No Category

BPH points to Saturday Paper’s exposé on ScoMo’s PEP11 veto to explain share price spike

Wed 23 Nov 22, 10:58am (AEST)
A judge's gavel and scales sit alongside old tomes in a depiction of an affluent lawyer's office
Source: iStock

Key Points

  • BPH Energy has answered ASX’s speeding ticket by pointing to an article published last Saturday
  • Saturday Paper’s politics chief Karen Middleton interviewed former Deputy PM McCormack, who implies ScoMo deceived him about PEP11 cancellation
  • Market participants appear to have bought BPH shares on the belief the article contained enough new information to secure a desirable legal outcome in court action currently progressed by BPH

After receiving a speeding ticket from the ASX for unusual trading activity,  BPH Energy (ASX:BPH) has today pointed to an article in the Saturday Paper outlining new information about Scott Morrison’s decision to cancel the PEP11 NSW offshore gas licence in the lead-up to the 2022 Federal election. 

BPH Energy had earlier this year flagged its intention to sue the former Prime Minister of Australia. 

Having seen a dramatic price rise early week with no announcement, the company came into the spotlight of the ASX Listings and Compliance office. 

What did ASX want to know?

Particular focus was given to Listing Rule 3.1, which is basically the listing rule clause which seeks to prevent insider trading by company directors. 

In short, everything that is commercially sensitive and known, must be reported to shareholders. 

But BPH has indirectly pointed to shareholder and wider market interest in its legal fight with the former PM, given it believes a report from the SP’s chief politics corro, Karen Middleton, was the catalyst. 

What does the article say? 

The article is ultimately an interview on PEP11 with former Deputy Prime Minister Michael McCormack, who tells Middleton he did not know about Scott Morrison’s self-appointment decisions. 

That revelation appears to greatly increase BPH Energy’s chances of securing a desirable legal outcome from its court action, given that the former Deputy PM said enough to imply that ScoMo had ultimately deceived him and former Resources Minister Keith Pitt. 

Whether or not this will be the case is left to the future to unveil, and shareholders would be wise to expect a protracted case. 

Keith Pitt, Middleton writes, has earlier suggested both himself and McCormack knew of Scott Morrison’s self-appointment into resources, but the former minister did not provide a quote to the SP, due to the ongoing legal action brought through BPH’s entity, Asset Energy.

BPH's three month charts
BPH's three month charts
Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. BPH Energy was a client at the time of publishing. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.


Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

Get the latest news and insights direct to your inbox

Subscribe free