Claims

On 8 May 2019, the Federal Court of Australia ordered that the applicant in the Southernwood Proceeding (the Southernwood Proceeding) and the applicants in the Kidd Proceeding (the Kidd Proceeding) are to be the joint representative applicants in the Consolidated Proceeding (the Consolidated Proceeding).

Registry

Victoria Registry, Federal Court of Australia (VID972/2018).

Victoria Registry, Federal Court of Australia (VID1006/2018).

File Title

Southernwood v Brambles Limited.

William Vincent Kidd And Mary Agnes Collum As Trustees For The Magness-Bennett Superannuation Fund v Brambles Limited.

Presiding Judge

Justice Murphy.

Solicitors for Applicant

Slater and Gordon.

Maurice Blackburn.

Solicitors for Respondent

Allens.

Funder

IMF Bentham.

Harbour Fund III, L.P.

Claim Overview

On 18 August 2016, Brambles published its Annual Report and gave guidance regarding sales growth of 7% to 9% and profit growth of 9% to 11%.

On 20 February 2017 Brambles published its results for the first half of FY17, providing revised guidance of sales growth around 5% and profit growth of 0%.

The market reacted strongly, with price drops of almost 16% on 23 January 2017 (with a trading volume of 19.3 million) and 10% on 20 February 2017 (with a trading volume of 21.7 million, around five times greater than the average volume over the previous 12 months).

Class Members

The proposed claim is open to all current and former Brambles shareholders who acquired BXB shares at any time between 18 August 2016 and 17 February 2017 (the Southernwood Proceeding). Shareholders who acquired an interest in Brambles shares traded on the ASX during the period 20 October 2016 to 19 February 2017 inclusive (the Kidd Proceeding).

Capacity to Join

Open.

Current Status

The Consolidated Proceeding is listed for a further case management hearing on 4 October 2019 at 9.30 am, or such earlier date as either party requests.