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.

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