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Bhp Billiton Plc Announces Us$7.3 Billion Cash Offer For
Wmc Resources
Bhp Billiton Plc
share code: BIL
isin: GB0000566504
Announces Us$7.3 Billion Cash Offer For Wmc Resources
BHP Billiton today announced a cash offer of A$7.85 per
share for the entire issued capital of WMC Resources
Limited (`WMC Resources`), valuing WMC Resources equity
at A$9.2 billion (US$7.3 billion).
The Board of WMC Resources has unanimously recommended
that WMC Resources shareholders accept the BHP Billiton
offer in the absence of a superior proposal and has
indicated that the directors will be accepting this offer
for their own holdings of WMC Resources shares on that
basis.
The offer is A$0.85 per share higher than Xstrata`s cash
bid of A$7.00 per share and in the top half of the
valuation range provided by Grant Samuel, WMC Resources`
independent expert, in its Target Statement.
BHP Billiton Chief Executive Officer, Chip Goodyear said:
`The acquisition of WMC Resources is a further step in
BHP Billiton`s strategy of developing, operating and
maximising the performance of large scale, long-life, low-
cost assets. It is an excellent opportunity to build on
our existing nickel and copper businesses and bring
uranium into our suite of energy products. Furthermore,
the acquisition provides additional premium long-term
options to satisfy continuing demand growth in China and
other high-growth economies.
`BHP Billiton is best placed to maximise the value of WMC
Resources` assets.
No other potential purchaser brings to this transaction
the experience and synergy benefits of already operating
in both nickel and copper and the track record of
consistent on-time, on-budget major project delivery.
`Our offer price is based on our normal valuation
methodology using our standard pricing protocols and
reflects WMC Resources` considerable expansion potential.
We expect the acquisition to add material value to BHP
Billiton shareholders over the medium to long term,` Mr
Goodyear said.
Specific benefits to BHP Billiton from this transaction
include:
- WMC Resources` nickel business comprises an outstanding
set of assets, in terms of operating capability, country
risk, scale and environmental standards, which will
complement BHP Billiton`s existing nickel business.
The combined business will have a range of operations,
products and technologies that will provide a robust and
flexible platform for further growth.
- BHP Billiton will have operating control of two of the
world`s four largest copper deposits. BHP Billiton`s
track record in developing and operating Escondida, the
world`s largest copper mine, ideally equips it to
maximise the value of the large, long-life Olympic Dam
resource base. Olympic Dam is the world`s fourth largest
copper resource and one of the world`s 10 largest gold
deposits.
- The acquisition of WMC Resources will establish BHP
Billiton as a major producer of uranium with the largest
resource base in the world. Uranium is an important
energy source in an increasingly energy intensive world.
Not only is this valuable on a stand-alone basis but it
complements BHP Billiton`s existing energy portfolio of
oil, gas and coal.
- The inclusion of WMC Resources` businesses and
opportunities in BHP Billiton`s portfolio enhances its
options to develop the production necessary to supply raw
materials to high growth markets in the decades ahead.
- BHP Billiton is best placed to maximise synergies in
the nickel and copper businesses, marketing and other
corporate functions. BHP Billiton will eliminate
duplicate functions by using the proven systems and
processes that were successfully used following the BHP
Billiton merger in 2001. The annual corporate cost
efficiencies are estimated to total A$115 million
(US$91 million), with a one-time cost of A$120 million
(US$95 million).
Commenting on the attractiveness of the offer to WMC
Resources` shareholders, WMC Resources CEO Andrew
Michelmore said: `This offer supports the view of the
value of WMC Resources that the Board has consistently
held. We will be working with BHP Billiton to ensure
that this recommended offer is put to shareholders as
soon as possible`.
The offer will be made through a subsidiary by way of an
off-market takeover bid under the Australian Corporations
Act 2001 and will be funded from both new and existing
debt facilities. BHP Billiton remains committed to an A
credit rating and will retain financial flexibility
following the acquisition. Following the acquisition, on
a pro forma basis, BHP Billiton`s net debt, as at 30 June
2005 is estimated to total US$12.4 billion with
corresponding net gearing of 42 percent2. The
acquisition is expected to be earnings accretive in the
financial year ending 30 June 2006.
