15th May 2007 07:02
Hot Tuna (International) plc15 May 2007 Press Release 15 May 2007 Hot Tuna (International) PLC ("Hot Tuna" or "the Group") Von Dutch Managing Director joins as Chief Executive Officer of Hot Tuna (International) PLC Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authenticsurf heritage, is pleased to announce the appointment of Mr Niels Anders Juul,aged 44, as Chief Executive Officer of the Group with effect from 1 June 2007.Mr Juul joins Hot Tuna from Von Dutch, a high profile international clothingcompany, where he was most recently Managing Director. This appointment marks a significant strengthening of the Board and Mr Juulbrings considerable experience and an impressive track record to Hot Tuna. Witha background in advertising agencies and a strong history in senior managementpositions within the apparel and eyewear industry, Mr Juul was a member of theoriginal executive team at Von Dutch and a key part of its success. As ManagingDirector of Von Dutch, Mr Juul was not only responsible for overseeing theoverall brand development and positioning, but also led a team in establishingVon Dutch internationally, utilising his 10 years' of previous experience ofbuilding international operations at Filtenborg, His knowledge of the globalretail markets will be integral to Hot Tuna's future development. During histime at Von Dutch, Mr Juul successfully managed a growth in turnover over threeyears, from US$5 million, which at that time primarily occurred through a narrowUS distribution, to over US$50 million in global sales of adult apparel alone. Commenting on the appointment, Ranjit Murugason, Executive Chairman of Hot Tuna(International) PLC, said: "The Board is delighted to welcome Niels to theGroup, his knowledge and expertise will greatly benefit Hot Tuna's development. The phenomenal success he achieved during his time at Von Dutch, and hisexperience of the industry promises to significantly strengthen Hot Tuna'ssenior management team, and we look forward to working with him to implement hisideas and progress the Group's development." Mr Juul said: "I am excited about applying to Hot Tuna what I have experiencedat Von Dutch; using tools such as innovative branding, gorilla marketing and astrong business strategy, I look forward to evolving the Hot Tuna brand. Withthe tremendous heritage of Hot Tuna, I see an exciting opportunity to boost thepresence of a label that dares to be different, and is as cutting edge as it wasin its original form, back in Australia in 1969. Working with Elle Macphersonand her sharp creative vision, I believe that Hot Tuna will make a lastingimpression in the surf-market. Through an uncompromising approach to productdevelopment, it has the potential to make a real impact as a young fashionlabel, because it represents a culture, an attitude and a lifestyle that istruly global." Mr Juul will be issued with options to subscribe for 2 million ordinary sharesin the Group. Of these options, 600,000 options will be exercisable after 1September 2008 at an exercise price of 25 pence per share, 600,000 options willbe exercisable after 1 September 2009 at an exercise price of 50 pence pershare, and 800,000 options will be exercisable after 1 September 2010 at a priceof 75 pence per share. All options are exercisable for a period of five yearsfrom the date they first become exerciseable. Any unexercised options willlapse in the event of Mr Juul ceasing to be a director or employee of the Groupother than in certain specified circumstances. Current DirectorshipsVon Dutch Europe Limited There are no further disclosures to be made regarding this appointment underSchedule 2 paragraph (g) of the AIM rules. - 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. Though the label had not been actively marketed over for the lastdecade, it retained an organic cult status among core action sports enthusiasts. In June 2005, Hot Tuna International PLC purchased the 'Hot Tuna' brand fromFrontier International (Holdings) Pty Ltd, listed on AIM in September 2005, andhas since started to aggressively market the brand and reinvigorate thebusiness. The Company now owns all intellectual property rights to its name andrelated iconography, and has put in place key management drawn from theexecutive ranks of Quiksilver, O'Neill and Ocean Pacific, among others. Headquartered in the UK, Hot Tuna operates design, marketing and distributionhubs in the USA, Australia and the UK. In its core markets, Hot Tuna sellsproducts, which are directly manufactured in facilities in North America, Europeand in China. Hot Tuna offices are maintained in Sydney, Los Angeles and London. For moreinformation, visit www.hottunaplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Concha