10th Jul 2006 07:01
Hot Tuna (International) plc10 July 2006 Press Release 10 July 2006 Hot Tuna (International) PLC ("Hot Tuna" or "the Company") Appointment of Elle Macpherson as Executive Director Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authenticsurf heritage, is pleased to announce that Elle Macpherson has been appointed asan Executive Director of the Company with immediate effect. In Elle Macpherson's capacity as an Executive Director, she will advise andassist with the future product development, brand positioning and salesstrategy. Elle Macpherson will work alongside Hot Tuna's existing management indealings with its customers, suppliers and stakeholders. Elle Macpherson will attend Board meetings and will also be present at seniormanagement and strategic meetings. Although not working in a full time capacitywith Hot Tuna, Elle Macpherson will work in conjunction with senior managementto introduce and develop new retail relationships and heighten the Company'sposition within its industry. Elle Macpherson's service contract has a fixedinitial term of two years. Elle Macpherson has been granted a number of incentive arrangements. FrontierInternational (Holdings) Pty Limited ("Frontier") has granted Elle Macpherson acall option which is exercisable at any time for nominal consideration over1,000,000 of its ordinary shares in the Company. Frontier has also agreed togrant Elle Macpherson a second call option (the "Second Frontier Call Option")over a further 1,000,000 of its ordinary shares in the Company in one year'stime, exercisable at any time thereafter for nominal consideration, providedthat Elle Macpherson is still an Executive Director and employee of the Companyand has not given in her notice at that date. Elle Macpherson has agreed to be subject to certain lock-in restrictions on saleof shares in the Company. Elle Macpherson may not dispose of any shares whichshe may obtain (whether by way of exercise of a call option or option tosubscribe or otherwise) for a period of 12 months from 7 July 2006 and will besubject to orderly marketing restrictions for a period of a further 12 months.In addition, any shares obtained by her exercising the Second Frontier CallOption in the period between 7 July 2007 and 7 July 2008 shall be subject to alock-in restriction on sale until 7 July 2008 and orderly marketing restrictionsfor a period of one year thereafter, except that if at any time in the year to 7July 2008 the Company's share price reaches 150p per share this restriction onsale will fall away, although she would remain subject to the orderly marketingrestrictions. In addition, the Company has granted Elle Macpherson options to subscribe for upto 2,000,000 ordinary shares in the Company. Of these options, 500,000 optionswill be immediately exercisable at an exercise price of 50p per share, 500,000options will be exercisable after 7 July 2007 at an exercise price of 50p pershare, 500,000 options will be exercisable after 7 December 2007 at a price of75p per share and 500,000 options will be exercisable after 7 July 2008 at anexercise price of 75p per share. All options are exercisable for a period offive years. Any unexercised options will lapse in the event of Elle Macphersonceasing to be a director or employee of the Company other than in certainspecified circumstances. Frontier has also with immediate effect agreed toextend the period for which it is subject to lock-in restrictions on sale of itsshares to 7 July 2008 with a period of twelve months orderly market restrictionsafter that. Ranjit Murugason, Tony Oxley and James Podaridis have similarlyagreed to extend their lock-ins to 7 July 2007 with a period of twelve monthsorderly market restrictions after that. Commenting on the appointment, Ranjit Murugason, Chairman of Hot Tuna, said: "Iam delighted to announce this significant appointment in the Company'sevolution. The appointment of Elle Macpherson brings to the Company a dynamicdimension and appreciation of developments in surf and youth fashion and willboost awareness of the Hot Tuna brand and also significantly strengthen theCompany's consumer and business relationships. "This is also a great deal for our shareholders as the structure of the optionpackage with Frontier ensures that there is no dilution on the exercise of theoptions they have granted Elle Macpherson. Additionally, the fact that lock-inrestrictions on some of the shares Elle Macpherson will obtain fall away at aprice per share of over 150p, demonstrates Elle Macpherson's confidence in ourbusiness." Commenting on her appointment as an Executive Director of Hot Tuna, ElleMacpherson said: "I believe this to be a maverick and dynamic union. Hot Tuna isa brand with a great Australian heritage, irreverent and edgy. It has a right toclaim its place in the modern surf lifestyle market. I am delighted to have theopportunity to work with the team at Hot Tuna and be part of the innovations andenergy that they have put into the re-launch of what I know will be a majorsuccess as a youth fashion surf brand." Elle Macpherson is not currently a director or partner, nor has been a directoror partner within the last 5 years, of any companies or partnerships. There are no other details to be disclosed under AIM Rules Schedule 2 (g). - Ends - For further information:Hot Tuna (International) PLCRanjit Murugason, Chairman Tel: +44 (0) 20 7372 [email protected] Seymour Pierce LimitedSarah Wharry / Parimal Kumar Tel: +44 (0) 20 7107 [email protected] www.seymourpierce.com Media enquiries:AbchurchHenry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 [email protected] www.abchurch-group.com Notes to Editors Hot Tuna International PLC (AIM: HTT) owns the rights to the Hot Tuna brand, aprogenitor of global youth fashion, born in Australia with a heritage ofauthentic surf culture. Hot Tuna is one of the world's most iconic names in surf lifestyle and can traceits roots back to 1969 when it was founded by a surfer and his fashion designerwife. The label has not been actively marketed over for the last decade, but hasmaintained an organic cult status among the core surf and sports enthusiasts. In June 2005, Hot Tuna International PLC purchased the 'Hot Tuna' brand from aconsortium of investors, listed it on AIM in September 2005, and has sincestarted to aggressively market the brand and reinvigorate the business. TheCompany now owns all intellectual property rights to its name and relatediconography, and has in place key management drawn from the executive ranks ofQuiksilver, O'Neill and Ocean Pacific, among others. While headquartered in the UK, Hot Tuna operates its design, manufacturing,marketing and distribution hub in the USA. Hot Tuna sells product, which itdirectly manufactures in facilities in the USA, the European Union and in China. Hot Tuna maintains offices in Sydney, Los Angeles and London. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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