ASIC shreds Billabong report

Corporate regulator tells Billabong to find a new independent expert, report says.

The Australian Securities and Investments Commission reportedly rejected a draft independent experts report into Billabong’s proposed $395 million refinancing offer over fears the report was no longer independent.

Billabong announced this week that a meeting to approve the plan had been postponed due to "a delay in obtaining an independent expert's report acceptable to ASIC".

ASIC regulators became concerned when they noticed the independent expert had adopted a more favourable view of the controversial deal after seeking more information from one of the parties involved, according to the Australian Financial Review.

Sources told the newspaper the information provided by the related party constituted opinion, rather than factual information, but that it was still used in the report.

Billabong and its advisors must now find a new independent expert to analyse the deal and compile a report from scratch.

{{content.question}}

Mastercard

{{ twilioFailed ? 'SMS Code Failed to Send…' : 'An SMS verification code has been sent ...' }}

Hi {{ user.FirstName }}

Looks like you have already taken a free trial

Please enter your payment details

We have sent you a code via SMS to {{user.DayPhone}}

please enter this code below to complete your SMS verification

We cannot send you a code via SMS to {{user.DayPhone}}

If you didn't receive SMS code please

SMS code cannot be sent due to: {{ twilioStatus }}

Please select one of the options below:

Looks you are already a member. Please enter your password to proceed

Please untick this box when using a public or shared device


Verify your mobile number to proceed…

Please check your mobile number below and press the Send Verification Code button. This will be used to complete your verification in the next step.

Please sign up for full access

Mastercard

Updating information

Please wait ...

  • Mastercard
  • Visa

Please click on the ACTIVATE button to finalise your membership

Mastercard

The email address you entered is registered with InvestSMART.

Please login or select "Don't know password"

Please untick this box when using a public or shared device


Register as a new member

(using a different email)

Related Articles