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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Concha | LSE:CHA | London | Ordinary Share | GB00B8Y82097 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.175 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:9049F Hot Tuna (International) plc 10 July 2006 Press Release 10 July 2006 Hot Tuna (International) PLC ("Hot Tuna" or "the Company") Appointment of Elle Macpherson as Executive Director Hot Tuna (International) PLC (AIM:HTT), a lifestyle apparel brand with authentic surf heritage, is pleased to announce that Elle Macpherson has been appointed as an Executive Director of the Company with immediate effect. In Elle Macpherson's capacity as an Executive Director, she will advise and assist with the future product development, brand positioning and sales strategy. Elle Macpherson will work alongside Hot Tuna's existing management in dealings with its customers, suppliers and stakeholders. Elle Macpherson will attend Board meetings and will also be present at senior management and strategic meetings. Although not working in a full time capacity with Hot Tuna, Elle Macpherson will work in conjunction with senior management to introduce and develop new retail relationships and heighten the Company's position within its industry. Elle Macpherson's service contract has a fixed initial term of two years. Elle Macpherson has been granted a number of incentive arrangements. Frontier International (Holdings) Pty Limited ("Frontier") has granted Elle Macpherson a call option which is exercisable at any time for nominal consideration over 1,000,000 of its ordinary shares in the Company. Frontier has also agreed to grant Elle Macpherson a second call option (the "Second Frontier Call Option") over a further 1,000,000 of its ordinary shares in the Company in one year's time, exercisable at any time thereafter for nominal consideration, provided that Elle Macpherson is still an Executive Director and employee of the Company and has not given in her notice at that date. Elle Macpherson has agreed to be subject to certain lock-in restrictions on sale of shares in the Company. Elle Macpherson may not dispose of any shares which she may obtain (whether by way of exercise of a call option or option to subscribe or otherwise) for a period of 12 months from 7 July 2006 and will be subject to orderly marketing restrictions for a period of a further 12 months. In addition, any shares obtained by her exercising the Second Frontier Call Option in the period between 7 July 2007 and 7 July 2008 shall be subject to a lock-in restriction on sale until 7 July 2008 and orderly marketing restrictions for a period of one year thereafter, except that if at any time in the year to 7 July 2008 the Company's share price reaches 150p per share this restriction on sale will fall away, although she would remain subject to the orderly marketing restrictions. In addition, the Company has granted Elle Macpherson options to subscribe for up to 2,000,000 ordinary shares in the Company. Of these options, 500,000 options will be immediately exercisable at an exercise price of 50p per share, 500,000 options will be exercisable after 7 July 2007 at an exercise price of 50p per share, 500,000 options will be exercisable after 7 December 2007 at a price of 75p per share and 500,000 options will be exercisable after 7 July 2008 at an exercise price of 75p per share. All options are exercisable for a period of five years. Any unexercised options will lapse in the event of Elle Macpherson ceasing to be a director or employee of the Company other than in certain specified circumstances. Frontier has also with immediate effect agreed to extend the period for which it is subject to lock-in restrictions on sale of its shares to 7 July 2008 with a period of twelve months orderly market restrictions after that. Ranjit Murugason, Tony Oxley and James Podaridis have similarly agreed to extend their lock-ins to 7 July 2007 with a period of twelve months orderly market restrictions after that. Commenting on the appointment, Ranjit Murugason, Chairman of Hot Tuna, said: "I am delighted to announce this significant appointment in the Company's evolution. The appointment of Elle Macpherson brings to the Company a dynamic dimension and appreciation of developments in surf and youth fashion and will boost awareness of the Hot Tuna brand and also significantly strengthen the Company's consumer and business relationships. "This is also a great deal for our shareholders as the structure of the option package with Frontier ensures that there is no dilution on the exercise of the options they have granted Elle Macpherson. Additionally, the fact that lock-in restrictions on some of the shares Elle Macpherson will obtain fall away at a price per share of over 150p, demonstrates Elle Macpherson's confidence in our business." Commenting on her appointment as an Executive Director of Hot Tuna, Elle Macpherson said: "I believe this to be a maverick and dynamic union. Hot Tuna is a brand with a great Australian heritage, irreverent and edgy. It has a right to claim its place in the modern surf lifestyle market. I am delighted to have the opportunity to work with the team at Hot Tuna and be part of the innovations and energy that they have put into the re-launch of what I know will be a major success as a youth fashion surf brand." Elle Macpherson is not currently a director or partner, nor has been a director or partner within the last 5 years, of any companies or partnerships. There are no other details to be disclosed under AIM Rules Schedule 2 (g). - Ends - For further information: Hot Tuna (International) PLC Ranjit Murugason, Chairman Tel: +44 (0) 20 7372 9378 ranjit_murugason@hottunaplc.com Seymour Pierce Limited Sarah Wharry / Parimal Kumar Tel: +44 (0) 20 7107 8000 parimalkumar@seymourpierce.com www.seymourpierce.com Media enquiries: Abchurch Henry Harrison-Topham / Chris Lane Tel: +44 (0) 20 7398 7700 henry.ht@abchurch-group.com www.abchurch-group.com Notes to Editors Hot Tuna International PLC (AIM: HTT) owns the rights to the Hot Tuna brand, a progenitor of global youth fashion, born in Australia with a heritage of authentic surf culture. Hot Tuna is one of the world's most iconic names in surf lifestyle and can trace its roots back to 1969 when it was founded by a surfer and his fashion designer wife. The label has not been actively marketed over for the last decade, but has maintained an organic cult status among the core surf and sports enthusiasts. In June 2005, Hot Tuna International PLC purchased the 'Hot Tuna' brand from a consortium of investors, listed it on AIM in September 2005, and has since started to aggressively market the brand and reinvigorate the business. The Company now owns all intellectual property rights to its name and related iconography, and has in place key management drawn from the executive ranks of Quiksilver, O'Neill and Ocean Pacific, among others. While headquartered in the UK, Hot Tuna operates its design, manufacturing, marketing and distribution hub in the USA. Hot Tuna sells product, which it directly manufactures in facilities in the USA, the European Union and in China. Hot Tuna maintains offices in Sydney, Los Angeles and London. This information is provided by RNS The company news service from the London Stock Exchange END BOAUUUCAMUPQGRM
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