ASB AND BLEACH* FESTIVAL 2013 PRESENTS SALTS AND SUITS 25.01.13
ASB and Bleach* Festival 2013 invite you to Salts and Suits, a public forum that will pick up where author Phil Jarratt’s book of the same name left off. Salts and Suits examined the extraordinary true story of how a few beach bums turning surfing into one of the fasts growing leisure industries of the nation. But where to from here? Join industry experts from a variety of backgrounds as the explore the complexities of the current state of the surf industry. From 6pm on Wednesday 27th of February, The Coolangatta Hotel, Gold Coast.
Details at:
http://www.bleachfestival.com.au/events/read/salts-and-suits/
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VF CORP. CONFIRMS $556M OFFER FOR BILLABONG 14.01.13
ASB Magazine: VF Corp. and Altamont Capital Partners have submitted a buyout offer for Billabong that values the company at about $1.16 a share, or $556 million, as it moves to add to its action sports offerings. The VF offer matches a bid by private equity firm Sycamore Parnters and former director Paul Naude. VF said Billabong agreed to allow the firms to conduct due diligence to evaluate its business. VF, which owns Vans and Reef as well as The North Face, Wrangler and Timberland, said it wants to acquire the Billabong brand, while Altamont wants Billabong's other brands and related assets.
VF’s says its primary interest in the transaction is in the Billabong® brand. “This interest is consistent with VF’s stated intent to pursue acquisitions, particularly in the Action Sports category, to continue to build shareholder value. Altamont’s interest lies in acquiring Billabong’s other brands and related assets, and is predicated on the firm’s mandate to invest in situations where it can provide strategic and operational support to build business success stories,” a VF statement read.
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PETER MYERS APPOINTED AS BILLABONG CFO 11.01.13
ASB Magazine. Billabong has announced the appointment of Peter Myers as Group CFO. Myers will replace Craig White who left on 20 December after seven years with the company. Mr Myers has over 30 years of experience including work that involved IPOs, takeovers, refinancing and acquisitions. He was previously the CFO of APN News & Media Limited for nine years as well as the CFO of Network Ten for six years prior to that. APN announced that Myers resigned to “pursue other interests” on 31 August 2012.
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NOMINATIONS CLOSE SOON FOR 2013 AUSTRALIAN SURFING AWARDS 04.01.13
ASB Magazine: Nominations close at the end of this month for the 2013 Australian Surfing Awards incorporating the Hall of Fame. Surfing’s night of nights will be held in Sydney, on 20th February, 2013 and will feature the who’s who of the Australian surfing community. The Awards will also mark a significant moment in Surfing Australia’s history as it celebrates its 50th Anniversary after its formation in 1963. World Tour competitors Owen Wright and Sally Fitzgibbons took the honours last year for the Male and Female Surfer of the Year awards, while big-wave rider Ross Clarke-Jones became the 34th inductee into the Hall of Fame.
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BILLABONG ALLOWS DUE DILIGENCE ON NAUDE'S BID 25.12.12
ASB Magazine: Billabong announced that it will allow the group headed by its North America Chief of Operations and board Member Paul Naude to conduct due diligence on its books. Earlier Billabong said that it had received a confidential, indicative, non-binding and conditional proposal from a consortium comprising Paul Naude, Sycamore Partners Management as "cornerstone equity investor" and Bank of America Merrill Lynch as "lead debt financier" (the “Consortium”) to acquire all of the shares in Billabong for $1.10 cash per share.
On the same day and following the Company’s trading update, Billabong subsequently announced that Paul Naude confirmed in writing that the Consortium’s proposal remained unchanged apart from the removal of the confidentiality condition.
In a statement to the ASX, Billabong said that together with its advisors, it has reviewed the proposal in detail. The Board concluded that the Consortium will be granted the opportunity to conduct non-exclusive due diligence. The Consortium has now signed a confidentiality agreement with Billabong with conditions appropriate for a transaction of this nature.
It is expected that the due diligence process will take up to six weeks.
The Board of Billabong reiterated that there is no guarantee that, following a period of due diligence by the Consortium, an acceptable binding proposal will be forthcoming.
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BILLABONG CFO DEPARTS COMPANY 20.12.12
ASB Magazine:Billabong advised that after seven years’ service with the Company, Craig White, Chief Financial Officer has left the organization. White joined Billabong in November 2004 and has been responsible for delivering both the highs and the lows of Billabong’s rollercoaster ride on the ASX. Billabong shares closed 5.9 per cent lower on Thursday at 80 cents, just six cents off its all-time lowest close of 74 cents on November 16. White joined the company after extended tenures as finance director for Coca-Cola and senior corporate finance management positions with Price Waterhouse in Sydney and Paris.
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