by The Editors on October 11, 2012
Looks like TPG, the fund that many felt was Billabong’s only hope, has withdrawn its offer, according to story in the Sydney Morning Herald.
The proposal has been withdrawn and talks have ceased, Billabong said in a statement this morning.. . The withdrawal of the bid is likely to put further pressure on Billabong’s shares as the firm struggles with a weakening retail outlook in. . . Shares in the company, which traded at nearly $12 in 2010 and fell as much as a quarter last week after TPG first raised concerned, opened 1 cent, or 1 per cent, higher at $1.005 this morning.
So this means, after taking a really close look at the company TPG decided that they weren’t interested in pursuing what many felt was a low ball offer. Guess it’s time for Launa Inman to get to work with new board chairman Dr. Ian Pollard and turn the slogging Billabong ship around and point it toward the channel before it gets washed up on the rocks.
Follow the jump for the official Billabong press release. [click to continue…]
by The Editors on October 10, 2012
Stance has pulled up a whole new collection for winter 2012-13 and it’s all here.
Whether you’re throwing double corks in the park or destroying pillow lines in the backcountry, we’ve got your feet covered. We create socks that keep you warm, dry, and ready to rock. Yet there’s more to it than that. We also aim to blend form and function. By collaborating with our team of Punks and Poets, we craft socks as original as the riders who run them. After all, your socks should ooze with style—not sweat. At Stance, we focus on your feet so you don’t have to.
Click the link for more infos.
[Link: Stance]
by The Editors on October 9, 2012
While telling the world that the TPG deal is not “guaranteed” Billabong has also board membered up by adding in Dr. Ian Pollard to the position of director and chairman elect of its board.
Dr Pollard will join the Board as Chairman Elect and interim Chair of the Audit Committee on Wednesday, 24 October 2012 following the company’s Annual General Meeting. . . Dr Pollard is an actuary, Rhodes Scholar and a Fellow of the Australian Institute of Company Directors. He has held a wide range of senior business roles including as Chairman of Just Group Limited and of Corporate Express Australia Limited and as a Director of OPSM Group Limited and DCA Group Limited, which he founded. . . He is currently Chairman of RGA Reinsurance Company of Australia Limited, a director of Milton Corporation Limited and of SCA Property Group and an executive coach with Foresight’s Global Coaching.
Sounds like a pretty bright guy and bright guys are good to have on the board. Follow the jump for the official word from Billabong.
[Update October 10, 2012: Turns out Pollard will only take the board chairman position if the TPG deal falls through, according to a story in The Australian. Guess that makes sense.] [click to continue…]
by The Editors on October 4, 2012
Thanks to a media report in The Australian Financial Review claiming that private investment firm TPG was about ready to pull out of its purchase of Billabong, shared slid so low that trading had to be stopped on Thursday, October 4, 2012, according to a story on ABC News.
TPG has refused to comment on a media report claiming it is considering pulling out of its $700 million dollar takeover bid. . . Billabong shares slumped more than 18 per cent to $1.075 before the company requested and was granted a trading halt by the ASX due to the market speculation.
AFR now says that TPG is still in the game however, they are looking very closely in several areas.
Concerns about Billabong’s earnings forecasts and the strength of its core brand have prompted private equity suitor TPG to express serious doubts about its $695 million approach. . . The Australian Financial Review revealed online yesterday that TPG was considering walking away from the long-running pursuit of the surf and board sports company.
Follow the jump to read Billabong’s official response to the AFR story. There has to be light at the end of the tunnel somewhere. Sadly, it’s not in view yet.
[Link: Australian Financial Review via ABC News] [click to continue…]
by The Editors on October 3, 2012
A team of researchers at the University of Queensland and the University of Western Australia believe that they can design a wetsuit so visually repelling that sharks won’t even come near a surfer who is wearing the suit, according to a story on ABC.net.au.
