1st Dec 2006 11:25
Hot Tuna (International) plc01 December 2006 Press Release 1 December 2006 Hot Tuna (International) PLC ("Hot Tuna" or "the Company") Placing Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authenticsurf heritage, announces that it has raised approximately £4.2 million (beforeexpenses) for the Company via a placing of 28,024,994 new ordinary shares ofnominal value 1 pence each ("Placing Shares") at 15 pence per share togetherwith warrants ("Warrants") issued in the ratio of one Warrant for every twoPlacing Shares ("the Placing"). Each Warrant will entitle the holder to subscribe for one ordinary share ofnominal value 1p each at an exercise price of 25p per share at any timefollowing admission of the Placing Shares until 31 May 2008. The Warrants willnot be admitted to trading on the AIM market. In addition, the Company is seeking admission for 400,000 and 72,464 ordinaryshares issued pursuant to the acquisition of Hot Tuna Holdings Pty Ltd inAustralia (announced 3 July 2006) and Map Print Ltd in UK (announced 2 December2005), respectively. Application has been made for the admission of the 28,024,994 Placing Sharessubject to the Placing, and the further 472,464 ordinary shares, to be admittedto trading on AIM ("Admission"). It is expected that Admission will take placeon 6 December 2006. At Admission, the Company will have 76,898,458 ordinaryshares in issue. The net receivable proceeds of the Placing will be used to fund the Company'scontinuing expansion. Commenting on the Placing, Ranjit Murugason, Executive Chairman of Hot Tuna,said: "We are delighted to have completed the placing with both existing and newinstitutional shareholders. The funds raised will enable the Company toaggressively pursue the growth strategy and we look forward to sharing ourfuture success with our existing and new shareholders." - Ends - For further information:Hot Tuna (International) PLCRanjit Murugason, Executive 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 more information, visit www.hottunaplc.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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