by The Editors on June 15, 2009
Billabong needed a little cash to hold them over so what did they do? They went to the market in a “rights issue,” according to a story in The West Australian.
The oversubscribed retail rights issue raised $61 million, and the company raised around $230 million from institutions.
. . The proceeds from the entitlement offer will improve the company’s balance sheet and give it more flexibility, chairman Ted Kunkel said in a statement. . . Under the entitlement offer, eligible shareholders could subscribe for two new Billabong ordinary shares for every eleven existing ordinary shares they owned at a price of $7.50 per new share.
The new shares will begin trading on the Australian Securities Exchange on June 22.
[Link: The West Australian]
by The Editors on June 13, 2009
We have to admit that few things in life are more unsettling than watching Kenny G blowing his saxophone out of the side of his mouth. Well, thanks to TMZ.com’s photo of the musician “hanging tenor” at Malibu, we are now even more unsettled by the man.
[Link: TMZ.com via @vans_66 via @marksperl]
by The Editors on June 11, 2009
A group of teens from “the New South Wales far south coast” are going to keep surfing even though they spotted a big white pointer shark in the surf zone, according to a story on ABC News.
“The young surfers came within a metre of the 5m to 6m shark that has been sighted between Merimbula’s bar and Pambula Beach over the past week,” the story said. . . “As the boys said, if it’d wanted to eat them, they couldn’t have done anything about it”, he said. . . “So it was obvious that the shark saw them and didn’t realise it was dinner time, I suppose, which is obviously a great thing.”
Yeah, damn great logic, we reckon.
[Link: ABC News]
by The Editors on June 11, 2009
Photographer Michael Halsband shoots up all the hot little surfer girls we know and love in the July issue of Vanity Fair with a story titled Tubular Girls. The first line is really about all you need to read to know where this story is headed:
Fifty years after Gidget stirred up waves in the male-dominated surfing world, a new set of young women in their teens and 20s are revolutionizing the sport, from the beaches of Montauk to Australia. The best will be stoked to flaunt their tailslides and aerial maneuvers at this month’s U.S. Open of Surfing, in Huntington Beach, California—the Kentucky Derby of the ocean.
The what? Oh well. The story features Sierra Partridge, Sofia Mulanovich, Leila Hurst, Alana Blanchard, Malia Manuel, Sally Fitzgibbons, Coco Ho, Laura Enever, Sage Erickson, Quincy Davis, Courtney Conlogue, and Hailey Partridge.
[Link: Vanity Fair via Post Surf]
by The Editors on June 9, 2009
SIMA’s fundraiser for a fundraiser held June 5, 2009 at the Cyprus Shore Community Park apparently raised $50,000 to help fund the Waterman’s Ball fundraiser. Yeah, apparently that’s how these things work.
“The SIMA Environmental Fund is excited to be going into our 20th year for Waterman’s Ball,” said Paul Naudé, SIMA Environmental Fund president. “This year’s economic climate has presented many challenges, but through a combined industry effort we are determined to maintain our support of 18 proven ocean-related environmental organizations, and look forward to achieving our fundraising goal of more than $400,000 raised at Waterman’s Weekend this year. The success of this Underwriting Party was a tremendous step toward meeting this goal. We know the very deserving event beneficiaries much appreciate the support of all the event underwriters.”
Spending $50,000 to raise $400,000 is pretty good margins when you think about it.
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by The Editors on June 9, 2009
A 30-year-old man was arrested after US Board Patrol agents caught him attempting to paddle 24 pounds of marijuana into the United States on his surfboard near Imperial Beach, California, according to a story on KTLA.com.
Agents spotted the man, identified as a Mexican national, on a surfboard approximately 200 yards off-shore paddling north of the international border in Imperial Beach early Sunday. The surfer was holding a blue duffel bag which he released into the water while he continued to paddle north, according to Border Patrol officials.
After arresting the man the bag eventually floated ashore and officers found nearly $74,700 worth of weed in the bag.
