25 May 2012

Hot Tuna seeks shell company status

14/11/2011 Miles Nolan

AIM listed Hot Tuna (HTT) blames the difficulty in raising new investment for its decision to seek a buyer for its surfwear and fashion brand.

Despite the launch of a new website and an increased PR push, current trading is behind schedule. This step change in overheads has led to a 65 per cent increase in sales in the four months to October, but orders from distributors in Italy, Austria, Denmark and Germany are still below budget.

In the UK it is enjoying increased traffic to its website, but the conversion to sales is proving disappointing, moreover trade sales to multiple and online retailers are less than hoped. The one bright spot is Australia, here Hot Tuna is enjoying good growth into the independents.

On completion of the sale, chief executive Geoff O'Connell will step down from the board, along with executive chairman Francis Ball and director Oscar Verden. Entrepreneur Marcus Yeoman is to stay on the board, with the intention of seeking a change of direction as Hot Tuna will be rendered an 'investing company' on disposal of the brand.

The shares have fallen 16% to 0.07p today, a far cry from the 40p level achieved in 2007. We urged investors to avoid Hot Tuna in August at 0.085p - though a well known brand, the valuation it could secure on sale remains uncertain. Steer clear.

Tags: AIM market, Fashion brand, Geoff O'Connell, Marcus Yeoman, Penny shares

Sector: Personal Goods

Companies: Concha

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