The offer is subject to a number of conditions including
BHP Billiton receiving necessary regulatory approvals and
acquiring at least 90% of the number of WMC Resources
ordinary shares on issue. The conditions are outlined in
full in Appendix 1 to this release.
BHP Billiton holds economic exposure to 50.6 million WMC
Resources shares (4.3% of the issued share capital)
through cash settled derivative contracts.
WMC Resources has entered into a Deed of Undertaking with
BHP Billiton in relation to BHP Billiton`s offer. This
includes a break-fee of A$92 million (US$73 million)
payable to BHP Billiton in certain circumstances,
including a successful competing takeover proposal. WMC
Resources will provide full details of the Deed.
BHP Billiton`s Bidder`s Statement is expected to be
lodged shortly and to be dispatched to WMC Resources
shareholders in approximately three weeks.
Further information on WMC Resources can be found in
Appendix 2 and on its Internet site: www.wmc.com.
Further information on BHP Billiton can be found in
Appendix 3 and on our Internet site: www.bhpbilliton.com.
For further information please contact:
Australia
Jane Belcher, Investor Relations
Tel: +61 3 9609 3952
Mobile: +61 417 031 653
email: Jane.H.Belcher@bhpbilliton.com
Tania Price, Media Relations
Tel: +61 3 9609 3815
Mobile: +61 419 152 780
email: Tania.Price@bhpbilliton.com
Tania Price, Media Relations
Tel: +61 3 9609 3815
Mobile: +61 419 152 780
email: Tania.Price@bhpbilliton.com
BHP Billiton Limited
ABN 49 004 028 077
Registered in Australia
Registered Office: 180 Lonsdale Street Melbourne Victoria
3000
Australia
Telephone +61 1300 55 4757
Facsimile +61 3 9609 3015
United Kingdom
Mark Lidiard, Investor & Media Relations
Tel: +44 20 7802 4156
Mobile: + 44 7769 934 942
email: Mark.Lidiard@bhpbilliton.com
Ariane Gentil, Media Relations
Tel: +44 20 7802 4177
Mobile: +44 7881 518 715
email: Ariane.Gentil@bhpbilliton.com
South Africa
Michael Campbell, Investor & Media Relations
Tel: +27 11 376 3360
Mobile: +27 82 458 2587
email: Michael.J.Campbell@bhpbilliton.com
BHP Billiton Plc Registration number 3196209
Registered in England and Wales
Registered Office: Neathouse Place London SW1V 1BH
United Kingdom
Telephone +44 20 7802 4000
Facsimile +44 20 7802 4111
The BHP Billiton Group is headquartered in Australia
Further Information
In connection with the planned public tender offer (the
`Tender Offer`) by a wholly owned subsidiary of BHP
Billiton (the `Company`), for all of WMC Resources`
outstanding stock, BHP Billiton will file with the United
States Securities and Exchange Commission (the `SEC`) an
informational document under cover of Form CB. Investors
and holders of WMC Resources securities are strongly
advised to read the informational document (when
available) and any other relevant documents filed with
the SEC, as well as any amendments and supplements to
those documents, because they will contain important
information. Investors and holders of WMC Resources
securities may obtain free copies of the informational
document (when available), as well as other relevant
documents filed with the SEC, at the SEC`s website at
www.sec.gov and will receive information at an
appropriate time on how to obtain transaction-related
documents for free from the Company or its duly
designated agent.
This communication is for information purposes only. It
shall not constitute an offer to purchase, sell or
exchange or the solicitation of an offer to purchase,
sell or exchange any securities of WMC Resources. The
distribution of this communication may, in some
countries, be restricted by law or regulation.
Accordingly, persons who come into possession of this
document should inform themselves of and observe these
restrictions.
Forward-Looking Statements
Statements contained in this communication may contain
forward-looking statements with respect to BHP Billiton`s
financial condition, results of operations, business
strategies, operating efficiencies, competitive position,
growth opportunities for existing services, plans and
objectives of management, markets for stock and other
matters. Statements in these materials that are not
historical facts are `forward-looking statements`.
These forward-looking statements, including, among
others, those relating to the future business prospects,
revenues and income of BHP Billiton, wherever they may
occur in this communication are necessarily estimates
reflecting the best judgment of the senior management of
BHP Billiton and involve a number of risks and
uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking
statements. As a consequence, these forward-looking
statements should be considered in light of various
important factors, including those set forth in this
communication and BHP Billiton`s Annual Report on Form 20-
F for the financial year ended 30 June 2004.
