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Concha / Hot Tuna

  • BY: Andrew Hore |
  • POSTED: 19/06/2012 |

Former market maker Chris Potts has increased its stake in shell company Concha to 4.8%.

Nearly all of the shares the subject of a spread bet.

Potts is described by broker XCAP Securities as a consultant business introducer. He has been involved in a number of Aim reversals including Avacta.

Concha was formerly known as Hot Tuna, before the surf brand was sold for 950,000. A subsequent placing raised 270,000 at 0.03p a share. 

Concha has provided Churchill Media with a loan facility of up to 750,000. So far, 645,000 has been drawn down and invested in media, technology and telecoms businesses. Concha chairman M Barney Battles is a minority shareholder in one of the businesses in which Churchill has invested.

At 11 May, Concha has more than 300,000 in the bank and potential liabilities of 175,000. The loans are repayable by 9 January 2013.

At 0.028p a share, Concha is valued at 850,000.

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