Beach Energy Limited (ASX: BPT, “Beach”) is pleased to announce that it has appointed Mr Richard Richards, the Chief Financial Officer of Seven Group Holdings Limited, as a non‐executive director of Beach. Mr Richards is a nominee of Seven Group Holdings Limited (ASX: SVW) and related corporations who collectively have a relevant interest in 22.89% of the shares of Beach (“Seven Group Holdings Limited”).
Usual protocols and other arrangements appropriate to the appointment of a director representing a large shareholder have been agreed with Seven Group Holdings Limited and Mr Richards to protect the confidential information of the Beach group, and address any potential conflicts of interest that may arise. If Seven Group Holdings Limited’s interest in Beach falls below 12.5%, Seven Group Holdings Limited will procure the resignation of Mr Richards if requested by Beach.
Mr Richards’ appointment as an alternate director to Mr Stokes has now ceased.
Beach welcomes Mr Richards to the board.