Billabong International Limited confirms that an office copy of the orders made by the Federal Court of Australia (Court) on 6 April 2018 approving the scheme of arrangement (Scheme) under which a subsidiary of Boardriders, Inc. (Boardriders) will acquire all of Billabong’s issued shares, other than those owned by Boardriders’ related entities, was lodged with the Australia Securities and Investments Commission (ASIC) today.
Accordingly, pursuant to section 411(10) of the Corporations Act 2001 (Cth), the Scheme is now legally effective. Accompanying this announcement is a copy of the Court’s orders as lodged with ASIC.
Billabong will be applying for its shares to be suspended from trading on the Australian Securities Exchange at the close of trade today.
As the Scheme is now legally effective, Billabong shareholders who hold shares at the Scheme Record Date, expected to be 7.00pm (Sydney time) on Monday, 16 April 2018, will receive a cash payment of A$1.05 per Billabong share on the Implementation Date, which is expected to be Tuesday, 24 April 2018.
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