Last day for Billabong

YESTERDAY marked the last day Billabong shares traded on the ASX.

The company, founded in 1973 by Gordon Merchant, first listed in 2000, and by 2006 it recorded a net profit of $145.9 million and international sales above $1 billion.

However, it later had a spectacular fall from grace and last month sold to the California-based owners of Quiksilver for a fraction of its past value.

More than 95 per cent of Billabong shares were voted in favour of the sale.

Mr Merchant, who founded the surf icon in his Burleigh kitchen, opted not to attend the meeting. He voted his 12 per cent stake in the company in favour of the deal.

On Monday the ASX recorded a low volume of shares traded with the stock closing steady at $1.045. The market capitalisation was listed at $206.99 million.