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BHPBill announces off-market buy-back
BHP Billiton announced an off-market tender buy-back (Off-Market Buy- Back) of BHP Billiton Ltd shares that will form an important part of its expanded USD10 billion capital management program. The on-market buy-back of BHP Billiton Plc shares that was reactivated in November 2010 will continue, including over the period of the Off-Market Buy-Back process. Subject to market conditions, it is BHP Billiton's expectation that the USD10 billion capital management initiative will be largely completed by the end of the 2011 calendar year. The Off-Market Buy-Back of BHP Billiton Ltd shares with a target size of AUD5 billion will commence immediately in accordance with the timetable set out below. BHP Billiton Ltd may, at its discretion, vary the size of the Off-Market Buy-Back.
The announcement continues BHP Billiton's strong track record of returning excess capital to shareholders. On completion of the USD10 billion capital management initiative, BHP Billiton will have repurchased a cumulative USD23 billion of BHP Billiton Ltd and BHP Billiton Plc shares since 2004, representing 15 per cent of then issued capital. Undertaking both an off-market and on-market buy-back, coupled with an increased interim dividend allows the entire BHP Billiton global shareholder base to participate, both directly and indirectly, in the capital management initiative. An off-market buy-back provides an efficient means of generating economic value for all BHP Billiton shareholders. While the precise impact of the Off-Market Buy-Back cannot be determined, it is expected to have a lasting and positive impact on BHP Billiton's earnings per share, cash flow per share and return on equity. As a result, all BHP Billiton shareholders, including those not participating in the Off-Market Buy-Back process, regardless of location and tax status, are expected to benefit from the Off-Market Buy-Back. The Off-Market Buy-Back will enable the purchase of BHP Billiton Ltd shares at a material discount to the prevailing market price of BHP Billiton Ltd and can be completed in a shorter period of time than on-market buy-backs of a comparable size. The target Off-Market Buy-Back size of AUD5 billion will enable BHP Billiton to continue to pay fully franked dividends under its progressive dividend policy. The Off-Market Buy-Back is expected to be funded from BHP Billiton's cash resources.
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BHPBill Fayetteville acquisition presentation
The following document has been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do:
- Fayetteville Acquisition Presentation
The document may also be accessed via BHP Billiton's website - www.bhpbilliton.com.
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BHPBill announce Fayetteville shale acquisition
BHP Billiton announced it has agreed to acquire all of Chesapeake Energy Corporation's ("Chesapeake") interests in the Fayetteville Shale, USA, including the midstream pipeline system, for USD4.75 billion, which BHP Billiton expects to fund from the groups cash resources. The acquisition is consistent with BHP Billiton's strategy of investing in large, long-life, low cost assets with significant volume growth from future development. It also supports our goal of diversification by geography, customer and product. BHP Billiton will become the operator of Chesapeake's operated interests in the field.
Chesapeake's Fayetteville shale assets include approximately 487 000 acres of leasehold and producing natural gas properties located in Arkansas, USA. This is the second largest position in one of the largest gas fields in the world. This acquisition will increase BHP Billiton's net reserve and resource base by 45 per cent. These assets currently produce over 400 million cubic feet of gas per day and include development options that will support substantially higher production over a 40 year operating life. BHP Billiton and Chesapeake have also agreed a twelve month services agreement to ensure the safe transfer of operations to BHP Billiton. The assets acquired generate strong margins and returns on capital at current prices. Depending on regulatory approvals, BHP Billiton expects to close in the first half of 2011.
Capital management program - AUD5 billion off-market buy-back
BHP Billiton also announced an off-market tender buy-back ("Off-Market Buy- Back") of BHP Billiton Ltd shares that will form an important part of its expanded USD10 billion capital management program (see separate announcement). The Off-Market Buy-Back, with a target size of AUD5 billion but which BHP Billiton Ltd may vary at its discretion, will commence immediately in accordance with the Off-Market Buy-Back timetable, which is separately available. The On-Market Buy-Back of BHP Billiton shares will continue, including over the period of the Off-Market Buy-Back process.
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BHPBill -- interim results presentation
The following document has today been submitted to the National Storage Mechanism and will shortly be available for inspection at: www.hemscott.com/nsm.do:
- BHP Billiton Interim Results 31 December 2010 Presentation http://www.bhpbilliton.com/bbContentRepository/docs/110216InterimResultsFY11P resentation.pdf
- The document may also be accessed via BHP Billiton's website - www.bhpbilliton.com - or using the web link above.
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BHPBill -- total voting rights and capital
BHP Bill notified the market of that, as at 31 January 2011, BHP Billiton Plc's issued capital, including treasury shares held by BHP Billiton Plc, consists of 2 192 832 287 ordinary shares of USD0.50 each. Of these, 24 113 658 ordinary shares are held in treasury by BHP Billiton Plc and 1 927 122 ordinary shares are held for cancellation, and therefore the total number of voting rights in the company is 2 190 905 165. The above figure of 2 190 905 165 ordinary shares may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, BHP Billiton Plc under the FSA's Disclosure and Transparency Rules.
Note: BHP Billiton Plc also has one special voting share in issue to facilitate joint voting by shareholders of BHP Billiton Plc and BHP Billiton Ltd on joint electorate actions.
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| Closing price data source: JSE Ltd. All other statistics calculated by ProfileData. |
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