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Hot Tuna International / Concha
- BY: Andrew Hore |
- POSTED: 13/01/2012 |
- COMMENTS: Add yours
Hot Tuna International is selling the trademarks and assets of its eponymous surf wear brand to Brands Holdings, a subsidiary of Sports Direct International, for £950,000.
The book value of these assets was £618,000 at the end of June 2011. A general meeting will be held on 6 February in order to gain shareholder approval for the deal.
Hot Tuna will be left with £600,000 after its liabilities are settled. The company, which is changing its name to Concha, will seek an acquisition. The most likely sectors are technology, media or entertainment.
Mark Battles, the chairman of Avisen and Nexus Management, will join Marcus Yeoman on the board. The rest of the directors will resign.
At 0.052p a share, down 0.015p, Hot Tuna is valued at £1.16m.
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