views

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.