Carrie Trembath (ILF2017), The Australian
Two potential class actions against Beach Energy were “absolutely baseless’’ and outgoing chief executive Matt Kay did a “tremendous” job and was not pushed,
chairman Glenn Davis told the company’s annual meeting on Wednesday.
Mr Kay surprised the market by resigning unexpectedly earlier this month, after a six year stint with the Adelaide oil and gas company.
He oversaw strong share price growth up until early 2020, when highs of $2.77 were reached, but the company has had a difficult year in 2021, with the poor
performance of its Western Flank oil assets forcing it to pull its guidance in April, causing a share price rout.