Bong in big trouble

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Hollowed out
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Bong in big trouble

Post by Hollowed out » Thu Feb 16, 2012 2:27 pm

Well some serious s$%t has hit the fan now with Bong put on a trading halt, link to SMH story below...
http://www.smh.com.au/business/billabon ... 1ta86.html

Also Occy plainly under the influence of something on live web broadcast....bloody feels uneasy listening to such an icon loose it so badly cause he is usually really good to listen to.

maybe there has been something really big go down and the crew have hit the bottle or the line???

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BA
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Re: Bong in big trouble

Post by BA » Thu Feb 16, 2012 2:29 pm

:lol: That's just normal Occy isn't it? He always sounds out of it.
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Re: Bong in big trouble

Post by Hollowed out » Thu Feb 16, 2012 2:54 pm

Nah, Occ was REALLY GONE....slurring, not making sense, sloooow...he said he had just come from meeting the Pink Floyd boys...maybe there were some excitement going down backstage with the rockstars that got the Occ all spun out! People have been messaging the web saying Occ is out of it.
so will the AOS just become the Hurley event with Bong in lockdown??

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Re: Bong in big trouble

Post by Lolo » Thu Feb 16, 2012 3:22 pm

Just a trading halt. Common practice if they're just about to announce a takeover bid or other equity raising.

Don't panic just yet >><<

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Re: Bong in big trouble

Post by Kunji » Thu Feb 16, 2012 3:50 pm

If they made wetties as good as Rip Curl then do, then id care.
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Re: Bong in big trouble

Post by swvic » Thu Feb 16, 2012 4:30 pm

Coops wrote:If they made wetties as good as Rip Curl then do, then id care.
So would I. Bought a bong 3X2 for summer because they were 1/2 price. Not as much thought as the RC boys. And now the lower legs have stretched and become loose. No real prob except roll up on a wipeout, but I'll need to be in the 4X3 earlier than would otherwise be necessary
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Re: Bong in big trouble

Post by crabmeat thompson » Thu Feb 16, 2012 4:41 pm

Serious question:

Do bong make anything worth a pinch of shit?

In 2006 I bought a pair of boardies to surf in, and didn't get one whole summer out of them before they fell apart. Haven't bought anything since, but their Tees are chinese crap, my sister bought me one at XMas, and it's already falling out of shape after about 5 wears.

I can't muster any sympathy for bong. Zero.
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Re: Bong in big trouble

Post by petulance » Thu Feb 16, 2012 4:54 pm

I like their old Revolution steamer before it was redesigned with a chest zip. It had a hybrid system with a shorter back zip and a front "hood" that you fasten using velcro to the top of your chest that acts like a front zip.

They also have good customer service. After the warranty had expired, there was a big tear in my suit due to a fin cut. There was no way it would be covered by warranty since it was my own fault. I rang them up, explained what had happened and they told me to send the suit in.

They sent me a new suit a few days later. It had hideous fluro stripes but I wasn't complaining. I saw another guy in the car park a few months later with the same hideously coloured steamer, and he said that they had also sent him a replacement suit.

Though it is probably time for a new steamer ... I keep getting an incoming rush of cold water as soon as I hit the water. And I can't locate the leak in the steamer.
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Re: Bong in big trouble

Post by buzzy » Thu Feb 16, 2012 5:18 pm

Yep, it's just a trading halt. If anything if the rumours are right it might be good for their financial position. Then again what Private Equity firms know about surf culture...maybe they'll become the new Piping Hot and retail in Kmart.

As for Bilabong quality, I agree their wetties aren't as good as Rip Curl, but I had one up to a few years ago that was really pretty good, lasted for years, and was backed up with good service (in shortening the legs for me). I always felt their boardies were pretty good too. I've never bought a branded tee shirt except on deep discounted sale and don't plan to start now.

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Re: Bong in big trouble

Post by brendo » Thu Feb 16, 2012 5:19 pm

i mentioned elsewhere seeing occ weekend before last at cronulla with no bong decals on boards or even bong wettie....ripping though...

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Re: Bong in big trouble

Post by BA » Thu Feb 16, 2012 6:42 pm

Braithy wrote:Serious question:

Do bong make anything worth a pinch of shit?

In 2006 I bought a pair of boardies to surf in, and didn't get one whole summer out of them before they fell apart. Haven't bought anything since, but their Tees are chinese crap, my sister bought me one at XMas, and it's already falling out of shape after about 5 wears.

I can't muster any sympathy for bong. Zero.
I've got an unsealed Foil steamer that I bought as an early winter steamer about 5 years ago and it is fine. Seams are still perfect. Also wear Bong boardies that don't give a rash and have lasted well for a coupla seasons.

Had a Rip Curl wetsuit rashie that stretched and died after one summer. Piece of shit. Luck of the draw I guess.
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Re: Bong in big trouble

Post by brendo » Thu Feb 16, 2012 7:44 pm

surfstitch, owned by bobg, been down for 3 days for scheduled maintenance. i smell something....smells like booolshit

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Re: Bong in big trouble

Post by Hollowed out » Thu Feb 16, 2012 11:17 pm

agree Brondo, wetsuit issues asside, there is something major going down at BBong and it will impact the surf industry in more than a casual glitch

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Re: Bong in big trouble

Post by Topher » Fri Feb 17, 2012 5:15 am

Surfstitch seems like it is working fine. They are still sending emails out and the site works for me. If someone is investing in the company that is GOOD for them isn't it?

