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Billabong shares plummet after discounted rights issue

Category: Business

Published: 25th Jun 2012 03:34:13

Shares of Billabong have plunged after the firm launched a plan to sell new shares at a heavily discounted price and after it cut its earning forecast.

Its shares fell 49% to A$1.02 on the Australian Securities Exchange.

Last week, the embattled firm launched a rights issue priced at a 44% discount to its closing price of A$1.83 on 20 June.

The firm has been trying to raise new capital in a bid to pay off its debt and has also been hit by falling sales.

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BBC News, 2012. Billabong shares plummet after discounted rights issue [Online] (Updated 25th Jun 2012)
Available at: http://www.ukwirednews.com/news/1436644/Billabong-shares-plummet-after-discounted-rights-issue [Accessed 3rd Sep 2014]

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