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BHPBill -- increase in capital management programm
BHPBill today announced a USD10 billion increase to the USD3 billion capital management programme that was announced in August 2006. This amount will be returned to shareholders over the next 18 months through a series of buy-backs. The next stage in the capital management programme will be the implementation of an off-market buy-back with a targeted maximum of AUD3.25 billion (USD2.5 billion) of BHP Billiton Ltd shares. At the same time, BHPBill will continue to repurchase shares on-market in BHPBill on an opportunistic basis. This programme continues BHPBill's track record of meeting its capital management commitment and delivering value to shareholders. This increase of the capital management program is in addition to the increased interim dividend soon to be announced.
Eligible shareholders will be sent the buy-back booklet containing the terms and conditions of the off-market buy-back by 28 February 2007. The booklet cannot be sent into the United States or Canada.
The indicative timetable for the off-market buy-back is outlined below:
- Buy-back announcement - 7 February 2007
- Cut-off date for franking entitlement under 45-day rule(3) - 8 February 2007
- Shares quoted ex-entitlement to participate in the buy-back on the ASX - 12 February 2007
- Determination of eligible shareholders entitled to participate in the buy-back (record date) - 16 February 2007
- Completion of mail out of buy-back documents to eligible shareholders - 28 February 2007
- Buy-back tender period opens - 5 March 2007
- Buy-back tender period closes - tenders must be received by 7.00pm (AEST) - 23 March 2007
- Announcement of the buy-back price and any scale back - 26 March 2007
- Buy-back proceeds dispatched/credited to participating shareholders completed - No later than 2 April 2007
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BHPBill --CEO to resign by the end of 2007
BHPBill's chairman, Don Argus, and chief executive officer, Chip Goodyear, today announced that Mr Goodyear will retire from the company by the end of calendar year 2007.
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BHPBill -- raise half-year profits 45%
According to Business Day, BHPBill should achieve a 45% plus rise in half-year net profit to USD6.3bn. The company's interim results are scheduled for release on 7 February 07. According to the research notes of UBS mining analyst, Glyn Lawcock, "capital management will again be a key focus, given a projected free-cash flow of USD5.204bn for the six month period". It is also reported that the sharp rise in net profit may prompt BHPBill to return more cash to shareholders, possibly by an off-market share buyback.
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BHP -- total voting rights
BHP's issued capital, including treasury shares held, consists of 2 400 862 002 ordinary shares of USD0.50 each. Of these, 25 420 000 ordinary shares are held in treasury by BHP and therefore the total number of voting rights in the company is 2 375 442 002. The figure of 2 375 442 002 ordinary shares may be used by shareholders to calculate if they are required to notify their interest in, or a change to their interest in, the share capital of BHP under the FSA`s Disclosure and Transparency Rules.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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