Bong in big trouble

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Legion
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Re: Bong in big trouble

Post by Legion » Fri Jun 21, 2013 6:49 pm

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Last edited by Legion on Mon Jul 08, 2013 12:32 pm, edited 1 time in total.

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Topher
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Re: Bong in big trouble

Post by Topher » Fri Jun 21, 2013 7:14 pm

I have two quikky wetsuits in large. I'm 6'0 and 75kg. That model must be in pain.

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Re: Bong in big trouble

Post by Trev » Fri Jun 21, 2013 7:49 pm

I've got an Xcel steamer (which doesn't get a lot of use admittedly) but it's lasting well. However it might be from before the takeover. i bought it two years ago from Caloundra Surf Shop when it was closing down. Don't know how long it had been in the racks.
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Re: Bong in big trouble

Post by tootr » Fri Jun 21, 2013 8:18 pm

pinhead wrote:Bong owned Surfstitch are having a 30% off sale - with the $AU getting a canning right now you can get a wettie at close to OS prices.
Thanks, for the heads up. Decent prices, but just shows the stupid mark up aussies are expected to pay...

But, of course they have no large back zip flash bomb in stock. FCUK!!!!
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Re: Bong in big trouble

Post by godsavethequeen » Fri Jun 21, 2013 8:24 pm

If anyone's interested in an Xcel entry level flatlocked Icon 4mm suit, the magic seaweed shop has them in XS, MS, ML and LS for £14.99. Yes, a fullsuit for £14.99. That's £105 below the rrp

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Re: Bong in big trouble

Post by alakaboo » Tue Jun 25, 2013 5:45 pm

Shares up 40%, and Hollowed Out is posting in another thread.

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Re: Bong in big trouble

Post by Hollowed out » Wed Jun 26, 2013 1:55 pm

alakaboo wrote:Shares up 40%, and Hollowed Out is posting in another thread.
yep and shit i hope they keep going as it may just have a chance of saving Chopes, staff jobs and fire parko up to win keramas :-D-:

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Re: Bong in big trouble

Post by Beanpole » Tue Jul 02, 2013 10:35 pm

Hollowed out wrote:
alakaboo wrote:Shares up 40%, and Hollowed Out is posting in another thread.
yep and shit i hope they keep going as it may just have a chance of saving Chopes, staff jobs and fire parko up to win keramas :-D-:
Theyre going to fire Parko :shock: :shock: :shock:

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Re: Bong in big trouble

Post by dUg » Wed Jul 17, 2013 5:49 pm

right. time to get back on the sugar train

http://www.news.com.au/business/compani ... 6680655804

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Re: Bong in big trouble

Post by el rancho » Thu Jul 18, 2013 11:30 am

“Meanwhile, online companies like ASOS make fashion affordable for young buyers”, he said. “Billabong seems to be flailing in the middle, missing trend, but not cheap either.”

Read more: http://www.theage.com.au/business/retai ... z2ZM9vUkkT

lulz

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Re: Bong in big trouble

Post by Moore » Thu Jul 18, 2013 5:25 pm

Altamont; the relatively obscure skate brand??

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Re: Bong in big trouble

Post by Buff_Brad » Fri Jul 19, 2013 1:06 pm

Buff_Brad wrote:
el rancho wrote:13 cents

<: <: <: <:
Got down to 12.5c this morning - that's almost a 50% driop in the last fortnight.

Repeat - surely there is SOME VALUE in the name Billabong? NC?

Wow - it's going to the wall it seems.

What an absolute disaster.
Last price 39.5c been as high as 42c today.

Could've tripled your money in just under a month peeps. :wink:

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Re: Bong in big trouble

Post by The Mighty Sunbird » Fri Jul 19, 2013 7:46 pm

Yeah I was tempted to put the house on it. But really it was a 50/50 bet at best.
Erase.

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Re: Bong in big trouble

Post by dUg » Thu Jul 25, 2013 12:45 pm

Buff_Brad wrote:
Buff_Brad wrote:
el rancho wrote:13 cents

<: <: <: <:
Got down to 12.5c this morning - that's almost a 50% driop in the last fortnight.

Repeat - surely there is SOME VALUE in the name Billabong? NC?

Wow - it's going to the wall it seems.

What an absolute disaster.
Last price 39.5c been as high as 42c today.

Could've tripled your money in just under a month peeps. :wink:
I tried to tell them. I tried. :D

http://au.finance.yahoo.com/echarts?s=B ... =undefined;

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Re: Bong in big trouble

Post by Nick Carroll » Mon Aug 26, 2013 2:22 pm

For those of you who could still give a fcuk, the saga drags on...