Important factors that could cause actual results to
differ materially from estimates or projections contained
in the forward-looking statements include, without
limitation: the success of the proposed Tender Offer;
estimated reserves; plans, strategies and objectives of
management; closure or divestment of certain operations
or facilities (including associated costs); anticipated
production or construction commencement dates; expected
costs or production output; the anticipated productive
lives of projects, mines and facilities; and provisions
and contingent liabilities.
BHP Billiton undertakes no obligation to update publicly
or release any revisions to these forward-looking
statements to reflect events or circumstances after the
date of the materials in which such statements are
contained or to reflect the occurrence of unanticipated
events.
APPENDIX 1
CONDITIONS OF THE OFFER
The Offer is subject to the fulfilment of the following
conditions:
(a) Minimum acceptance condition
During, or at the end of, the offer period the number of
WMC Resources Shares in which BHP Billiton and its
associates together have relevant interests (disregarding
any relevant interest that BHP Billiton has merely
because of the operation of section 608(3) of the
Corporations Act) is at least 90% of all the WMC
Resources Shares (even if that number later becomes less
than 90% of all the WMC Resources Shares as a result of
the issue of further WMC Resources Shares).
(b) Foreign investment approval
One of the following occurs before the end of the offer
period:
(i) BHP Billiton receives written notice issued by or on
behalf of the Treasurer stating that there are no
objections under the Australian government`s foreign
investment policy to the acquisition by BHP Billiton of
all of the WMC Resources Shares under the Offer, such
notice being unconditional;
(ii) the expiry of the period provided under the Foreign
Acquisitions and Takeovers Act 1975 (Cth) (`FATA`) during
which the Treasurer may make an order or an interim order
under the FATA prohibiting the acquisition of WMC
Resources Shares under the Offer, without such an order
being made; or
(iii)if an interim order is made to prohibit the
acquisition of WMC Resources Shares under the Offer, the
subsequent period for making a final order has elapsed,
without any such final order being made.
(c) Hart-Scott-Rodino
Before the end of the offer period, all filings required
under the U.S. Hart-Scott-Rodino Antitrust Improvements
Act of 1976, as amended (`HSR Act`) have been made and
all applicable waiting periods under the HSR Act have
expired or have been terminated.
(d) European Union merger control
Before the end of the offer period:
(i) the European Commission has issued a decision under
Article 6(1)(a) of Council Regulation (EC) 139/2004 (the
`Merger Regulation`) that the acquisition of all or any
of the WMC Resources Shares as a result of the Offer
(`Acquisition`) does not give rise to a concentration
falling within the scope of the Merger Regulation;
(ii) the European Commission has issued a decision under
Article 6(1)(b) of the Merger Regulation declaring the
Acquisition compatible with the common market, or is
deemed to have done so under Article 10(6) of the Merger
Regulation;
(iii)in the event of the European Commission initiating
proceedings under Article 6(1)(c) of the Merger
Regulation and BHP Billiton waiving condition (d)(ii)
above, the European Commission has issued a decision
under Article 8(1) or 8(2) of the Merger Regulation
declaring the Acquisition compatible with the common
market, or is deemed to have done so under Article 10(6)
of the Merger Regulation; or
(iv) in the event that the European Commission refers the
whole or part of the Acquisition to the competent
authorities of one or more Member States under Article
9(3) of the Merger Regulation,
(A) each such authority has granted a clearance in
respect of all those parts of the Acquisition which were
referred to it, or is deemed to have granted such a
clearance; and
(B) the requirements of sub-paragraphs (d)(ii) or
(d)(iii) are satisfied with respect to any part not
referred to the competent authority of any Member State.
(e) ACCC
Before the end of the offer period, BHP Billiton receives
written notice from the ACCC that the ACCC does not
propose to intervene in the acquisition of WMC Resources
Shares under the Offer or the completion of any
transaction contemplated by the Bidder`s Statement, such
notice being unconditional.
