Seven Group increases interest in Beach Energy

May 11, 2015
The diversified Seven Group Holdings, Perth, media combine has taken another bite of Beach Energy Ltd., Adelaide. It has increased its interest in Beach from 16.24% up to 18.29% following the acquisition of an extra 26.6 million shares at prices of about $1.12 (Aus.)/share.

The diversified Seven Group Holdings, Perth, media combine has taken another bite of Beach Energy Ltd., Adelaide (OGJ Online, Feb. 3, 2015). It has increased its interest in Beach from 16.24% up to 18.29% following the acquisition of an extra 26.6 million shares at prices of about $1.12 (Aus.)/share.

Earlier this month, Seven moved from 13.79% to 16.24%. The company has been gradually acquiring Beach shares since Mar. 11. Seven is now nearing the 19.99% threshold that would require it to make a takeover offer, although there is no indication that it plans that objective.

Seven has also been buying up Beach’s partner and rival in the Cooper basin, Drillsearch Energy Ltd., Sydney. Seven has 18.86% of Drillsearch, again nearing a takeover threshold.

The company has said nothing about its energy ambitions and may simply want seats on the boards of both companies that have good cash flows from the Cooper basin fields.

Seven also has an interest in the Crux and Echuca Shoals gas-condensate fields in the Browse basin off Western Australia via its takeover of Nexus Energy last year.