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BHP BILLITON PLC - BHP ANNOUNCES ADJUSTMENT TO TAX VALUE FOR OFF-MARKET BUY-BACK
BHP BILLITON PLC
JSE Share GB0000566504Code: BIL
ISIN:
BHP BILLITON ANNOUNCES ADJUSTMENT TO TAX VALUE FOR OFF-MARKET BUY-BACK
BHP Billiton announced today that following discussions with the Australian
Taxation Office, it has been agreed to vary the methodology for calculating the
Tax Value for the purpose of its off-market share buy-back.
The Tax Value is relevant to Australian resident shareholders participating in
the transaction as it has an impact on the deemed disposal price for Australian
tax purposes of shares sold into the buy-back. The change in methodology ought
to result in a lower Tax Value for participating shareholders.
Having regard to present circumstances, it has been agreed with the Australian
Taxation Office that the Tax Value will be A$14.35 adjusted for the movement in
the BHP Billiton Plc share price from the close of trading in London on 4
October 2004 to the opening of trading in London on 19 November 2004. The
closing price of BHP Billiton Plc on 4 October 2004 was 585.5 pence and the
opening price on 15 November 2004 was 586.5 pence; based on these prices, the
Tax Value on 15 November 2004 would be A$14.37.
The actual Tax Value will be available as soon as possible after 7.00pm on 19
November 2004 and can be obtained by accessing the website or by calling BHP
Billiton`s buy-back enquiry line on 1300 726 379 toll free (within Australia) or
+613 9415 4208 (if you are calling from outside Australia).
The tender period closes at midnight (AEST) on Friday 19 November 2004, with
announcement of the buy-back price targeted for no later than Tuesday 23
November 2004.
1. The Tax Value is calculated by adjusting the volume weighted average price of
BHP Billiton Limited for the five days prior to the announcement of the buy-back
on 5 October (i.e. A$14.35) by a relevant factor. Absent any variation, this
A$14.35 would have been adjusted for the movement in the S&P/ASX 200 Index over
the period 5 October to 19 November 2004. Based on the closing level of the
S&P/ASX 200 Index on 15 November, the Tax Value on this basis would have been
A$15.06.
2. Shareholders who have previously used the Tax Calculator which is available
on the BHP Billiton website (www.bhpbilliton.com) should note that the Tax
Calculator will be updated so that the assumed Tax Value will now be calculated
using the new methodology based on the movement in the share price of BHP
Billiton Plc in London. As the change in methodology may change the outcomes of
the Tax Calculator, shareholders may wish to repeat their calculations.
Further information on BHP Billiton can be found on our Internet site:
http://www.bhpbilliton.com
Australia United Kingdom
Jane Belcher, Investor Relations Mark Lidiard, Investor & Media
Tel: +61 3 9609 3952 Relations
Mobile: +61 417 031 653 Tel: +44 20 7802 4156
email: Jane.H.Belcher@bhpbilliton.com email: Mark.Lidiard@bhpbilliton.com
Tania Price, Media Relations Ariane Gentil, Media Relations
Tel: +61 3 9609 3815 Tel: +44 20 7802 4177
Mobile: +61 419 152 780 Mobile: +44 78 81 51 8715
email: Tania.Price@bhpbilliton.com email: Ariane.Gentil@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: 16/11/2004 08:28:10 AM
Produced by the JSE SENS Department |
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