Home / Knowledge / News / Apparel/Garments / Director of Billabong Paul Naude to step down
Director of Billabong Paul Naude to step down
20
Nov '12
The Board of Billabong International Limited (Billabong) announces that it has received notice from Mr. Paul Naude that he intends to stand aside temporarily from his current roles as a Director of Billabong and President of the America s in order to investigate the possibility of putting forward a proposal for a leveraged buyout of the Company.

Mr. Naude has advised that he is seeking to hold discussions with potential financiers, both debt and equity, to gain their support for a potential change of control transaction of Billabong. Mr. Naude's decision was not solicited by the Board of Billabong and Mr. Naude has confirmed that there is no agreement, arrangement or understanding with any member of the Board or Billabong's senior management team in regard to his proposal. He is acting independently.

The Board of Billabong has agreed to Mr. Naude taking these steps, but strictly on the basis of certain protocols which ensure that the interests of the Company and shareholders are protected. The key protocols are:

  • Granting a period of up to six weeks (or such longer period as the Board may subsequently determine) for Mr. Naude to stand aside from his current roles at Billabong;
  • For the purposes of Mr. Naude’s discussions with potential financiers, no confidential information regarding Billabong will be provided to them;
  • If discussions between Mr. Naude and potential financiers advance to the development of a proposal capable of consideration by the Board, confidential information will only be provided through a formal due diligence process approved by the Board, with customary confidentiality agreements in place;
  • Any proposal received from Mr. Naude must meet the same sufficiency of information as previously required by the Board from other interested parties. In particular any proposal would need to include an indicative price per share and sufficient evidence for the Board to have a reasonable basis to determine that financing would be available for such price;
  • Mr. Naude is not to engage in discussions with any party involved in the formal change of control process recently undertaken by the Company, without the express consent of the Chairman of Billabong; and
  • During Mr. Naude’s absence, he will not contact directors (other than the Chairman or CEO), any top 20 shareholder or anyone Mr. Naude knows to be a shareholder, employees, customers, suppliers or the media in relation to any proposal or the business of Billabong. If Mr. Naude is required for business reasons of the Company to talk to anyone of the above parties this will only be done with the approval of the Chairman or CEO.


Must ReadView All

US & EU retailers release industry approach to GDPR

Apparel/Garments | On 24th May 2018

US & EU retailers release industry approach to GDPR

The Washington, D.C.-based National Retail Federation and...

Global cotton consumption to reach record in 2018-19: USDA

Textiles | On 24th May 2018

Global cotton consumption to reach record in 2018-19: USDA

Reflecting continued growth in the global economy, world cotton mill...

Courtesy: Nanollose

Textiles | On 24th May 2018

Nanollose develops fabric from coconuts

Australian technology company Nanollose has developed a sustainable...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Top executives
Textile & apparel bodies

The mid-term review of FTP is progressive, growth oriented

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Kalai Selvi

Vidyashilp Academy in Bengaluru is the country's first Fairtrade School....

Akshat Chaudhary

Aizome, Asia's first Fairtrade denim brand, is all set to launch next...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Anisha Chaudhari
Threads & Shirts

Threads & Shirts is a freshly-tailored concept providing men/women a...

Adriano Goldschmied
AG Jeans

The hype around 'designer jeans' was created by him. And the new wave of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search