The Australian Shareholders Association was forced to take back a few things it said about why Billabong founder Gordon Merchant and Colette Paull should be voted off the board after Billabong’s largest shareholder had lawyers contact the ASA, according to a story in the Sydney Morning Herald.
The ASA has now said: ”It was not correct for the ASA to state that Mr Merchant ‘effectively prevented’ the board from ‘accepting an offer of $3.30’.” . . It also accepts that the board made a unanimous decision not to allow due diligence by TPG when it made a $3.30 a share indicative offer and said: ”It is incorrect for the ASA to suggest that Mr Merchant should have known of any ‘perilous financial position”’ before his decision to reject the original offer in February.
With those retractions the ASA still believes Merchant and Colette Paull should be removed from the board for the good of the company.
[Link: Sydney Morning Herald]
Please go out of business already. I am ready to see Lost and Matt “Mayhem” king of the retail world! oh wait, that would suck too.
well go on then.
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