Shares in investment vehicle Concha (LON:CHA) were lifted in afternoon trade after it was announced that the Hot Tuna business has now ceased to exist.
Since the successful sale of the Hot Tuna surfwear brand and certain assets in January 2012, the board had been busy closing the legal and operational structure of its former business, a process which is now completed.
Concha shares rose in late afternoon trade on the news and at 4.10 pm, were up 9 per cent at 0.036 pence.
Concha is now a clean cash shell ideally positioned to pursue a strategic acquisition opportunity in line with its stated investment strategy, it said.
In March, it provided a loan at 6 per cent above Libor of up to £750,000 to Churchill Media Ltd, which Churchill has currently drawn down on to the tune of £645,000. The loan is repayable on demand and no later than January 9 2013.
As of today, Concha retains over £300,000 of additional funds, of which up to approximately £175,000 will be used shortly to settle a historic VAT matter and other potential contingent liabilities.
The board continues to explore a number of possible acquisition opportunities, it added.
When the plan to sell the old business, change the name and become a cash shell was announced in January, the company said it would seek an investment in a business operating in the technology, media or entertainment sector within the UK and Europe in a transaction classed as a reverse takeover.