Business news : Dissident Billabong Shareholder Boosts Holdings

Affiliates of a New York investment firm have boosted their holdings in Billabong International Ltd. since informing the company in early September they would seek to oust most of its board and seek changes to the company's constitution to require shareholder approval of future debt and equity financing agreements.

According to an Oct. 4 filing with the Australian Securities Exchange,  Coastal Capital International, Ltd. and its affiliates invested another $1.3 million after Sept. 8 boosting their holdings in Billabong from 6.24 to 7.59 percent, or 29.9 million shares.

Coastal Capital has accused Billabong's boad of presiding over the worst destruction of shareholder wealth in Australian history. In September it informed Billabong's board it would try to oust all ithe company's directors except founder Gordon Merchant and Colette Paull, whose signficant holdings of Billabong stock closely align their interests with those of shareholders. Coastal Capital is also seeking to appoint its own representatives to the company's board and get shareholder approval of future debt and equity offerings.

 

Billabong shareholders are scheudled to vote on a refinancing package favored by Coastal Captail at their annuual sharholder meeting in November.

 

Source Sportsonesource

 

 

More news about Billabong ? Use the search engine at the right top