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RNS Number : 7263T

Hot Tuna (International) plc

09 December 2011

RNS

Hot Tuna (International) Plc ("Hot Tuna" or the "Company")

Launch of Australian web store and update on disposal of the Hot Tuna brand

Hot Tuna (International) Plc, a leading surf wear and street wear brand, is pleased to announce the launch of its Australian web store www.hot-tuna.com.au today, Friday 9(th) December.

Chairman, Francis Ball said "we are delighted to have taken this important step in the building of our brand in its heartland of Australia and New Zealand. This provides our customers in this region with direct access to our full range of men's and women's surf and street wear. There is an increasingly exciting level of demand for the edgy and fun designs for which Hot Tuna is well known."

Standard geo-filtering ensures that access to this website is limited to southern hemisphere customers. Customers located in the northern hemisphere will continue to have access to www.hot-tuna.com which currently features our winter and 'sale' collection."

As announced on 14 November 2011, the Board believes that shareholders interests will best be served by seeking a buyer for the Hot Tuna brand and all the assets and liabilities of the Company. To this end, the Board has invited three preferred parties to enter into a due diligence process and anticipate making a further announcement on the sale process by the end of this calendar year.

The Board anticipate that any sale of the Hot Tuna brand will be deemed to result in a fundamental change of business under Rule 15 of the AIM Rules for Companies and therefore will be conditional on consent from the Company's shareholders at a general meeting. Following a sale of the Hot Tuna brand the Company will have disposed of all of its trading businesses and therefore under Rule 15 of the AIM Rules for Companies it will be re-classified as an Investing Company and will be required to adopt an investing policy, which must also be approved by the Company's shareholders.

Enquiries:

 
Hot Tuna (International) PLC 
 Francis Ball, Executive Chairman                                                 Tel: 0845 685 2050 
Seymour Pierce Limited (Nominated Adviser) Mark Percy / Catherine Leftley 
                                                                            Tel: +44 (0)20 7107 8000 
Allenby Capital Ltd 
 Nick Naylor                                                                Tel: +44 (0)20 3328 5656 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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