Claims

Spotless

Class Action – Spotless Group Holdings Limited Limited (ASX:SPO)

ASX Code: SPO
ISIN: AU000000SPO4
Claim Period: On or after 25 August 2015 to 1 December 2015
Shares traded in Period (m): 713
Price change on disclosure: -$0.88
Market Cap Drop ($m): 961
Registry

Victoria Registry, Federal Court of Australia (VID561/2017).

Date of Filing

25 May 2017.

File Title

Alison Court v Spotless Group Holdings Limited.

Solicitors for Applicant

Slater & Gordon.

Solicitors for Respondent

Herbert Smith Freehills.

Funder

ICP Capital and Therium.

Presiding Judge

Justice Murphy.

Background

On 25 August 2015 (reconfirmed on 22 October 2015) Spotless announced that “Subject to economics conditions, we expect the FY16 results (EBITDA and NPAT) to materially exceed FY15 results.”

FY15 statutory EBITDA and NPAT was $316.4m and $142.8m, respectively.

On 2 December 2015, Spotless disclosed EBITDA would be flat year on year and NPAT approximately 10% below FY15.

Claim Overview

That Spotless had no reasonable basis for its 25 August and 22 October guidance.

Class Members

Parties who purchased shares in Spotless on or after 25 August 2015 and who held some or all of those shares until 2 December 2015 (the “Period”).

Capacity to Join

As of 28 January 2019, registration for the class action against Spotless Group Holdings Limited (ASX:SPO) is closed to new group members.

Current Status

The mediation between the parties took place on 22 March 2019 with this mediation period remaining open.

Please find below extracted key events leading to the 29 June 2020 trial:

  • by 22 August 2019, the Applicant is to file her evidence and provide discovery;
  • by 10 October 2019, the Applicant is to file its expert evidence in respect of liability;
  • by 21 November 2019, the Respondent is to file its lay evidence (most likely witness statements from its employees);
  • by 19 December 2019, the Applicant is to file its expert evidence in respect of loss and materiality;
  • by 21 February 2020, the Respondent is to file its expert evidence;
  • by 24 April 2020, the experts of both the Respondent and the Applicant are to have met and attempted to resolve issues in dispute for the purpose of filing a joint report shortly thereafter;
  • by 5 June 2020, the Applicant is to file its opening written submissions for trial; and
  • by 19 June 2020, the Respondent is to file its opening written submission for trial.