Equity placing and new distribution agreement

23 March 2011

The Board of Hot Tuna (International) PLC, a leading surf wear and fashion brand, is pleased to announce that it has placed 1,084,981,000 new ordinary shares at a price of 0.1p per share ('Placing Shares') raising £1,084,981 (the 'Placing'). The shares were placed with new and existing shareholders. Application will be made for the 1,084,981,000 new ordinary shares to be admitted to trading on AIM and dealings are expected to commence on 29 March 2011. The total number of ordinary shares in issue and therefore the total number of voting rights is 2,238,284,090.

The net funds will be used to help expand the brand into new international markets, develop a new transactional website, fund online marketing, product design and development and provide the Company with general working capital.

The Company is also pleased to announce that it has signed a distribution agreement with Interga SpA as its sole distributor of all Hot Tuna products in Italy and Austria.

Interga, based in Bressanone, Italy, is a leading distributor of international brands, including Bench and Gola, in Italy and Austria. Hot Tuna is also negotiating separate distribution agreements in several other territories including the Gulf States and South East Asia.

Geoff O'Connell, CEO of Hot Tuna commented: "We are pleased to have secured significant funding for the Company which will enable us to drive the brand forward and develop our ecommerce offering. We are also very pleased to have signed an agreement with Interga, a long established and well respected distributor in the Italian market. The expansion of our distribution partners and the launch of a new e-commerce site will enable the brand to reach a wider marketplace and drive sales forward."

 

Enquiries:

Hot Tuna (International) PLC
Geoff O'Connell, CEO

  Tel: 020 7440 0644
Pelham Bell Pottinger
Lucy Frankland/ Dan de Belder

  Tel: 020 7861 3885
Seymour Pierce Limited (Nominated Adviser and Broker)
Mark Percy / Catherine Leftley (Corporate Finance)
Paul Jewell (Corporate Broking)

  Tel: 020 7107 8000
Allenby Capital Ltd
Nick Naylor/Alex Davies
Tel: 020 3328 5656

 

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