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BHP Billiton announced that the demerger of BHP Steel would be implemented
after the Federal Court of Australia approved the Scheme of arrangement
between BHP Billiton Limited and holders of both its fully paid and partly
paid ordinary shares earlier today.
The Scheme of arrangement became effective, pursuant to section 411 of the
Corporations Act, upon lodgement of a copy of the orders made by Justice
Finklestein of the Federal Court with the Australian Securities and
Investments Commission (ASIC). Legal separation of BHP Steel from BHP
Billiton will occur on Monday 22 July 2002.
BHP Billiton Chairman Don Argus said: "The achievement of regulatory
approval and shareholder approval for the demerger of BHP Steel marks an
important milestone in the history of BHP Billiton and the future of BHP
Steel. BHP Steel has a long and proud history, not only in Australia but
also as a supplier of steel products to much of the world.
We are proud to have played a part in the demerger of BHP Steel and are
confident that it will bring value to the shareholders of BHP Billiton and
BHP Steel."
Eligible BHP Billiton Limited shareholders will receive one BHP Steel share
for every five BHP Billiton Limited shares held at the close of registers on
Friday 5 July 2002. BHP Billiton Limited will trade ex the entitlement to
BHP Steel shares on Tuesday 2 July 2002.
BHP Billiton Plc shareholders will receive a bonus issue of BHP Billiton Plc
shares to reflect the market value of the BHP Steel shares being distributed
to BHP Billiton Limited shareholders. BHP Billiton Plc will trade ex the
entitlement to the bonus issue on Monday 22 July 2002.
A Retail Offer of BHP Steel shares to retail investors in Australia and New
Zealand, including BHP Billiton Limited shareholders in those jurisdictions,
is currently in progress. In addition, a Sale Facility is being offered to
eligible BHP Billiton Limited shareholders who wish to offer to sell, prior
to the listing of BHP Steel, some or all of the BHP Steel shares to which
they are entitled. Applications under the Retail Offer and elections under
the Sale Facility (excluding institutional selling shareholders) must be
received by 5.00 pm (Melbourne time), Thursday 4 July 2002. Offers to sell
by institutional selling shareholders must be received by 5.00 pm, Friday 12
July 2002.
An Institutional Offer to Australian institutional investors and
participating member organisations of ASX and, to the extent permitted by
applicable law, international institutional investors, will open on Tuesday
9 July 2002 and close at 5.00 pm, Friday 12 July 2002. The price ultimately
paid by successful applicants under the Institutional Offer and Retail Offer
and the price received by successful applicants under the Sale Facility will
be the Final Price. The Final Price is expected to be announced on Monday
15 July 2002.
BHP Steel is expected to commence trading on ASX (on a conditional and
deferred settlement basis) on Monday 15 July 2002.
****
Further information can be found on our Internet site:
http://www.bhpbilliton.com
Australia United Kingdom
Andrew Nairn, Investor Relations Mark Lidiard, Investor & Media
Tel: + 61 3 9609 3952 Relations
Mobile: +61 408 313 259 Tel: +44 20 7747 3956
email: email:
Andrew.W.Nairn@bhpbilliton.com Mark.Lidiard@bhpbilliton.com
Mandy Frostick, Media Relations
Tel: +61 3 9609 4157
Mobile: +61 419 546 245
email:
Mandy.J.Frostick@bhpbilliton.com
United States South Africa
Francis McAllister, Investor Relations Michael Campbell, Investor & Media
Tel: +1 713 961 8625 Relations
Mobile: +1 713 480 3699 Tel: +27 11 376 3360
email: Mobile: +27 82 458 2587
Francis.R.McAllister@bhpbilliton.com email:
Michael.J.Campbell@bhpbilliton.com
Date: 01/07/2002 07:51:54 AM Produced by the SENS Department
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