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BHPBill report on acceptances
BHP Billiton has reported that since 27 May 2005, the aggregate of:
- the number of WMC Resources shares in respect of which acceptance instructions (in the form of acceptance forms and/or directions to custodians to accept BHP Billiton`s offer) have been received in the Acceptance Facility as at 8.15am today; and
- the number of WMC Resources shares in which BHP Billiton has a relevant interest, has increased from 5.20% to 6.69%.
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BHPBill's WMC offer update
BHPBill announced on Thursday, 26 May 05, that it has not extended its offer for WMC Resources (WMC). The offer is due to lapse at 7.30pm (Melbourne time) on 3 June 2005 unless BHP Billiton achieves acceptances (including instructions under the Acceptance Facility) for more than 50% of WMC shares. After Thursday, the offer can only be extended in limited circumstances in accordance with the Corporations Act. Should acceptances and instructions exceed 50%, the offer will be declared unconditional and payment terms accelerated so that accepting shareholders are paid within five business days. In these circumstances the offer will also be automatically extended by two weeks from the date such acceptances and instructions exceed 50%.
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BHPBill -- transition to IFRS
BHP Billiton has advised that results for the half year ended 31 December 2004, and balance sheet as at 30 June 2004 have been prepared under IFRS. Application of IFRS has no impact on BHP Billiton`s strategy or cash flows. The majority of IFRS have little or no impact on either the group`s financial results as previously reported under UKGAAP, or existing accounting policies. For the half year ended 31 December 2004, net profit under IFRS of USD2.827bn was USD70m higher than under UK Generally Accepted Accounting Principles (UKGAAP). At 31 December 2004, IFRS attributable shareholders equity was USD14.336bn, USD10m lower than under UKGAAP. Details of the group`s IFRS results, and explanations of differences to those previously reported under UKGAAP are available at www.bhpbilliton.com.
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BHPBill establishes acceptance facility
BHP Billiton Lonsdale Investments Pty Ltd (a member of the BHP Billiton Group) has today issued a Supplementary Bidder`s Statement to the bidder`s statement it issued dated 21 March 2005. Both documents form part of BHP Billiton Ltd`s cash offer to acquire the entire issued capital of WMC Resources Ltd. Accordingly, BHP Billiton has announced today that an acceptance facility which is open to certain `professional investors` (as defined in the Corporations Act) who own at least 100 000 WMC Resources shares has been established by Merrill Lynch Equities (Australia) Ltd (Merrill Lynch) in order to facilitate receipt of acceptances to BHP Billiton`s offer for WMC Resources. The acceptance facility has been structured so that BHP Billiton will not be able to rely on the acceptance facility in circumstances where BHP Billiton would not be assured of control of WMC Resources. BHP Billiton is not, however, obliged to declare its offer unconditional in circumstances where BHP Billiton would be assured of control of WMC Resources. BHP Billiton has also announced that if the offer becomes unconditional, it will pay a broker handling fee to brokers who initiate acceptances of the offer for their retail clients.
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BHPBill -- notice of extraordinary general meeting
An extraordinary general meeting of BHP Billiton Plc will be held at the King Edward Hall, Merrill Lynch Financial Centre, 2 King Edward Street, London, on Monday 13 June 2005 to address a technical issue that has arisen in respect of the final dividend for the year ended 30 June 2004 that was paid to the holders of the ordinary shares of BHP Billiton Plc in September 2004. The technical issue arose as a result of the change in dividend timing in 2004, which resulted in the payment of three rather than two dividends, and the timing of the financial statements as presented to the 2004 Annual General Meeting of BHP Billiton Plc.
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