Billabong’s busy year

Dec 19, 2011

• Mid-year profit downgrade announced

Feb 17, 2012

• Strategic capital structure review update, including the announcement of the partial sale of Nixon, a review of retail with a view to closing stores a smaller dividend and a fully underwritten dividend reinvestment plan

• Partial sale of Nixon

Feb 20, 2012

• Receipt of an indicative, non-binding and conditional proposal from TPG of $3 cash a share

Feb 28, 2012

• Receipt of a revised proposal at the same indicative price of $3 cash per share as per TPG’s earlier proposal

April 17, 2012

• Announcement of a joint venture between Billabong and Trilantic Capital Partners in which each party owns about 48.5 per cent of Nixon, and Nixon management owns the remaining 3 per cent

May 9, 2012

• Announcement of the appointment of Launa Inman as managing director and chief executive replacing Derek O’Neill

June 21, 2012

• Profit downgrade and equity capital raising to further strengthen its balance sheet

• Following negotiations on a confidentiality agreement, the board allows due diligence by TPG

July 20, 2012

• Announcement that the $225 million capital raising is completed

July 24, 2012

• The board is approached by TPG with a revised indicative, non-binding and conditional proposal to acquire all of the shares in the company for $1.45 cash per share

Aug 27, 2012

• Transformation policy outlined, with the company to focus on five brands and to reinvigorate the Billabong brand

• Financial year 2012 results reveal a loss after tax of $275.6 million

Sept 6, 2012

• The board was approached by a second party with an indicative, non-binding and conditional proposal to acquire all shares in the company for about$1.45 cash

20 Sept, 2012

• The unnamed second party withdraws from the process

12 Oct, 2012

• TPG also withdraws from the process

• The board announces that the formal process to evaluate change of control proposals has concluded.

The company reaffirms its EBITDA guidance

24 Oct, 2012

• Founder and majority shareholder Gordon Merchant and board member Colette Paul are re-elected to the board

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