Tortilla Mexican Grill plc (AIM: MEX), the largest fast-casual Mexican restaurant business in the UK and Europe, has announced the issue of 88,930 new ordinary shares to satisfy the exercise of nil-cost options under its 2021 Long Term Incentive Plan. The new shares are expected to be admitted to trading on AIM at 8.00 a.m. on 16 November 2026. Following admission, the company's total issued ordinary share capital will stand at 42,619,361 shares, a figure investors may now use as the denominator for regulatory shareholding calculations under FCA Disclosure Guidance and Transparency Rules.

Key Points

  • Tortilla Mexican Grill plc (MEX), listed on AIM, is the largest fast-casual Mexican restaurant group in the UK and Europe
  • The company has issued 88,930 ordinary shares of £0.01 each to satisfy nil-cost option exercises under its 2021 Long Term Incentive Plan
  • AIM admission and commencement of dealings is expected at 8.00 a.m. on 16 November 2026; enlarged share capital totals 42,619,361 ordinary shares
  • Investors should note the updated total voting rights figure, which now serves as the regulatory denominator for FCA disclosure threshold calculations

Nil-Cost Options Exercised Under Tortilla's 2021 Long Term Incentive Plan

The 88,930 ordinary shares have been issued specifically to satisfy the exercise of nil-cost options granted under Tortilla's 2021 Long Term Incentive Plan, a scheme designed to align management incentives with long-term shareholder value. Each new share carries a nominal value of £0.01 and will rank pari passu with the company's existing ordinary shares, meaning holders receive identical rights in respect of dividends, voting, and any future distribution of assets. The company confirmed it holds no shares in treasury, so the full enlarged figure of 42,619,361 represents the complete issued share capital.

AIM Admission Scheduled for 16 November 2026 as Tortilla's Share Capital Enlarges

Application has been made to admit the 88,930 new ordinary shares to trading on AIM, with dealings expected to commence at 8.00 a.m. on 16 November 2026, the announcement states. The admission process follows standard AIM procedures and is managed with the support of Panmure Liberum Limited, which acts as both nominated adviser and sole broker to Tortilla. The updated total issued share capital of 42,619,361 ordinary shares becomes effective from the point of admission and supersedes any previously published voting rights figures shareholders may have been using for threshold calculations.

Updated Total Voting Rights Figure for FCA Transparency Rule Calculations

Under the FCA's Disclosure Guidance and Transparency Rules, shareholders are required to monitor their proportionate interest in a company and notify relevant parties when their holding crosses prescribed thresholds. With the enlarged share capital of 42,619,361 ordinary shares confirmed from admission on 16 November 2026, investors and institutional shareholders should update their internal calculations accordingly. The company's confirmation that no treasury shares are held means the full issued share capital figure applies directly as the regulatory denominator, with no adjustment required for shares held off-market by the company itself.

Tortilla's Position as the UK and Europe's Largest Fast-Casual Mexican Restaurant Group

Tortilla Mexican Grill operates as the largest fast-casual Mexican restaurant business across the UK and Europe, a market positioning that underpins the strategic rationale behind long-term incentive arrangements such as the 2021 LTIP. The group is led by Founder and Group CEO Brandon Stephens alongside Chief Financial Officer Richard Haley. While this particular announcement relates to a routine share issuance under an employee incentive plan rather than a trading update or strategic transaction, investors may be watching for further operational news as the group continues to develop its estate across its core markets.