30th Nov 2005 07:02
Hot Tuna (International) plc30 November 2005 30th November 2005 Hot Tuna (International) PLC ("Hot Tuna" or "The Company") Hot Tuna Appoints Quiksilver senior executive as Hot Tuna Managing Director Hot Tuna (AIM : HTT) has appointed Marcus Gracey as Managing Director of theCompany with immediate effect. Marcus joins the Hot Tuna Board from theAustralia & Asia Pacific Division of NASDAQ listed surf lifestyle giant,Quiksilver Inc. Marcus' immediate focus with Hot Tuna will be to drive salesgrowth within the U.S. licensee business and to locate and sign appropriatelicensees in Europe. James Podaridis remains as Executive Director with key responsibility forbusiness development. Marcus brings a wealth of experience to Hot Tuna, having been the GeneralCounsel for Quiksilver Australia & Asia Pacific for the past three years. Marcushas extensive strategic industry expertise in areas that include, businessdevelopment, global infrastructure, corporate compliance, licensee modelling,acquisitions and restructuring, sponsorship, athlete management, trade mark andbrand management. Marcus' operational experience obtained through working with management acrossthe organisation in countries including Australia, New Zealand, Indonesia,Japan, Hong Kong and China, will be of significant benefit to Hot Tuna which iscurrently looking to extend its licensees in Asia Pacific region as well as UK,Europe and the US. During the past three years, Marcus also took an active rolein the globalisation process of Quiksilver's Asia Pacific division, whereby theAsia Pacific Licensee Group was acquired by and merged into Quiksilver Inc. On his appointment to the Hot Tuna Board Marcus Gracey (36), stated: 'Growing upin Australia there were only a handful of original core surf brands around andHot Tuna was one of them. Having disappeared off the radar for some time, I wasthrilled to see it re-emerge with its AIM listing earlier this year. I am veryexcited about my new role with Hot Tuna as I can see we have the potential torival the big names in both global presence and distribution.' Being a passionate surfer and having spent a significant portion of his lifechasing waves around the world, Marcus has an important appreciation and empathyfor the surfing lifestyle. A previous Western Australian state scholasticsurfing representative, Marcus also holds a Bachelor of Economics and Bachelorof Laws degree from the Northern Territory University (N.T, Australia), aMasters Degree in Intellectual Property Law from Murdoch University, WesternAustralia and is a Chartered Company Secretary. Tony Oxley, Chief Executive, commented: "The combination of Marcus' strategicand operational experience within the surf lifestyle market will be aninvaluable addition to Hot Tuna's executive management team." Ranjit Murugason, Chairman added: "The Board is excited about obtaining thebenefit of Marcus' industry skills and experience. He has a unique balance ofboardroom skills with a board shorts lifestyle that makes him an ideal executiveappointment to the Board and a valuable asset to the Company. The operationaland organisational experience that Marcus brings from Quiksilver, one of themost successfully developed global surf lifestyle brands, will accelerate thegrowth and brand positioning of Hot Tuna internationally and especially in ourcore markets." Under the terms of his contract, which runs for 12 months on an annuallyrenewable basis, with four months notice to be given by either party, inaddition to his salary he has been awarded options over 1,000,000 new OrdinaryShares, on the following terms: Options Exercise Term VestingNumber Price250,000 £0.50 5 years following date of grant Immediately on sign-on250,000 £0.50 5 years following date of grant 12 months following date of grant250,000 £0.75 5 years following date of grant 24 months following date of grant250,000 £0.75 5 years following date of grant 36 months following date of grant Subject to certain performance criteria, the number of shares under option mayrise further by 200,000 new Ordinary Shares. Marcus will also participate in a bonus scheme under which new Ordinary Shareswill be allotted to him subject to share price performance criteria as follows: Bonus Shares Average Share Price* VestingNumber200,000 £1.00 12 months following date of appointment200,000 £1.50 24 months following date of appointment200,000 £2.00 36 months following date of appointment200,000 £2.25 48 months following date of appointment200,000 £2.50 60 months following date of appointment * The closing mid market price of Hot Tuna Ordinary Shares on the AIM marketmust have averaged or exceeded the stated price for the preceding thirty tradingdays in order for the award of bonus shares to crystallise. Subject to certain performance criteria, the number of shares included in thebonus scheme may rise further by 200,000 new Ordinary Shares. - Ends - For further information, please contact: Hot Tuna International Plc Ranjit Nabarro Wells Parkgreen CommunicationsMurugason, Chairman Hugh Oram Justine Howarth / Victoria Thomas+44 20 7016 5100 +44 20 7710 7400 +44 20 7493 [email protected] [email protected] Notes to Editors Hot Tuna International PLC listed on AIM on 23 September 2005 (AIM: HTT). It isthe licensor, manager, marketer and owner of the Hot Tuna brand of surflifestyle apparel and accessories. The Company acquired the brand in June 2005and the surf lifestyle market includes: board shorts, t-shirts, hats, swimwear,backpacks and bags, surf hardware, eyewear, footwear and jewellery. As custodian of the Hot Tuna brand, the Company intends to control thedistribution, quality and marketing of its products on a global scale and ensurethat the best products are produced. The brand will be developed through theappointment of local licensees in individual countries that have the relevantexperience to develop and gain competitive advantage for the brand in their ownnational markets. The Company has exclusive licensees in Australia, NewZealand, the United States, Mexico and Canada. In addition, the company hasnon- exclusive licensing arrangements in a number of countries includingMalaysia, Singapore, Thailand, Korea and Japan. APPENDIX Further information on Marcus Gracey Full name: Marcus GraceyAge: 36 Current directorshipsHot Tuna (International) PLCMillenium Falcon Pty LtdEDG Enterprises Pty LtdRemir Ltd Directorships held within the previous five years None This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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