TIDMBLT
RNS Number : 7708X
BHP Billiton PLC
23 November 2014
NEWS RELEASE
Release Time IMMEDIATE
Date 24 November 2014
Number 21/14
Demerger Update
BHP Billiton today announced a number of appointments to the
management team of the new company it plans to create from its
proposed demerger and provided an update on progress towards
completion.
Speaking at an investor and analyst briefing in Sydney, Andrew
Mackenzie, BHP Billiton Chief Executive Officer said: "The demerger
is an important step for BHP Billiton. It will allow us to improve
the productivity of our largest businesses more quickly and create
a new company of global significance that is well positioned to
maximise the value of its
high-quality assets. We are making good progress and remain on
track to complete the demerger in the first half of 2015."
Ricus Grimbeek has been appointed President and Chief Operating
Officer Elect Australia and will be based in Perth. Mike Fraser has
been appointed President and Chief Operating Officer Elect Africa
and will be based in the new company's regional Johannesburg
office.
Ricus will join the new company from Worsley, where he has been
Asset President since November 2011. Ricus has deep operational
experience having also served as Asset President of the Ekati
Diamond mine and Executive Vice President (Mining and
Concentrating) for Lonmin Platinum. Before joining Worsley he led
BHP Billiton's Health, Safety, Environment and Community
function.
Mike is currently a member of the BHP Billiton Group Management
Committee and President, Human Resources. He has extensive
experience in southern Africa, having worked at the Group's coal,
aluminium and manganese assets before being appointed Asset
President of the Mozal aluminium smelter.
Graham Kerr, Chief Executive Officer Elect of the new company
said: "I am delighted to appoint such high calibre people to these
key leadership roles. Ricus and Mike bring not only deep
operational expertise, but the best of BHP Billiton's values and
skills, including their relentless commitment to health, safety and
our communities. Through this depth of experience they are well
placed to further improve the performance of our operations."
"We are building a new company from the ground up and the
process of establishing our regional operating model and leadership
team is progressing to plan. With our 12 selected assets already
well positioned in their respective industries, and the opportunity
to further reduce overheads and increase productivity, we are well
placed to benefit from the strong demand forecast for our
products," he said.
Dividend policy
BHP Billiton Plc and BHP Billiton Limited shareholders will be
entitled to 100 per cent of the shares in the new company through a
pro-rata in-specie distribution. Shareholders will retain their
shares in BHP Billiton and the Group will not re-base its dividend
as a result of the demerger, implying a higher payout ratio. BHP
Billiton remains committed to steadily increasing or at least
maintaining its dividend per share in US dollar terms at each half
yearly payment following the demerger. In addition, the new company
will have the flexibility to consider a dividend policy that
reflects its cash generating capacity.
Company brand and further proposed Board appointments
As previously announced David Crawford will chair the new
company and will be joined on its Board by current BHP Billiton
director Keith Rumble and executives Graham Kerr and Xolani
Mkhwanazi. "We have made considerable progress towards developing
the brand of the new company and in identifying additional
prospective directors. We will announce the name and proposed
directors before shareholders are asked to vote on the proposal,"
Mr Crawford said.
Regulatory approvals and timetable
Good progress has been made in securing the government,
taxation, regulatory and other third party approvals required to
proceed with the demerger, with approval received from the
Australian Foreign Investment Review Board and the Australian
Taxation Office, amongst other third parties.
A final Board decision on the proposed demerger will be made
once all necessary third party approvals are secured on
satisfactory terms. On this basis, we expect to release all
shareholder documentation with full details of the proposed
demerger in March 2015, with a shareholder vote taking place in
May.
Further information on the proposed demerger can be found at:
www.bhpbilliton.com.
Media Relations Investor Relations
Australia Australia
Emily Perry
Tel: +61 3 9609 2800 Mobile: Tara Dines
+61 477 325 803 Tel: +61 3 9609 2222 Mobile:
email: Emily.Perry@bhpbilliton.com +61 499 249 005
email: Tara.Dines@bhpbilliton.com
Paul Hitchins
Tel: + 61 3 9609 2592 Mobile: Andrew Gunn
+ 61 419 315 001 Tel: +61 3 9609 3575 Mobile:
email: Paul.Hitchins@bhpbilliton.com +61 402 087 354
email: Andrew.Gunn@bhpbilliton.com
Eleanor Nichols
Tel: +61 3 9609 2360 Mobile: United Kingdom and South Africa
+61 407 064 748
email: Eleanor.Nichols@bhpbilliton.com Jonathan Price
United Kingdom and Americas Tel: +44 20 7802 4131 Mobile:
Ruban Yogarajah +44 7990 527 726
Tel: +44 20 7802 4033 Mobile: email: Jonathan.H.Price@bhpbilliton.com
+44 7827 082 022
email: Ruban.Yogarajah@bhpbilliton.com Dean Simon
Tel: +44 20 7802 7461 Mobile:
Jennifer White +44 7717 511 193
Tel: +44 20 7802 7462 Mobile: email: Dean.Simon@bhpbilliton.com
+44 7827 253 764
email: Jennifer.White@bhpbilliton.com Americas
South Africa James Agar
Tel: +1 212 310 1421 Mobile:
Lulu Letlape +1 347 882 3011
Tel:+27 113 762 375 Mobile: email: James.Agar@bhpbilliton.com
+27 828 206 832
email: Lulu.Letlape@bhpbilliton.com Joseph Suarez
Tel: +1 212 310 1422 Mobile:
+1 646 400 3803
email: Joseph.Suarez@bhpbilliton.com
BHP Billiton Limited ABN 49 BHP Billiton Plc Registration
004 028 077 number 3196209
Registered in Australia Registered in England and Wales
Registered Office: Level 16, Registered Office: Neathouse
171 Collins Street Place
Melbourne Victoria 3000 Australia London SW1V 1LH United Kingdom
Tel +61 1300 55 4757 Fax +61 Tel +44 20 7802 4000 Fax +44
3 9609 3015 20 7802 4111
Members of the BHP Billiton Group which is headquartered in
Australia
This information is provided by RNS
The company news service from the London Stock Exchange
END
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