Billabong International

Billabong International has announced a $225m six for seven non-renounceable entitlement offer pitched at $1.02 per share; a whopping 44% discount to the share price prior to the announcement. New chief executive Launa Inman plans to shut 140 stores by 30 June 2013, and use the proceeds of the capital raising to reduce debt. The company also announced yet another profit downgrade, and the share price is now trading below the offer price. That means eligible shareholders can buy shares cheaper on market than through the entitlement offer. Billabong still isn't out of the woods. It still has debt,...

Billabong International has announced a $225m six for seven non-renounceable entitlement offer pitched at $1.02 per share; a whopping 44% discount to the share price prior to the announcement. New chief executive Launa Inman plans to shut 140 stores by 30 June 2013, and use the proceeds of the capital raising to reduce debt. The company also announced yet another profit downgrade, and the share price is now trading below the offer price. That means eligible shareholders can buy shares cheaper on market than through the entitlement offer.

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