| 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.
Nature of Claim
That Spotless had no reasonable basis for its 25 August and 22 October guidance.
Potential 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”).
Current Status
The following orders have been sought by consent:
Timetable Orders
- By 15 November 2018, the Applicant in Spotless is to file and serve any application for orders seeking a common fund.
- By 23 November 2018, the Applicant shall deliver to the solicitors for Spotless a list of Identified Class Members.
- By 19 December 2018, Spotless and Applicant must each file a list of Class Members to whom the Notice was sent.
- By 4pm (AEDT) on 1 February 2019, the Applicant must deliver to the solicitors for Spotless, on a de-identified basis, a list of the persons who registered.
- By 7 February 2019, the Applicant in Spotless file and serve any evidence and written submissions in relation to the Common Fund Order.
- On 7 March 2019, the application for relief in terms of the Common Fund Order in Spotless is to be listed for hearing.
- By 29 March 2019, all parties are to attend a mediation.
Opt Out and Registration Orders
- By 5 December 2018, notice to be given to Class Members.
- By 4pm (AEDT) on 28 January 2019, a Class Member who wishes to participate in the proceeds of any settlement of this proceeding must register their interest in doing so or may opt out of the Spotless proceeding.