25 May 2012

A fishy smell

14/03/2011 Ben Jaglom

Surfwear fashion concern Hot Tuna (HTT) has announced the resignation of chairman Melissa Sturgess, less than two weeks in the role.

The AIM-quoted minnow, which reported the announcement of mining veteran on the 2nd of March, prompting a stellar rise in the value of its shares amidst rumours of a possible move to mining, reported that the Australian had resigned from the board 'to focus on her other business interests.'

CEO Geoff O'Connell remarked that he was 'obviously disappointed' by the decision but added that Hot Tuna 'fully understand' her 'commitment' to the Ethiopia-focused gold explorer Nyota, where Sturgess serves as chairman.
However he enthused that 'as an Australian national we know that she will continue to have a keen interest in the development of the Hot Tuna brand' adding that a search for a new chairman was underway.

When contacted by Growth Company Investor O'Connell was described as being unavailable for comment. On Friday we suggested 'investor caution' regarding Hot Tuna following an RNS statement in which the company denied it was moving to mining, adding that it was an 'unusual situation.' The latest news is likely to come as a significant disappointment to shareholders, and we would therefore advise avoiding the shares for the time being.

Tags: AIM market, Hot Tuna, Mining Veteran, Penny shares, Quick resignation

Sector: Personal Goods

Companies: Concha

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