18th Feb 2009 16:49
18 February 2009
Hot Tuna (International PLC
("Hot Tuna" or "the Company")
Notice of EGM
Hot Tuna (International) PLC (AIM:HTT), a leading surf wear and fashion brand, announces today that it has convened an Extraordinary General Meeting ("EGM") to be held at 9.00am on 12 March 2009, at the Company's registered office of Level 5, 22 Arlington Street, SW1A 1RD. The Hot Tuna Directors are proposing at the EGM to sub-divide each existing ordinary share of 1 pence each ("Existing Ordinary Shares") into one new ordinary share of 0.01 pence ("New Ordinary Shares") and one deferred share of 0.99 pence each ("Deferred Shares"), and to amend the Company's Articles of Association to set out the rights attaching to the Deferred Shares. The Existing Ordinary Shares are currently trading at a market price which is below their nominal value and a company can only issue new shares for a subscription price at or above the nominal value of the shares. The Hot Tuna Directors therefore believe that it is prudent to sub-divide the share capital of the Company in order to provide flexibility in any future fundraisings.
The number of New Ordinary Shares in issue following the sub-division will equal the number of Existing Ordinary Shares currently in issue.
The EGM Notice and Proxy Form have been sent to shareholders and is available on the Company's website, www.hottunaplc.com.
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Enquiries: |
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Hot Tuna PLC Niels Juul - CEO |
Tel: +1 213 891 9409 |
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Pelham PR Kate Catchpole |
Tel: 0780 303 3431 |
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Seymour Pierce Limited Mark Percy |
Tel: 0207 107 8000 |
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