Shareholders in Urban Dining have given the go-ahead for its £31m reverse takeover of the Tootsies burger restaurant business.
The group, which floated on the Alternative Investment Market in May, has since raised £27.9m to fund the purchase of the 23-strong chain through a new shares issue priced at 60p a share.
As a result of the go-ahead, these new shares will join the group’s 7.4 million existing shares on AIM tomorrow (Friday) and on Monday, boosting the total to 57.6 million shares.
Urban Dining was set up last year by two former PizzaExpress directors to buy up to three established restaurant brands that could be expanded to 100 sites. Tootsies is its first purchase.
by Angela Frewin
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