Billabong needed a little cash to hold them over so what did they do? They went to the market in a “rights issue,” according to a story in The West Australian.

The oversubscribed retail rights issue raised $61 million, and the company raised around $230 million from institutions.
. . The proceeds from the entitlement offer will improve the company’s balance sheet and give it more flexibility, chairman Ted Kunkel said in a statement. . . Under the entitlement offer, eligible shareholders could subscribe for two new Billabong ordinary shares for every eleven existing ordinary shares they owned at a price of $7.50 per new share.

The new shares will begin trading on the Australian Securities Exchange on June 22.

[Link: The West Australian]