The total number of new shares to be allotted will be about 178 million. At the issue price of $1.39 per new share, this will raise about $247 million before costs.

The money raised by the issue will be used to repay part of the debt financing used by Beach to acquire Delhi Petroleum.

The rights issue is available to eligible holders of shares who are registered as at close of business on October 11. Fractional entitlements to new shares will be rounded up to the nearest whole number.

The issue is jointly underwritten by Euroz Securities and Commonwealth Securities. There is no minimum subscription.

The closing date and latest time for acceptance and payment is 5pm (Adelaide time) on October 31.

A copy of the prospectus will be sent to all Beach shareholders with registered addresses in Australia, New Zealand and Hong Kong. The offer is not being extended to, and new shares will not be allotted to, shareholders with registered addresses outside Australia, New Zealand or Hong Kong.

Eligible Beach shareholders who wish to exercise their rights to acquire new shares or otherwise trade their rights will need to complete the application form that accompanies the prospectus.