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.
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 85¢ 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%.
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