“Sharks are highly visual animals but the world they see lacks colour and will appear as shades of grey like we see when we watch a black and white movie,” he said. . . “It may be possible to use this knowledge to change the way a shark reacts to certain objects. . . “It may also lead to better design of equipment such as wetsuits and surfboards that reduce the risk of shark attack.” . . . UWA’s Professor Shaun Collin says they plan to create a wetsuit, using particular patterns, that would make the wearer look unappealing to sharks. . . “It makes the wearer appear obnoxious, poisonous or unattractive to the shark, somewhat like a sea snake,” said.
Sounds like a description of half the groms at our local break. . .
[Link: ABC.net.au]
by The Editors on September 29, 2012
Looks like 686’s Patrick McCarthy has been putting in a little time behind the desk. Nerdcore 2013, huh?
[Link: 686]
by The Editors on September 28, 2012
A gem thief in Montgomery Township, Pennsylvania hid out in a Costco until the place was closed and then made off with $91,000 in jewels, according to a story on 6abc.com. The only thing police have to go on is a DC Shoes hat.
Store cameras capture him wandering around the aisles dressed all in black and wearing a hat like with a logo from DC Shoes. . . When the coast is clear, he hides, though police aren’t publicly releasing where. . . “It’s an area where if someone was hiding there, an employee would not look in that particular area to see if anyone was still in there,” said Detective Bennis. . . . The suspect stays hidden for roughly three and a half hours as the store closes and employees do a final sweep to make sure customers are gone. . . Around midnight, 15 minutes after the last employee leaves, the man makes his move, grabbing a TV before he crashes it into jewelry cases in complete darkness.
Guess he has to pay for those drifting tires somehow.
[Link: 6abc.com]
by The Editors on September 28, 2012
The Australian has a great Fred Pawle overview of all the dire news that’s been clogging the surf blogs lately, describing what could make September 2012 the worst month even in surf business ever.
The turbulence began on September 17, when news leaked that Rip Curl, the iconic multinational surf company founded in Torquay in 1969 and still mostly owned by surf buddies Brian Singer and Doug Warbrick, had been quietly placed on the market. Their subsequent press release gave only vague reasons for the sale. Requests from Inquirer for an interview were declined. . . Three days later, in a reflection of the business world’s appetite for equity in surf labels, one of two offers from venture capitalists for Billabong, the Gold Coast multinational struggling to pay off hundreds of millions of dollars in debt, was withdrawn. The other, from TPG, is half the value of a previous offer made earlier this year. . . On the same day, New York law firm Levi & Korsinsky announced it was investigating “compensation to certain executives” at Quiksilver, another Australian-born surf label, now listed on the New York Stock Exchange.
Turns out that even though Quik’s loss increased from $9.68 million in 2010 to $21 million in 2011, CEO Bob McKnight’s salary increased from $2.91 million to over $10.2 million. We wouldn’t mind a 300% pay increase year over year, would you? Click the link for the rest.
[Link: The Australian]
by The Editors on September 27, 2012
It’s only the first official week of fall and water temps are still in the high 60s, but the chilly mornings make putting on some rubber essential. Patagonia’s R1Back-Zip Full Suit is the perfect thing for surfers wanting to stay warm without overheating.
Made using Patagonia’s high-density nitrogen cell structured 2 mm neoprene and lined in a bright green recycled polyester and nylon, the full suit is available for both men and women.
If a full suit isn’t your thing, the R1 series is rated for 65–75 degree water temps and comes in a variety of styles for those looking for a little less rubber. Click here to find a dealer near you.
[Link: Patagonia]
by The Editors on September 27, 2012
See, Supra likes women. Really, regardless of what you may have heard they must or they wouldn’t have designed a new pink Skytop for women called the Pink Party Skytop in collaboration with Elyse Walker.
“Pink Party is a celebration of women, fashion, friendship, and life,” said Elyse Walker. “We are celebrating eight years of philanthropy supporting one of the premier medical and research centers in the world. It is without question that this year’s Pink Party will be bigger and better than ever.”
For more on the shoe and the 2012 Pink Party follow the jump. [click to continue…]
Looks like TPG, the fund that many felt was Billabong’s only hope, has withdrawn its offer, according to story in the Sydney Morning Herald.
