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Register your interest

If you purchased Beach Energy shares between 17 August 2020 and 29 April 2021 inclusive you may register your interest by filling out the form below. If you have any enquiries, please email BPT@slatergordon.com.au

Who are Slater and Gordon investigating?

Beach Energy Limited (BPT.AX)

Is this relevant to me?

If you purchased Beach Energy shares between 17 August 2020 and 29 April 2021 inclusive.

What does investigating mean?

Slater and Gordon are investigating the merits of a claim against Beach Energy, but have not yet formally commenced a Class Action by issuing proceedings in court. If a class action against Beach Energy is commenced and you have registered your interest, we will get in touch with you closer to that time and provide you with more information.

How do I register my interest?

To keep updated as the investigation progresses, register your interest through the form below. It does not and will not cost you anything.

Details of the investigation

Class action lawyers Slater and Gordon are investigating a claim against Beach Energy Limited (Beach Energy) on behalf of persons that acquired Beach Energy securities between 17 August 2020 and 29 April 2021 inclusive (Claim Period).

Background

On 17 August 2020, Beach Energy released to the ASX a document entitled Beach Energy FY20 Full Year Results in which it stated that:

  • It expected FY21 underlying EBITDA of $900m - $1.0bn and production of 26.0 – 28.5 MMboe; and
  • It had updated its 5-year outlook target,

(together, the FY21 Guidance).

Beach Energy subsequently made a series of further representations in relation to its outlook for FY21 during the balance of the proposed Claim Period.

Slater and Gordon considers that eligible shareholders may have claims against Beach Energy in relation to losses incurred following the Company’s announcements to the ASX on:

  • 15 February 2021, when Beach Energy announced that it expected FY21 underlying EBITDA of $900m - $950m, production of 26.5 – 27.5 MMboe and reaffirmed its 5-year outlook target; and
  • 30 April 2021, when Beach Energy downgraded its expected FY21 underlying EBITDA to $850m - $900m, downgraded FY21 production to 25.2 – 25.7 MMboe and withdrew its 5-year outlook target.

Allegations

On the basis of Slater and Gordon’s investigations to date, we consider there may be a proper basis to allege that at the time that the FY21 Guidance was given, Beach Energy was or ought to have been aware that it did not adequately take account of a number of factors which would impact the Company’s financial performance, including:

  • The accuracy of the modelling system used to assess reserves on the Western Flank of the Cooper Basin; and
  • That the Western Flank had begun, or would soon begin, to come into decline.

We consider that the above matters may support allegations that, during the Claim Period:

  • Beach Energy engaged in misleading or deceptive conduct in contravention of section 1041H of the Corporations Act 2001 (Cth) and s 12DA of the ASIC Act 2001 (Cth), by providing and maintaining the FY21 Guidance and subsequent updated outlook statements which lacked reasonable grounds; and
  • Beach Energy contravened its obligations of continuous disclosure of price sensitive information under the Corporations Act, by failing to withdraw the FY21 Guidance and subsequent updated outlook statements or to disclose the matters which affected the achievement of that guidance.

Funding arrangements

If the claim proceeds, Slater and Gordon presently proposes to act on the basis that the Representative in the action will seek a Group Costs Order in the Supreme Court of Victoria. If the Court made such an order, this means that the legal costs payable to Slater and Gordon can be calculated as a percentage of the amount of any award or settlement that may be recovered in the proceeding.

However, we can confirm that you will not be exposed to any out of pocket costs as a result of your participation or registration in the claim.

Register your interest

If you purchased Beach Energy shares between 17 August 2020 and 29 April 2021 inclusive you may register your interest by filling out the form below. If you have any enquiries, please email BPT@slatergordon.com.au

Frequently Asked Questions

You may register your interest if you purchased shares between 15 February 2021 and 29 April 2021 inclusive.

If you are unsure about your eligibility, please contact our team at BPT@slatergordon.com.au. Please allow 48 hours to respond to your enquiry.

No.

If we issue proceedings, the claim will be issued on an “open class basis”. This means that individuals who purchased shares within the claim period are automatically included in the proceeding without the need to register their interest. However, in order to be entitled to receive any compensation obtained through the proceeding, individuals who meet this definition will likely be invited by the Court during the course of the proceedings to formally register their claims OR opt out of the class action

The benefit of registering your interest at this stage means you will be automatically kept up to date as to the progress of the investigation and made aware of any future registration requirements.

You will not be exposed to any out-of-pocket expenses, ever.

By registering your interest, you are asking Slater and Gordon to provide you with updated information in relation to the investigation and assist you with any future Court-ordered registration process required to formally secure your claim for any compensation obtained in the proceeding.

Thank you for your feedback.