWRITTEN BY J.P. MORGAN SECURITIES PLC.SAYS RIGHTS ISSUE WILL RESULT IN ISSUE OF UP TO 290,430,689 NEW ORDINARY SHARES OF COMPANY.SAYS RIGHTS ISSUE WILL BE ON FOLLOWING BASIS: 13 FOR 9 RIGHTS ISSUE AT 108.5 PENCE PER NEW ORDINARY SHARE.SAYS EXECUTIVE DIRECTORS, WHO COLLECTIVELY HOLD 0.07 PER CENT. OF TRG'S TOTAL ISSUED ORDINARY SHARE CAPITAL AS AT 9 NOVEMBER 2018 WILL TAKE THEIR FULL PRO RATA ENTITLEMENT.SAYS EACH OF NON-EXECUTIVE DIRECTORS WHO HOLD ORDINARY SHARES INTENDS TO TAKE UP IN FULL HIS OR HER RIGHTS TO SUBSCRIBE.SAYS TRG: AFTER 42 WEEKS' TRADING IN 52-WEEK PERIOD ENDED 30 DECEMBER 2018, TOTAL SALES ARE DOWN 0.5 PER CENT.SAYS SINCE ANNOUNCEMENT OF TRG'S RESULTS FOR 26-WEEK PERIOD ENDED 1 JULY 2018 ON 31 AUGUST 2018, TRG HAS CONTINUED TO MAKE GOOD PROGRESS, AND LIKE-FOR-LIKE SALES ARE UP 1.4 PER CENT. IN 14-WEEK PERIOD SINCE END OF FIFA WORLD CUP..SAYS FOR 11-WEEK PERIOD FROM 20 AUGUST 2018 TO 4 NOVEMBER 2018, WAGAMAMA'S LIKE-FOR-LIKE SALES INCREASED BY 12.2 PER CENT.