23rd Sep 2005 07:00
Hot Tuna (International) plc 23 September 2005 Hot Tuna International PLC Floats on AIM Hot Tuna International plc, ('Hot Tuna' or 'the Company') owners of one of the world's longest established surfing lifestyle brands, announces its admission to AIM today, following a successful placing of 3,801,000 shares at 50p to raise £1.9m. Nabarro Wells is acting as the Company's Broker and Nominated Adviser. Placing statistics Placing Price 50p Number of Placing Shares 3,801,000 Total number of Ordinary Shares 40,001,000 Percentage of the enlarged share capital subject to the Placing 9.5% Market capitalisation following Admission at the Placing Price £20 million Estimated gross proceeds of the Placing £1,900,500 Estimated net proceeds of the Placing £1,676,500 Hot Tuna was established in 1969, in Australia, and quickly established itself in the market with the introduction of retro style surf board shorts. All the Company's products, which include board shorts, t-shirts, hats, swimwear, surf hardware, and footwear, are badged with Hot Tuna's distinctive Piranha and Bull's Head logos. Headquartered in London, Hot Tuna will use the proceeds of the listing to expand the number of licensees it has on a world wide basis, enhance the brand positioning and increase the support it provides current licensees to increase market share. Hot Tuna's products are currently sold in Australia, New Zealand, United Kingdom, United States, Mexico, and Singapore. Hot Tuna also intends to develop new market segments by extending its product range with the launch of backpacks, carry bags, eyewear and jewellery and by broadening its business in extreme sports. The development of the Company's existing licensees in Australia, New Zealand, the United States, Mexico and Canada will remain a priority following the listing, particularly in North America where the demand for surfing apparel is increasing while other licensees will be sought in key European countries. In the United States alone, the number of active participants in the surfing and extreme sports market in 2000, was estimated at more than 50 million with a market value of US$2.4billion. The size of the European market is valued at approximately €550 million and growing at around 15 per cent per annum. Tony Oxley, Chief Executive Officer stated: 'Hot Tuna is such a recognisable brand due to our unique logos of the Piranha and the Bulls Head, it has been great to see the familiarity with the name in the listing process. It is with excitement that we look forward to developing a global brand.' Ranjit Murugason, Non Executive Chairman of Hot Tuna, commented: 'Hot Tuna is an international brand with global appeal. We believe with the increasing popularity of surfing and the surf lifestyle around the world that now is the right time to list the Company and use the proceeds for further expansion. We have chosen to list in London because it will be the base from which the Company will roll out its plans for international expansion.' - Ends - For further information, please contact: Hot Tuna International Plc Ranjit Murugason, Chairman +44 20 7 016 9466 [email protected] Nabarro Wells Hugh Oram +44 20 7 710 7400 Parkgreen Communications Justine Howarth/Victoria Thomas +44 20 7493 3713 [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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