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BHPBill - dividend exchange rate
On 23 February 2016, the Board of BHPBill determined to pay an interim dividend for the half year ended 31 December 2015 of USD16 cents per share. Included in the announcement was the advice that the currency conversion for Australian cents, British pence and New Zealand cents would be based on the foreign currency exchange rates on the Record Date, 11 March 2016, and for South African cents the Last Day to Trade on the JSE Ltd., which was 4 March 2016. The following table sets out the currency exchange rates applicable for the dividend:
Dividend USD16 cents per share & Exchange rate in local currency & Dividend per ordinary share
- Australian cents : 0.748800 & 21.367521
- British pence : 1.439500 & 11.114970
- New Zealand cents : 0.668810 & 23.923087
- South African cents : 15.651200 & 250.419200
The dividend will be paid on 31 March 2016.
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BHPBill - conference 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:
- Global Iron Ore & Steel Forecast Conference Presentation
The document may also be accessed via BHPBill’s website - www.bhpbilliton.com
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BHPBill - dividend currency exchange rate
On 23 February 2016, the Board of BHPBill determined to pay an interim dividend for the half year ended 31 December 2015 of USD16 cents per share. The currency exchange rate applicable for the dividend payable in South African cents to shareholders on the BHPBill branch register is based on the exchange rate on 4 March 2016 and is set out below:
Dividend 16 USD cents per share: Exchange rate & Dividend per ordinary share in local currency
- South African cents : 15.651200 & 250.419200
The exchange rates applicable to the BHPBill dividend being paid in other currencies will be based on the foreign currency exchange rates on the Record Date, being 11 March 2016, and will be announced to the market. BHPBill shareholders registered on the South African section of the register will not be able to dematerialise or rematerialise their shareholdings between the dates of 7 and 11 March 2016, both dates inclusive, nor will transfers between the UK register and the South African register be permitted between the dates of 4 and 11 March 2016, both dates inclusive. The dividend will be paid on 31 March 2016.
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BHPBill - review of credit rating
BHPBill notes the announcement on 3 March 2016, by Moody’s Investors Service that it has lowered the credit ratings of BHP Billiton Ltd. and BHPBill from A1 to A3 negative outlook. The rating on BHPBill’s senior unsecured medium term note program has been lowered from (P)A1 to (P)A3. The subordinated note ratings of BHP Billiton Finance (USA) Ltd. and BHP Billiton Finance Ltd. have been lowered from A3 to Baa2. BHPBill remains committed to maintaining its strong balance sheet through the cycle.
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BHPBill - agreement with Brazilian authorities
Samarco Mineracao S.A (Samarco) and its two shareholders, Vale S.A (Vale) and BHP Billiton Brasil LTDA (BHPB Brasil), have entered into an agreement with the Federal Attorney General of Brazil, the States of Espirito Santo and Minas Gerais and certain other public authorities (Brazilian Authorities) for the restoration of the environment and communities affected by the Samarco dam failure on 5 November 2015.
The Agreement provides a long-term remedial and compensation framework for responding to the impact of the Samarco tragedy. Samarco, Vale and BHP Billiton Brasil will establish a Foundation that will develop and execute environmental and socio-economic programs to remediate and provide compensation for damage caused by the Samarco dam failure. There are two broad types of programs included in the Agreement:
- Reparatory Programs to restore the environment, local communities and the social condition of the affected areas; and
- Compensatory Programs to provide compensation where remediation is not possible, and to provide compensation on a goodwill basis for certain special projects which go beyond strict make-good and compensation (for example, improvements to sewage systems and landfill management in the river basin).
The Foundation will be governed by a seven member Board, with Samarco, BHP Billiton Brasil, and Vale each appointing two members and the Brazilian Authorities appointing one member. The Foundation will be assisted in its work by an advisory panel that will include technical experts, regulators and community representatives. The Foundation will submit remediation and compensation programs for approval to a Council consisting of representatives of the Brazilian Authorities. The Foundation’s activities will be subject to independent external audit. The term of the Agreement is 15 years, renewable for periods of one year successively until all obligations under the Agreement have been performed.
Samarco will fund the Foundation with contributions as follows (calendar years):
- BRL2 billion (approximately USD500 million) in 2016, less the amount of funds already spent on, or allocated to, remediation and compensation activity 1,
- BRL1.2 billion (approximately USD300 million) in 2017, and
- BRL1.2 billion (approximately USD300 million) in 2018.
The amount of annual contributions for each of the years 2019, 2020 and 2021 will vary between a minimum of BRL800 million (approximately USD200 million) and a maximum of BRL1.6 billion (approximately USD400 million), depending on the remediation and compensation projects which are to be undertaken in the particular year. To the extent Samarco does not meet its funding obligations, each of Vale and BHP Billiton Brasil is liable in proportion to its 50 per cent shareholding in Samarco. Samarco will continue to conduct and fund the humanitarian and environmental recovery and remediation work until the Foundation is operational, which is likely to be in the next few months.
The Agreement is subject to Court approval. If approved, the Agreement will settle the civil public claim commenced on 30 November 2015 by the Brazilian Authorities against Samarco, Vale and BHP Billiton Brasil which sought the establishment of a fund of up to BRL20 billion in aggregate for clean-up costs and damages relating to the dam failure.
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BHPBill - conference announcement
BHPBill Chief Executive Officer, Andrew Mackenzie, addressed the BMO Conference in Florida. A copy of the speech can be found at: www.bhpbilliton.com.
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