(f) Approvals by Public Authorities
Before the end of the offer period:
(i) BHP Billiton receives all licences, authorities,
consents, approvals, orders, waivers, relief, rulings and
decisions (`Approvals`) (other than those referred to in
paragraphs (b) to (e)) which are required by law or by
any Public Authority to permit the Offers to be made to
and accepted by WMC Resources shareholders in all
applicable jurisdictions; and
(ii) BHP Billiton receives all Approvals (other than
those referred to in paragraphs (b) to (e)) which are
required by law or by any Public Authority as a result of
the Offers or the successful acquisition of the WMC
Resources Shares and which are necessary for the
continued operation of the business of WMC Resources and
its subsidiaries or of any member of the BHP Billiton
Group,
and, in each case, those Approvals are on an
unconditional basis and remain in force in all respects
and there is no notice, intimation or indication of
intention to revoke, suspend, restrict, modify or not
renew those Approvals.
For the purpose of these conditions, `Public Authority`
means any government or any governmental, semi-
governmental, administrative, statutory or judicial
entity, authority or agency, whether in Australia or
elsewhere, including the ACCC (but excluding the
Takeovers Panel, ASIC and any court in respect of
proceedings under section 657G or proceedings commenced
by a person specified in section 659B(1) of the
Corporations Act in relation to the Offer). It also
includes any self-regulatory organisation established
under statute or any stock exchange.
(g) No action by Public Authority adversely affecting
the Offer
During the period from and including the date of this
announcement (`Announcement Date`) to the end of the
offer period:
(i) there is not in effect any preliminary or final
decision, order or decree issued by a Public Authority;
(ii) no action or investigation is instituted, or
threatened by any Public Authority; and
(iii)no application is made to any Public Authority
(other than an application by BHP Billiton or any company
within the BHP Billiton Group),
in consequence of, or in connection with, the Offer,
which restrains, prohibits or impedes, or threatens to
restrain, prohibit or impede, or may otherwise materially
adversely impact upon, the making of the Offer or the
completion of any transaction contemplated by the
Bidder`s Statement or the rights of BHP Billiton in
respect of WMC Resources and the WMC Resources Shares to
be acquired under the Offer or otherwise, or seeks to
require the divestiture by BHP Billiton of any WMC
Resources Shares, or the divestiture of any assets by WMC
Resources or by any subsidiary of WMC Resources or by any
member of the BHP Billiton Group.
(h) No prescribed occurrences
None of the following events happens during the period
beginning on the date the Bidder`s Statement is given to
WMC Resources and ending at the end of the offer period:
(i) WMC Resources converts all or any of its shares into
a larger or smaller number of shares;
(ii) WMC Resources or a subsidiary of WMC Resources
resolves to reduce its share capital in any way;
(iii)WMC Resources or a subsidiary of WMC Resources:
(A) enters into a buy-back agreement; or
(B) resolves to approve the terms of a buy-back
agreement under section 257C(1) or 257D(1) of the
Corporations Act;
(iv) WMC Resources or a subsidiary of WMC Resources
issues shares (other than WMC Resources Shares issued as
a result of exercise of WMC Resources Options) or grants
an option over its shares, or agrees to make such an
issue or grant such an option;
(v) WMC Resources or a subsidiary of WMC Resources
issues, or agrees to issue, convertible notes;
(vi) WMC Resources or a subsidiary of WMC Resources
disposes, or agrees to dispose, of the whole, or a
substantial part, of its business or property;
(vii)WMC Resources or a subsidiary of WMC Resources
charges, or agrees to charge, the whole, or a substantial
part, of its business or property;
(viii)WMC Resources or a subsidiary of WMC Resources
resolves to be wound up;
(ix) a liquidator or provisional liquidator of WMC
Resources or of a subsidiary of WMC Resources is
appointed;
(x) a court makes an order for the winding up of WMC
Resources or of a subsidiary of WMC Resources;
(xi) an administrator of WMC Resources, or of a
subsidiary of WMC Resources, is appointed under section
436A, 436B or 436C of the Corporations Act;
(xii)WMC Resources or a subsidiary of WMC Resources
executes a deed of company arrangement; or
(xiii)a receiver, or a receiver and manager, is appointed
in relation to the whole, or a substantial part, of the
property of WMC Resources or of a subsidiary of WMC
Resources.
(i) No prescribed occurrences between the Announcement
Date and service
None of the events listed in sub-paragraphs (i) to (xiii)
of paragraph (h) happens during the period beginning on
the Announcement Date and ending at the end of the day
before the Bidder`s Statement is given to WMC Resources.
