In addition, shareholders will be able to buy the same BHP shares around the world via BHP Group
Limiteds listings on the Australian, London and Johannesburg stock exchanges as well as our NYSE listed ADR program.
We believe these benefits are
significant for our future, underpin our strategy and support long-term shareholder value creation.
Now turning to the proposal in more detail.
A unified BHP will, through BHP Group Limited, have a primary listing on the Australian Securities Exchange, a standard listing on the London Stock Exchange,
a secondary listing on the Johannesburg Stock Exchange, and a Level 2 ADR program on the New York Stock Exchange. This means that shareholders can continue to invest in BHP in the same markets as they do now.
Plc shareholders will be entitled to receive Limited shares in exchange for each Plc share held by them at the relevant time on a one-for-one basis.
Importantly, the dividend policy and ability to distribute
franking credits will remain the same. And BHPs considerable franking credit balance means that dividends paid to non-Australian shareholders will not be subject to Australian withholding tax for the
foreseeable future.
It will also not change BHPs strong fundamentals it will not change BHPs underlying assets nor operations,
workforce, executive leadership team, Board or cash flow generation, or our commitment to strong governance and social value.
As a result, the Board is
strongly supportive of the move to unification and the benefits it will bring.
To conclude, the DLC has served us well for many years. However, its
suitability for our organisation has diminished over time.
Today BHPs portfolio is simpler and focused on growing long-term value from
future-facing commodities.
And we require a corporate structure that supports this that is fit-for-purpose.
We believe now is the right time to take this step.
Unification will only proceed if it is supported by both Plc and Limited shareholders.