The simultaneous shareholder general meetings took place in Perth and London to approve the demerger of South32 from BHP Billiton. The demerger of South32 was approved with resolution achieving 98.05% in favour.
It is expected that South32 shares will commence trading on a deferred settlement basis on the ASX, normal settlement basis on the JSE and on a when-issued basis on the LSE on 18 May 2015.
South32 will be headquartered in Perth and will have a regional head office and global shares centre sited in Johannesburg. It will be established as a globally diverse metals and mining company with a portfolio of capital generative assets. It will produce alumina, aluminium, coal, manganese, nickel, silver, lead and zinc.
BHP Billiton Chairman, Jac Nasser, welcomed the overwhelming support of the demerger, saying: “The demerger of South32 simplifies BHP Billiton’s portfolio while retaining the benefits of scale and diversification. We believe that the demerger will create two successful companies in BHP Billiton and South32.”
“The demerger of South32 is a major step forward in the evolution of BHP Billiton and our board believes it will create long-term value for our shareholders,” Nasser continued. “We wish the employees, management and Board of South32 well as the new company prepares for business in its own right.”
Adapted from press release by Harleigh Hobbs
Read the article online at: https://www.worldcoal.com/mining/07052015/demerger-south32-approved-bhp-billion-shareholders-2240/