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Re: Bong in big trouble

Post by saltman » Fri Feb 17, 2012 7:27 am

brendo wrote:surfstitch, owned by bobg, been down for 3 days for scheduled maintenance. i smell something....smells like booolshit
BBG do not own it they have a 20% stake in surfstich according to their annual report
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Re: Bong in big trouble

Post by kreepykrawly » Fri Feb 17, 2012 8:27 am

Occy wasnt stoned...he was really tired and happy at the same time.

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Re: Bong in big trouble

Post by saltman » Fri Feb 17, 2012 8:37 am

A takeover bid at $3 - looks like a steal !
I would be surprised if Gordon votes for it. Private Equity have one objective - strip down costs, suck as much cash out as possible and sell off the assets piece by piece. TPG have done there sums and know that all the pieces of the BBG pie are worth more than there offer
steve shearer wrote:
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Loof is just projecting again, he's been eating his own semen since the age of 10.

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Re: Bong in big trouble

Post by ac2026 » Fri Feb 17, 2012 10:04 am

just out

BILLABONG ESTABLISHES NIXON JOINT VENTURE;
VALUES NIXON AT US$464 MILLION
GOLD COAST, 17 February 2012: Billabong has entered into definitive agreements with Trilantic
Capital Partners (“TCP”) to establish a joint venture to accelerate the growth of the Nixon brand
globally.
Billabong and Trilantic will each hold approximately 48.5% of Nixon, a leading brand in the global
youth accessory market, and management will purchase the remaining 3.0% stake.
Billabong expects to realise net proceeds of approximately US$285 million1 as a result of this
transaction, all of which will be used to repay debt.
The transaction values Nixon at approximately US$464 million, representing a multiple of
approximately 9.2x LTM EBITDA2.
The transaction reflects the significant strategic value and strong potential of the Nixon brand.
Derek O’Neill, CEO of Billabong, said: “Nixon has achieved strong growth since Billabong’s
acquisition of the brand in 2006. Nixon is now well placed to grow deeper into accounts such as
existing Nixon retailers, specialty watch and fashion retailers as well as select consumer
electronics stores. The partnership with Trilantic gives Nixon the financial backing and impetus to
achieve this growth.”
Charlie Moore, partner at TCP, said: "We are thrilled to be partnering with Billabong and with
Nixon's founders, Andy Laats and Chad DiNenna, to support Nixon in its next phase of growth.
Nixon is the pre-eminent watch and accessories brand in the action sports category with
tremendous brand loyalty and momentum. We look forward to working with the Nixon team as it
expands the reach of its brand and products into new channels and markets."
Nixon’s Co-Founders, Andy Laats and Chad DiNenna, will continue their roles as CEO and EVP
of Marketing, respectively, while together holding a significant equity investment alongside the
rest of Nixon’s senior management team.
Andy Laats said: “This is exciting news. To be back in the owner’s seat with this committed team
in addition to the forces of Billabong and Trilantic represents the next step in our continued
mission to elevate Nixon to a world-class brand.”
The transaction will be funded through equity from TCP and its affiliates of US$140 million, as
well as equity from management.
In addition, US$175 million of underwritten debt financing has been obtained to fund the
transaction. The debt package is non-recourse to Billabong and will not be consolidated.
Billabong acquired Nixon in 2006 for approximately US$55 million and a deferred payment of
approximately US$76 million in FY 2012.
The transaction is expected to close within 90 days, subject to certain anti-trust approval and
customary closing conditions.
About Nixon Inc.
Nixon is a leading brand in the global youth accessory market. It has been voted #1 best seller in
the USA and Canada, and has been the recipient of numerous industry awards. The brand is
carried by more than 70% of US surf and skate retailers and is supported by an outstanding team
1 Net proceeds are net of all transaction costs and taxes. Net proceeds are pending receipt of final tax opinions and may reduce by up to
US$45 million. Billabong has sought advice in advance from the relevant tax authorities.
2 Last twelve months earnings before interest, tax, depreciation and amortisation to 31 December, 2011 of US$50.6 million.
2
of professional board sport athletes and entertainers. Over the last 10 years, the Nixon brand
has established a reputation for shaping trends in the action sports and youth fashion arena.
About Trilantic Capital Partners
Trilantic Capital Partners is a private equity firm focused on control and significant minority
investments in North America and Europe, with primary investment focus in consumer,
energy, financial services and business services. Trilantic Capital Partners was formed in
2009 by the former principals of Lehman Brothers Merchant Banking (“LBMB”), where they
established LBMB, and now Trilantic, as a partner of choice for management teams,
entrepreneurs and family-owned companies. Trilantic currently manages two institutional
private equity funds with an aggregate capital commitment of $3.8 billion. For more
information, visit http://www.trilanticpartners.com
MARIA MANNING
COMPANY SECRETARY

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