(j) No material acquisitions, disposals or changes in
the conduct of WMC Resources` business
During the period from and including the Announcement
Date to the end of the offer period, none of WMC
Resources, or any subsidiary of WMC Resources:
(i) acquires, offers to acquire or agrees to acquire one
or more shares, companies or assets (or an interest in
one or more shares, companies or assets) for an amount in
aggregate greater than A$300 million;
(ii) disposes, offers to dispose or agrees to dispose of
its interest (in whole or in part and whether directly or
indirectly) in the Olympic Dam operation, WMC Resources`
nickel operation or the Corridor Sands mineral sands
project (each a `Relevant Asset`). To avoid any doubt, a
disposal of, an offer to dispose or an agreement to
dispose of one or more shares or interests in a company
or entity which owns an interest in a Relevant Asset is
taken to be a disposal of, an offer to dispose or an
agreement to dispose of (as the case may be) an interest
in the Relevant Asset;
(iii)enters into or offers to enter into any joint
venture, asset or profit sharing, partnership, merger of
businesses (including through a dual listed companies
structure) or of corporate entities, in respect of any
Relevant Asset;
(iv) other than in the ordinary course of business,
incurs, commits to or brings forward the time for
incurring, or grants to another person a right the
exercise of which would involve WMC Resources or any
subsidiary of WMC Resources incurring or committing to,
any capital expenditure or liability, or foregoes any
revenue, for one or more related items or amounts of
greater than A$50 million; or
(v) discloses (without having disclosed to ASX prior to
the Announcement Date) the existence of any matter
described in sub-paragraphs (i) to (iv) above, or
announces an intention or proposal to do anything
described in sub-paragraphs (i) to (iv) above.
For the avoidance of doubt, a reference in this paragraph
(j) to:
(A) the Olympic Dam operation is to the Olympic Dam
minerals processing operation (which produces copper,
uranium oxide, gold and silver), and the mine and assets
used in connection with that operation (including all
land holdings and assets in and around the township of
Roxby Downs), of WMC Resources (or any subsidiary of it);
(B) WMC Resources` nickel operation is to the nickel
business carried on by the WMC Resources Group including
the:
(I) mines and concentrators at Leinster and Mount Keith;
(II) concentrator at Kambalda;
(III)smelter at Kalgoorlie;
(IV) refinery at Kwinana; and
(V) other nickel related projects,
of WMC Resources (or any subsidiary of it).
(k) Non-existence of certain rights
No person (other than a member of the BHP Billiton Group)
has or will have any right (whether subject to conditions
or not) as a result of BHP Billiton acquiring WMC
Resources Shares to:
(i) acquire, or require the disposal of, or require WMC
Resources or a subsidiary of WMC Resources to offer to
dispose of, any material asset of WMC Resources or a
subsidiary of WMC Resources; or
(ii) terminate, or vary the terms or performance of, any
material agreement with WMC Resources or a subsidiary of
WMC Resources.
(l) No material adverse change
During the period from and including the Announcement
Date to the end of the offer period:
(i) there is no occurrence or matter, including (without
limitation):
(A) any change in the status or terms of arrangements
entered into with WMC Resources or any of its
subsidiaries or the status or terms of any Approvals
which are applicable to WMC Resources or any of its
subsidiaries (whether or not wholly or partly
attributable to the making of the Offer, and/or the
acquisition of WMC Resources Shares under the Offer);
(B) any change in the 30 day moving average spot price
for any commodity on any market, as expressed in
Australian dollars;
(C) any liability for duty or tax;
(D) any liability resulting from a change of control of
WMC Resources; or
(E) any change in the law (whether retrospective or
not),
that (individually or together with others) has or could
reasonably be expected to have a materially adverse
effect on the assets, liabilities, financial or trading
position, profitability, production or prospects of WMC
Resources and its subsidiaries taken as a whole; and
(ii) no occurrence or matter, as described in sub-
paragraph (l)(i), which occurred before the Announcement
Date but was not apparent from publicly available
information before then, becomes public.
(m) S&P/ASX 200 index
During the period from and including the Announcement
Date to the end of the offer period, the S&P/ASX 200
index does not fall below 3,500 on any trading day.
APPENDIX 2
WMC RESOURCES OVERVIEW
WMC Resources is a major diversified Australian resources
company involved in the exploration and production of
nickel, copper, uranium oxide and phosphate fertilisers
with operations in South Australia, Western Australia and
Queensland. The company is headquartered in Melbourne.
