A Lot Of Big Investors Are Dumping Their Billabong Stakes

First it was HSBC, then The Commonwealth Bank. And now Perennial Value had dumped its stake in flailing retailer Billabong International, whose share price is at a record low.

Photo: Getty/Spencer Platt

Perennial, who was Billabong’s biggest institutional shareholder, filed documents with the Australian Securities Exchange this morning saying it has sold its stake.

Billabong was trading down 8.3% on the news to 16.5 cents, after opening at 17 cents. A year ago it was worth nearly $6.

On Wednesday the Commonwealth Bank sold $65 million worth of Billabong loans to Bank of America Merrill Lynch at 85ยข in the dollar. HSBC has also sold a big chunk of debt in recent days.

Gordon Merchant, the company’s founder and managing director, is still the biggest shareholder. Together with Billabong director Colette Paull, he holds 14.3%.

Now read: The Australian Air Force Hid Its Recruitment Phone Number In An Unsolvable Maths Puzzle

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