4th Mar 2008 07:01
Hot Tuna (International) plc04 March 2008 Hot Tuna (International) PLC ("Hot Tuna" or the "Company") New Chairman and £585,000 Equity Placing Hot Tuna (International) PLC (AIM:HTT), the lifestyle apparel brand withauthentic surf heritage, announces that Mr David Lenigas has today beenappointed as Non-Executive Chairman. Mr Lenigas is to replace Mr RanjitMurugason, who having recently taken on the full time position at aninternational group, believes he is no longer able to devote the required timeto the Chairmanship role at Hot Tuna. Niels Juul, Chief Executive Officer, commented: "I would like to welcome David Lenigas to his new position as Chairman of theCompany. David brings a vast wealth of highly relevant experience and I amconfident he will bring exceptional value to the Company as we continue to grow. On behalf of the Board, I would like to thank Ranjit for his significantcontribution, advice and encouragement over the last few years. We wish himevery success in the future." The Board of Hot Tuna also advises that the Company has raised £585,000 gross(£555,000 net of expenses) by way of a Placing of 58,500,000 new ordinary sharesof 1 pence each in the share capital of the Company ('Placing Shares') at 1pence per Placing Share with certain institutions and other investors('Placing'). Pursuant to the Placing, participants have additionally been granted one warrantto subscribe for an additional ordinary share in Hot Tuna for each two newordinary shares subscribed for by that participant in the Placing. Thesewarrants are exercisable at 1.5p per share for a period of five years from thedate of admission of the Placing Shares to trading on AIM. The Placing Shares will represent approximately 41.4 per cent of the Company'senlarged issued share capital and application will be made for the admission ofthe Placing Shares to trading on AIM. It is expected that dealings in thePlacing Shares will commence at 8.00 a.m. on 11 March 2008. The total number ofshares in issue following completion of the Placing will be 141,293,419. The Placing proceeds will enable the Company to continue to provide thenecessary working capital for its growing order book of surf apparel for storesin Europe, America and Australia. Disclosure: David Anthony Lenigas, aged 46, is a Mining Engineer and has considerableexperience running public companies. Mr Lenigas is the Executive Chairman ofLonrho Plc; the Chairman of LonZim Plc, Leni Gas & Oil Plc, Templar MineralsLimited, Immersion Technologies International Plc; a non-executive director ofGCM Resources Plc, River Diamonds Plc and Mediterranean Oil and Gas Plc. Former directorships and partnerships of Mr Lenigas within the previous fiveyears include Braemore Resources plc, Consolidated New Sage, Peninsula Minerals,Deepgreen West Virginia Inc and BDI Mining Corp. Save as disclosed above, there are no further details required to be disclosedpursuant to schedule 2(g) of the AIM Rules. For further information, please contact: Hot Tuna (International) PLCDavid Lenigas, Chairman Tel: +44 (0) 7881 825378Niels Juul, CEO Tel: +1 310 8014666 [email protected] Seymour Pierce LimitedMark Percy Tel: +44 (0) 20 7107 8000 www.seymourpierce.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Concha