Billabong said it issued over 112 million ordinary shares under a retail entitlement offer, raising approximately $31 million.
Billabong’s retail entitlement offer, which closed on Mar. 18, allowed
eligible shareholders to purchase three new Billabong ordinary shares
for every eight existing ordinary shares held.
Billabong plans to use the proceeds of the offer to complete
recapitalisation plans it revealed last year, which it said would reduce
the amount of debt in its capital structure and provide greater
financial flexibility.
