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SurfStitch AGM delayed again

SurfStitch has again postponed its 2017 annual general meeting, which was meant to occur last week. The AGM could now occur as late as 2020.

After the embattled surfwear retailer last November requested and received an extension of the time to hold its 2017 AGM to April 24, 2018, SurfStitch last week filed a request to ASIC, requesting another extension.

In an announcement to the ASX on Friday, FTI Consulting’s John Park, Quentin Olde and Joseph Hansell, who were appointed voluntary administrators to the company on August 24, 2017 and were subsequently appointed deed administrators on April 18, 2018, said ASIC granted an extension to two months after the financial reporting relief expires on February 24, 2020.

The extension will be cut short if SurfStitch ceases to be under external administration before that date, or if it lodges a disclosure document relating to an offer for sale or issue of securities in the meantime.

A year of adminstration

The non-operating companies SurfStitch Group and SurfStitch Holdings entered voluntary administration in August 2017. Though the ASX-listed business was profitable at the time, it said its trading position was impacted by the high level of uncertainty resulting from the two class actions, protracted litigation and ASIC investigation it was facing.

SurfStitch director Abigail Cheadle in September put forward a proposal to restructure and relist the company, but in their report to creditors in March, the administrators backed a competing proposal from EziBuy parent Alceon Group to acquire the company.

Creditors approved the EziBuy deal in an April 4 meeting, despite a last-minute attempt by Cheadle to improve her offer.

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