Individual Restaurant Co beats share sale targets

INDIVIDUAL Restaurant Company, the group behind the Restaurant Bar and Grill and Piccolino chains, yesterday said it has beaten its target of raising &pound;2.1m with a share sale.<br /><br />The firm took the opportunity to place a further 3,950,216 shares &ndash; the 10 per cent maximum amount it was granted at its recent annual meeting &ndash; to raise a further &pound;500,000, taking the total amount to &pound;2.6m.<br /><br />It said the new money would create headroom to pursue new restaurant openings.<br /><br />Chief executive Stephen Walker has taken up his full entitlement, investing &pound;330,000 in the offer.<br /><br />Shareholders were entitled to subscribe for up to 4.1 shares at 13p for every 10 shares currently held. He now owns 2,562,349 shares &ndash; or around 14.8 per cent of the total. Operations director Iain Donald has also reinvested and now holds 2.1 per cent.