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Hot Tuna appoints Elle Macpherson as Executive Director
10 Jul '06
3 min read
Elle Macpherson has agreed to be subject to certain lock-in restrictions on sale of shares in the Company. Elle Macpherson may not dispose of any shares which she may obtain (whether by way of exercise of a call option or option to subscribe or otherwise) for a period of 12 months from 7 July 2006 and will be subject to orderly marketing restrictions for a period of a further 12 months.
Any unexercised options will lapse in the event of Elle Macpherson ceasing to be a director or employee of the Company other than in certain specified circumstances. Frontier has also with immediate effect agreed to extend the period for which it is subject to lock-in restrictions on sale of its shares to 7 July 2008 with a period of twelve months orderly market restrictions after that. Ranjit Murugason, Tony Oxley and James Podaridis have similarly agreed to extend their lock-ins to 7 July 2007 with a period of twelve months orderly market restrictions after that.
"This is also a great deal for our shareholders as the structure of the option package with Frontier ensures that there is no dilution on the exercise of the options they have granted Elle Macpherson. Additionally, the fact that lock-in restrictions on some of the shares Elle Macpherson will obtain fall away at a price per share of over 150p, demonstrates Elle Macpherson's confidence in our business."
Elle Macpherson is not currently a director or partner, nor has been a director or partner within the last 5 years, of any companies or partnerships.
Hot Tuna International Plc owns the rights to the Hot Tuna brand, a progenitor of global youth fashion, born in Australia with a heritage of authentic surf culture. Headquartered in the UK, it operates design, marketing and distribution hubs in the USA, Australia and the UK.
Any unexercised options will lapse in the event of Elle Macpherson ceasing to be a director or employee of the Company other than in certain specified circumstances. Frontier has also with immediate effect agreed to extend the period for which it is subject to lock-in restrictions on sale of its shares to 7 July 2008 with a period of twelve months orderly market restrictions after that. Ranjit Murugason, Tony Oxley and James Podaridis have similarly agreed to extend their lock-ins to 7 July 2007 with a period of twelve months orderly market restrictions after that.
"This is also a great deal for our shareholders as the structure of the option package with Frontier ensures that there is no dilution on the exercise of the options they have granted Elle Macpherson. Additionally, the fact that lock-in restrictions on some of the shares Elle Macpherson will obtain fall away at a price per share of over 150p, demonstrates Elle Macpherson's confidence in our business."
Elle Macpherson is not currently a director or partner, nor has been a director or partner within the last 5 years, of any companies or partnerships.
Hot Tuna International Plc owns the rights to the Hot Tuna brand, a progenitor of global youth fashion, born in Australia with a heritage of authentic surf culture. Headquartered in the UK, it operates design, marketing and distribution hubs in the USA, Australia and the UK.
Hot Tuna International Plc
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