13th Aug 2009 07:00
Hot Tuna (International) PLC ("Hot Tuna" or "the Company")
Equity Placing
Total Voting Rights
The Board of Hot Tuna (International) PLC, a leading surf wear and fashion brand, are pleased to announce that it has today raised £1.11 million (gross) through the placing of 370,000,000 new ordinary shares of 0.1p ("Placing Shares") at a price of 0.3p per share ("the Placing") with new and existing shareholders. The majority of the funds will be used to increase the product offering in all existing markets and for future expansion into new markets as well as for general working capital purposes.
Geoff O'Connell, an Executive Director, will become Chief Executive with immediate effect. Geoff has been with Hot Tuna since 2005 and has a wealth of experience in the retail sector in both the UK and Australia.
As part of the Placing, Geoff O'Connell, Chief Executive and Kiran Morzaria, Non-Executive Director, subscribed for 8,333,333 Placing Shares and 4,000,000 Placing Shares respectively. Mr O'Connell therefore now has an interest in 8,335,984 ordinary shares representing approximately 1.28 per cent. of the enlarged issued share capital of the Company and Mr Morzaria has an interest in 4,000,000 ordinary shares representing approximately 0.6 per cent. of the enlarged issued share capital of the Company.
Application has been made for the 370,000,000 Placing Shares to be admitted to trading on AIM and dealings are expected to commence on Tuesday 18 August 2009. Following the Placing, the total number of ordinary shares in issue and therefore the total number of voting rights is 653,303,090.
Geoff O'Connell, Chief Executive commented: "Now that the restructuring is complete and the financing in place we are very excited by the growth potential of the brand in all markets and I look forward to taking the company forward at this positive time."
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Enquiries: |
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Hot Tuna (International) PLC Geoff O'Connell |
Tel: 020 7016 7862 |
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Pelham PR Kate Catchpole |
Tel: 020 7337 1512 |
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Seymour Pierce Limited Mark Percy/Christopher Wren |
Tel: 020 7107 8000 |
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