6th Feb 2009 11:57
Hot Tuna (International) PLC
("Hot Tuna", "the Company" or "the Group")
Results of AGM, change of directorate and trading update
Hot Tuna (International) Plc (AIM:HTT), a leading surf wear and fashion brand, announces that at the Company's Annual General Meeting held today, all of the resolutions proposed to shareholders were duly passed.
Immediately following the AGM, David Lenigas, resigned from the board of the Company with immediate effect to concentrate on his other interests. The Board wishes to thank David for his chairmanship over what was a difficult and challenging period in Hot Tuna's development. It is anticipated that the Company will seek to strengthen the board.
Despite the difficult retail environment, current trading remains broadly in line with management expectations with £700,000 of secured orders for the Spring Summer collection and an encouraging level of repeat orders coming through. In the US, the Group has seen further customer gains including dELiA*s, Inc., one of the fastest growing specialty retailers in the US, as well as continued success with customers such as Victoria's Secret. Both the UK and Australian operations continue to demonstrate improvement in trading and the Group is beginning to benefit from the substantial cost cutting exercise undertaken in 2008.
In order to fund the growing order book and provide sufficient working capital for the Group going forward, discussions are ongoing with potential providers of finance. A further announcement will be made in due course.
Contact:
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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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