Placing & Total Voting Rights
17 March 2008
£120,000 Equity Placing
Total Voting Rights
Holding(s) in Company
The Company is pleased to announce that it has placed 12,000,000 ordinary shares of 1p each in the capital of the Company at a price of 1p per ordinary share ("Placing Shares") with certain investors (the "Placing").
Pursuant to the Placing, participants have additionally been granted one warrant to subscribe for an additional ordinary share in Hot Tuna for each two new ordinary shares subscribed for by that participant in the Placing. These warrants are exercisable at 1.5p per share for a period of five years from the date of admission of the Placing Shares to trading on AIM.
The Placing proceeds of £120,000 will further enable the Company to continue to provide the necessary working capital for its growing order book of surf apparel for stores in Europe, America and Australia.
The Placing Shares will represent approximately 7.8 per cent. of the Company's enlarged issued share capital and application will be made for the admission of the Placing Shares to trading on AIM. It is expected that dealings in the Placing Shares will commence at 8.00 a.m. on 25 March 2008.
The total number of shares in issue and therefore the total number of voting rights following completion of the Placing will be 153,293,419.
The Company was notified on 13 March 2008 that as of 11 March 2008 Lehman Brother International (Europe) ("Lehman Brothers") held 19,250,000 ordinary shares in the Company, representing 13.62 per cent. of the current issued share capital and total voting rights. However, following the completion of the Placing and the issue of the Placing Shares, Lehman Brothers' holding will represent 12.56 per cent. of the then issued share capital and total voting rights.
For further information:
| Hot Tuna (International) PLC | |
| David Lenigas, Chairman | Tel: +44 (0) 7881 825378 |
| Niels Juul, CEO | Tel: +1 310 8014666 |
| niels_juul@hottunaplc.com | |
| Seymour Pierce Limited | Tel: +44 (0) 20 7117 8000 |
| Mark Percy | www.seymourpierce.com |