[Link: KTLA.com]
by The Editors on June 9, 2009
The market isn’t exactly responding joyously to Quiksilver’s recent Q3 forecast and financial restructuring plans. The stock was trading down 21 percent this morning to $2.83 a share after the company’s recent plans emerged, according to a story in the Wall Street Journal.
. . . it [Quiksilver] secured financing from private equity firm Rhone in the form of a five-year, $150 million loan to help stabilize its liquidity position. Quiksilver, which has been exploring strategic and financing alternatives, relies on short-term and uncommitted funding. . . Under the deal, Quiksilver will name two board members designated by Rhone. . . In addition, Quiksilver entered a written commitment with Bank of America Corp. (BAC) and General Electric Co.’s (GE) GE Capital, as joint lead arrangers to refinance its existing Americas facility with a new three-year, $200 million asset-based credit facility. The company is also in discussions with its French banking partners to consolidate its European debts into a multi-year facility.
According to Calpers.ca.com Rhone is a “private equity firm specializing in leveraged buy-outs of trans-Atlantic and pan-European businesses.” Guess this means Quik will cover its $55 million Euro note that comes due on June 30, 2009, but what does it mean for the future when two board members are friends of Rhone?
For his part, Kelly Slater appears to have faith in the company. Much of the compensation for this new 5-year Quik sponsorship deal comes in the form of stock, according to a story on Surfingmagazine.com.
[Link: Wall Street Journal and Surfing Magazine]
by The Editors on June 7, 2009
Time Magazine checks in on Stand-up Paddling and discovers that even though it is stupidly expensive, the sport is growing.
“It’s completely blown up in the past five years and every spring it just blows up even more,” says Jim Brewer, 45, a painting contractor who, in October 2008 and in spite of everyone calling him nuts, opened Blueline Stand-Up Paddle Surf in Santa Barbara, Calif., the first fully dedicated SUP shop in the country. “We thought it was phasing out, but then we realized that it’s just beginning. It’s going mainstream.” . . . Three weeks ago, for instance, while regular surf shops around the country were struggling to stay afloat, Brewer’s store sold 16 boards — which start at about $1,500 — in one day. “If I had opened a surf shop eight months ago, we would have been out of business right now, no doubt,” he says.
Seems it’s always good to be in a market where the customer has more money than. . . well, let just say, more money than they need. And leave it at that.
[Link: Time Magazine]
by The Editors on June 6, 2009
Nothing is more important these days that protection from the sun. And what says sun protection more than ShredorDie.com co- owner Will Ferrell. Cancer For College a scholarship fund that provides money for cancer survivors going to college has announced an entirely new line of Will Ferrell’s Sunscreen Products.
Are you Sexy? Are You Hot? Then who wouldn’t want a sexy, hot tan? This sunscreen is made with our very own streaking strength formula plus one. . . All of our sunscreen products come in 6 oz bottles and are 30 SPF and provide UVA/UVB broad spectrum protection. 100% of the proceeds from sales go to the Cancer for College Scholarship Fund.
The bottles are $11.99 and come in three styles: Sexy Hot Tan, Forbidden Fruit, and Sun Stroke and can be purchased here.
[Link: Cancer For College via Acquire via CLDFX.com]
by The Editors on June 5, 2009
Rip Curl announced today that they have bumped former European CEO Olivier Cantet up to the position of group CEO beginning July 1, 2009, according to a press release on Global Surf News.
Olivier has been with Rip Curl since 2003 in his current regional role of European CEO and he will continue to manage that business alongside his new group responsibilities. Olivier takes over as Group CEO from Francois Payot, who has held the group position since 2006. . . Francois will resume his former role as Founder Director on the Rip Curl Board alongside Brian Singer and Doug Warbrick.
[Link: Global Surf News]
Billabong needed a little cash to hold them over so what did they do? They went to the market in a “rights issue,” according to a story in The West Australian.
