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BHPBill to develop Neptune oil and gas field
On 30 June 05 BHPBill announced that it has approved the capital expenditure for its 35% share of the costs to develop the Neptune oil and gas field in the Gulf of Mexico (GoM). The Neptune facility will have a design capacity to produce up to 50 000 barrels of oil and 50 million cubic feet of gas per day with gross costs for the development estimated at approximately USD850m (BHPBill share approximately USD300m). Recoverable reserves at the Neptune field are estimated by the company in a range from 100 to 150 million boe. A standalone, tension leg platform (TLP) has been selected for the development. The proposed facilities, wells, and completions are proven designs that have been successfully implemented in the deepwater GoM. First oil is expected by the end of calendar year 2007 with seven initial subsea wells tying back to the TLP.
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BHPBill -- assessment by Australian tax office
The Australian Taxation Office has today issued assessments against BHPBill subsidiary BHP Billiton Finance Ltd in respect of the 2000, 2001 and 2002 financial years. The assessments relate to the deductibility of bad debts in respect of funding Australian subsidiary company operations. The assessments are for primary tax of USD443.8m (AUD570.5m) and interest (net of tax) and penalties of USD283.9m (AUD365m). BHPBill disputes the assessments. The company has taken legal advice and remains confident of its position. It intends to vigorously defend the claims. The company believes that the matter is adequately provided for in the accounts.
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BHPBill achieves more than 90% of WMC
BHPBill has announced that, as at 5.30pm (Melbourne time) today, it had a relevant interest in 90.59% of WMC Resources Ltd`s (WMC) issued shares. Accordingly, BHPBill announces that it will not extend the offer. The offer will close at 7:30pm (Melbourne time) 17 June 2005. In accordance with its stated intentions as set out in its bidder`s statement, BHPBill will now proceed under section 661B of the Corporations Act 2001 (Cth) to compulsorily acquire all of the outstanding shares in WMC.
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BHPBill -- update on WMC offer
BHPBill, as of 14 June 05, has an 84.74% voting right in WMC.
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BHPBill -- resolutions at extraordinary meeting
In the extraordinary general meeting of BHPBill convened to address a technical issue that rose in respect of the final dividend for the year ended 30 June 2004 paid to shareholders on 22 September, Don Argus, chairman of the group said, `Under the Companies Act, dividends paid may not exceed the total of the distributable profits that are reported in the last annual accounts laid before the company in general meeting. In our case these were the accounts laid before the 2003 AGM. The company has traditionally paid two dividends each year. The two dividend payments proposed for 2004 totalled USD407m. The distributable profits in the 2003 accounts were USD603m -- so the two dividend payments were within the amount available for distribution. However, during 2004 we decided to pay three dividends. We did this so that we could align the dividend payment dates to the dates on which we announced our half and full year results. The third dividend paid was USD234m. The total of the three dividends was USD641m. This was USD38m more than the distributable profits in the 2003 accounts. We have described this as a technical breach because by the time the third dividend was paid, the 2004 accounts had been prepared and audited and the distributable profits in those accounts exceeded USD641m. However, those 2004 accounts had not been laid before the annual general meeting. This did not take place until November.
Let me make three important points:
- By the time the third dividend was paid, BHP Billiton Plc had more than enough distributable profits to make all three dividend payments;
- If BHP Billiton Plc`s AGM had been held before the third payment there would have been no breach; and
- As little comfort as this might be - this sort of technical breach is not unusual in the UK market.`
Angus asked to:
- rectify the technical breach by sanctioning the appropriation of profits to the final dividend payment in 2004;
- waive any rights the company may have against shareholders and directors who received the dividend and against past and present directors who approved the payment; and
- approve the company entering into deeds of release in favour of such shareholders and directors.
The second motion is the cancellation of the company`s share premium account, which will increase the company`s distributable profits and provide `headroom` for the company to pay future dividends to shareholders. As a result of the complexities associated with the BHPBill`s structure, however, the group is not yet certain whether the cancellation will be achievable and accordingly passage of the resolution will not necessarily mean that BHPBill will go forward with the cancellation.
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BHPBill announces shelf expansion
BHPBill, on 13 June 05 announced approval for a fifth train expansion of the liquefied natural gas processing facilities at the North West Shelf Project on the Burrup Peninsula in Western Australia. The approval covers a liquefaction processing train with a capacity of 4.2 million tonnes per annum, additional processing facilities and associated infrastructure. Based on the operatorĘs estimate the total investment is approximately AUD2bn (BHPBill`s share approximately USD250m).
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BHPBill expects 36% increase in sales to China
Tania Price, BHPBill`s spokeswoman, told Business Day that the group expects sales to China to increase by 36% this year.
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BHPBill may sell WMC subsidiary
Commenting on BHPBill`s intention to sell the fertiliser business of WMC Resources Daiwa Securities analyst, Mark Pervan, said, `I think it will be on the market pretty quickly. I don`t think that they will want to sit holding it on the balance sheet`. Business Day said that the subsidiary is currently valued at AUD500m.
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BHPBill's holding of WMC increases to 78.72&
BHPBill announced that as of 7 June 05 the group held 78.72% of the voting rights of WMC.
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BHPBill's coal mining operations are unproductive
Mahomed Seedat, BHPBill`s head of energy coal, admitted to Business Report that the group`s SA coal mining production was four to seven times less productive than it should be.
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BHPBill achieved 72.99% acceptance for WMC offer
BHPBill announced on Friday, 3 June 05, that it had achieved acceptances under its offer for WMC Resources (WMC) for 72.99% of WMC`s issued shares. BHP Billiton has also acquired a further 3.26% of WMC`s issued shares as a result of on-market purchases on Friday.
Accordingly, BHPBill has an aggregate interest of 76.25% in WMC`s issued shares. This does not include BHP Bill`s 4.31% economic exposure to WMC shares under its cash settled swap contracts with Deutsche Bank AG. BHPBill`s offer is now scheduled to close on Friday, 17 June 2005.
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BHPBill receives acceptances for 55.45% of WMC
BHPBill announced that it had achieved acceptances under its offer for WMC Resources (including instructions under the Acceptance Facility) for 55.45% of WMC`s issued shares. BHPBill has declared its offer for WMC unconditional and will waived the 90% minimum acceptance condition contained in clause 5.1(a) of its Bidder`s Statement and all other conditions of the offer that were not previously waived or fulfilled. In addition, BHPBill will accelerate payment terms so that WMC shareholders who have accepted the offer or lodged instructions will be paid the offer consideration of USD7.85 per WMC share within five business days of their acceptance being processed or instructions being implemented. As BHPBill voting power in WMC has increased to more than 50% for the purpose of section 624(2) of the Corporations Act(1), the offer is now automatically extended by 14 days from 3 June 2005.
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BHPBill issues bidder's statement for WMC
BHPBill, on 2 June 05, issued a supplementary bidder`s statement advising WMC shareholders that they are able to lodge acceptances of BHPBill`s USD7.85 cash per share offer by facsimile. As announced on 26 May 2005 BHPBill`s offer for WMC shares is due to lapse at 7.30pm (Melbourne time) on 3 June 2005 unless the group achieves acceptances for more than 50% of WMC shares. Should acceptances and instructions exceed 50% the offer will be automatically extended by two weeks. The offer may also be extended in limited circumstances in accordance with the Corporations Act.
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BHPBill report on acceptances
Shareholders should note that the number of WMC Resources shares in which BHPBill has a relevant interest, has increased from 13.33% to 16.35%.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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