Matthew Perrin, the 30 year old head of Billabong International, on Wednesday evening sold more than half his stake in the Australian surfwear maker for A$66.4m ($36m). The move caused the shares yesterday (Thursday) to register their biggest single day drop since listing in 2000. The 8m share sale was handled by Macquarie Bank, which was not available for comment yesterday. The placement is understood to have been launched after the market close on Wednesday and priced at A$8.30 per share, a 7% discount to the market close of A$8.92 that day.
August 30, 2002