GOLD COAST, 2 September, 2013: On 30 August 2013, Billabong...

GOLD COAST, 2 September, 2013: On 30 August 2013, Billabong International
Limited (the “Company”) 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.
Media or investor related queries should be directed to Chris Fogarty, Group
Executive Corporate Affairs on mobile +61 420 928 824