WMC Resources has its primary listing on the Australian
Stock Exchange and ADRs traded on the New York Stock
Exchange
For the year ended 31 December 2004, WMC Resources
reported a consolidated net profit after tax of A$1,327m
(US$1,035m1), generated on sales of A$3,777m
(US$2,946m1). As at 31 December 2004, consolidated net
assets were A$5,109m (US$3,985m1)
The principal operations of WMC Resources are:
Nickel Mining operations are located at Leinster, Mount
Keith, and Kambalda in Western Australia. WMC Resources
also operates a smelter at Kalgoorlie and refinery at
Kwinana, Western Australia
Copper/Uranium
Olympic Dam in South Australia produces refined copper,
uranium oxide, gold and silver. Olympic Dam, in addition
to being a major copper and gold deposit, is the world`s
largest known uranium deposit
Fertilisers
WMC Resources` operations at Phosphate Hill and Mt Isa in
Queensland produce mono- and di-ammonium phosphate for
the domestic and export market
Mineral sands
Corridor Sands is a large undeveloped titanium dioxide-
bearing mineral sands deposit in southern Mozambique.
APPENDIX 3
BHP BILLITON OVERVIEW
BHP Billiton is the world`s largest diversified resources
company. It has approximately 35,000 employees working in
more than 100 operations in approximately 20 countries.
BHP Billiton occupies industry leader or near industry
leader positions in major commodity businesses, including
aluminium, energy coal and metallurgical coal, copper,
ferro-alloys, iron ore and titanium minerals, and has
substantial interests in oil, gas, liquefied natural gas,
nickel, diamonds and silver. The Company is
headquartered in Melbourne, Australia.
BHP Billiton is a Dual Listed Company (DLC) comprising
BHP Billiton Limited and BHP Billiton Plc. The two
entities exist as separate companies, but operate as a
combined group. Both companies have identical Boards of
Directors and are run by a unified management team. BHP
Billiton is listed on the Australian Stock Exchange
(through BHP Billiton Limited) and London Stock Exchange
(through BHP Billiton Plc), along with a secondary
listing on the Johannesburg Stock Exchange (through BHP
Billiton Plc) and American Depositary Receipts listings
on the New York Stock Exchange.
For the six months ended 31 December 2004, BHP Billiton
reported earnings before interest, tax, depreciation,
impairments and amortisation (EBITDA) of US$5.2 billion
and had turnover (including the Group`s share of joint
ventures) of US$15.5 billion. As of 7 March BHP
Billiton`s market capitalization was US$90.2 billion.
BHP Billiton has seven Customer Sector Groups:
Aluminium
BHP Billiton is one of the world`s major producers of
alumina and aluminium.
Its principal assets are located in South Africa, Brazil,
Mozambique, Australia and Suriname.
Base Metals
BHP Billiton is a leading supplier of lead, zinc and
copper concentrates. BHP Billiton produces high-quality
copper cathode (metal) and is also a leading producer of
silver in concentrate. It has operations in Chile, Peru
and Australia.
Carbon Steel Materials
BHP Billiton is a leading supplier of iron ore,
metallurgical coal and manganese ore and alloys to the
global steel industry. It has mining and processing
operations in Australia, South Africa and Brazil.
Diamonds and Specialty Products
This business produces diamonds, titanium slag, rutile
and zircon and includes BHP Billiton`s minerals
exploration and technology activities. The Ekati diamond
operation is in Canada and the titanium minerals
operations are located in Richards Bay, South Africa.
Energy Coal
BHP Billiton is one of the world`s largest producers and
marketers of export thermal coal. It is also a major
supplier to domestic markets. It has operations in South
Africa, United States, Colombia and Australia.
Petroleum
BHP Billiton is a significant oil and gas exploration and
production business. Principal activities are oil and
natural gas production, exploration and development in
Australia, the United Kingdom, the United States,
Algeria, Trinidad and Tobago and Pakistan.
Stainless Steel Materials
BHP Billiton is a market leading producer of primary
nickel and ferrochrome. Its key operations are located
in Colombia, South Africa and Australia.
_______________________________
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1 Australian dollar amounts converted at assumed exchange
rate of AUD/USD 0.78
Date: 08/03/2005 01:17:17 PM
Produced by the JSE SENS Department |
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