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The Australian Shareholders' Association has distanced itself from Billabong International Limited (ASX:BBG) minority shareholder, Coastal Capital International, which is seeking a board spill, according to media reports.

 

ASA chairman Ian Curry reportedly says the association did not support Coastal’s call for the removal of Billabong directors and was not opposed to a $395 million debt and equity package offered by the Altamont consortium.

 

Coastal says Billabong is unwisely proceeding with a rushed Altamont transaction on extremely unfavourable terms, when there is an opportunity to improve the transaction significantly by being patient, delaying a decision and fully evaluating competing proposals.

 

Coastal says the deal would dilute value for existing shareholders and should require their approval as a prerequisite.

 

Billabong booked a net loss of $863 million for fiscal 2013.