See Altamont Capital Partners had inserted these amazing conditions into their agreement with Billabong. Basically a bunch of gun-to-your-head clauses designed to ward off any further interest in the company and force shareholders into approving the deal on pain of a huge amount of money.

So the people who'd hoped to get hold of Billabong via the bank debt backdoor – a couple of venture capital firms who'd bought all Bong's bank debt for 85c in the dollar – got the shits and demanded a review of the deal by the Aust Govt's Takeovers Panel. The TP can shoot any takeover deal in the foot if it considers it to be naughty.

This suddenly put the deal into peril. Scott Olivet, the guy Altamont had anointed as the new CEO, decided he would not be taking the job till the TP had signed off on the deal.

The Takeovers Panel duly checked out the deal and found the three big clauses (one forced a massive payback if the deal was breached, one forced a colossal interest rate on the monies if anything changed in the next six months, and one basically said You've gotta give us 40% of Bong once the money stops flowing) were indeed naughty in its eyes.

So here's the bite, the TP then TOLD Bong and Altamont that they were gonna find them naughty. So in a DAY, Bong and Altamont managed to re-do the deal while eliminating the naughty clauses. So when they advised the TP of this, the TP waved 'em through.

This all on the final day of the contest at Chopes.

Meanwhile their gun US designer just quit.

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Re: Bong in big trouble

Post by alakaboo » Mon Aug 26, 2013 3:24 pm

Nick Carroll wrote:So here's the bite, the TP then TOLD Bong and Altamont that they were gonna find them naughty. So in a DAY, Bong and Altamont managed to re-do the deal while eliminating the naughty clauses. So when they advised the TP of this, the TP waved 'em through.
That was probably the sussest thing that has happened thus far.
What was it, $65m down to $6m break fee?
37.5% interest down to something in the high teens?
(Dunno the other bit)

Who in Bong agreed to those clauses initially? They were over a barrel, but still there must have been some shady deals going on to get that through.

So it is locked in with Altamont again? Thought the renegotiation brought some of the other VC mobs back into the picture?

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Re: Bong in big trouble

Post by Nick Carroll » Mon Aug 26, 2013 6:04 pm

Well it would have...if the TP had exnayed the deal rather than behaving like a consulting lawyer.

As is, Altamont is finally signed up for reals (without the amazing scary extras, to wit a 20% termination fee on the $294 million bridging finance if they went elsewhere!! and 35% interest on the extra $40 mill long term funding unless the shareholders approved everything!!! not coercive at all!! why the sharemarket thought any of that was a good idea I dunno). I guess Billabong without those clauses could still be considered to be in play, but why the hell the Bong board would want to keep playing I can't imagine. Surely they must desire an end to it. That brand's still enormously valuable, but every day they're off message, a tiny little bit more of its value is eaten away.

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Re: Bong in big trouble

Post by el rancho » Tue Aug 27, 2013 9:44 am

AAP

Troubled surfwear company Billabong has made a net loss of $860 million with major writedowns and a drop in revenue.

The 2012/13 result was affected by $867 million in significant items, including more than $604 million in writedowns in the value of goodwill, brands and other intangibles.

It also included a $129 million writedown as a result of transactions involving US brand Nixon.

Meanwhile, revenue was down 12.6 per cent, in constant currency terms, to $1.35 billion.

Advertisement

Billabong's 2012/13 result follows a $276 million loss in 2011/12.

It has been a difficult 12 months for the company, which has been the subject of a number of takeover bids during the year.

The company last month reached a $US294 million ($A325 million) deal with US-based Altamont Capital Partners which will allow it to repay its existing debts.

But two US hedge funds, Centerbridge and Oaktree, have since approached Billabong's board with their own recapitalisation plan, which they say provides Billabong with greater flexibility to address its financial problems.

Billabong has confirmed it its considering the fresh offer.

Billabong chairman Dr Ian Pollard said the task of managing the multiple bids and refinancing proposals had been distracting for the company but, he said, the company had achieved a number of important reforms.

They included progress on efforts to sell Canadian retail chain West 49, cost savings and simplification of its businesses.

"We are nearing the end of a long process that has caused distraction, impacted on staff morale and has been very costly," he said in a statement on Tuesday.

"The company looks forward to refocusing, reinvigorating its brands and rebuilding the business on a solid, long-term financial footing."

© 2013 AAP

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