On 30 August 2013, Billabong International Limited received a notice under section 249D of the Corporations Act 2001 from Coastal Capital International, Ltd. requesting that the directors convene a general meeting of shareholders to consider various resolutions.
Those resolutions include resolutions to amend the constitution for member approval of future debt or equity financing arrangements; the appointment of persons representing Coastal Capital International, Ltd. to the board of the Company; and the removal of the current directors of the Company other than Mr Gordon Merchant and Ms Colette Paull.
The Board and advisors are reviewing the notice and the resolutions set out in it. Following that review, the Board will communicate to shareholders its views with regard to the notice and the resolutions set out in the notice.
On 21 August 2013, the Company announced that it had entered into a revised commitment letter and certain other ancillary transaction documents with the Altamont Consortium in connection with a long term financing package. On 23 August 2013, the Company announced that the Board is also considering a competing proposal from the Centerbridge/Oaktree Consortium for a long term financing.
These matters will continue to be progressed to ensure that the long term financing of the Company is finalised as soon as practical so it can focus on rebuilding the business. The Board does not anticipate that this action by Coastal Capital International, Ltd. will cause any delay or deferral of the Company's process to complete the long term financing.