Billabong is having to delay their vote on the refinancing proposal from Oaktree after the Australian regulator, ASIC, rejected an independent report. ASIC requests these reports in cases where a transaction is large enough and will have a substantial effect on shareholders in the company. In this instance, they claim the report may be compromised by the author seeking information from a party involved in the transaction. No details on who that was or what the information was. The deal will now be presented to shareholders next year provided everything comes up clean on the next round. For more, check the report in The Australian.
November 17, 2013