Billabong halts trading, investigates share dip
Billabong notes the significant levels of trading prior to it obtaining a trading halt
Surfersvillage Global Surf News, 22 March, 2013 : - - The securities of Billabong International Limited will be placed in Trading Halt Session State at the request of the Company, pending the release of an announcement by the Company. Unless ASX decides otherwise, the securities will remain in Trading Halt Session State until the commencement of normal trading on Monday, 25 March 2013, or when the announcement is released to the market.
Billabong notes the significant levels of trading in its shares prior to it obtaining a trading halt. Billabong is not aware of the reasons for that increased level of trading but notes an article in today's The Australian Financial Review referring to the bid process for the company and to a Credit Suisse research analyst report in relation to the company.
The Wall Street Journal Reports that Billabong said Thursday it is investigating the reasons for a fall of as much as 22% in its share price. Billabong requested that trading in its shares be halted until Monday while an investigation takes place. Its shares traded at 69.5 Australian cents (US$0.722), down 14%, when the halt was granted, having touched a low of A$0.63.
Source: Billabong/Wall Street Journal
Author: The Editors
Tags: Billabong, Business Updates, Trading Shares