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BHP Group (BHP)

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kempiejon
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Re: BHP Group (BHP)

#495961

Postby kempiejon » April 23rd, 2022, 10:29 am

Darka wrote:BHP and Woodside Petroleum

I like BHP and although volatile I aim to keep them, I'm just not too happy about the merger with Woodside Petroleum and ending up with shares in a company that I didn't plan to own whether they get a London listing or not.

So, I'm can't decide what to do, selling the Woodside shares would seem to be a better open (and either buying more BHP, or increasing my Investment Trusts) - the hassle of dealing with such corporate events is one of the reasons I prefer IT's....

Anyway, just wondering whether any of you have already decided what to do with your Woodside shares?

My default is to do nothing - provided my holding account doesn't in some way precluded it or if it were to mess with my tax position.
I have been caught with unwanted holdings and anecdotally I think it's been less beneficial to my portfolio than selling might have been.

tjh290633
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Re: BHP Group (BHP)

#496078

Postby tjh290633 » April 23rd, 2022, 9:40 pm

If that is your view, what did you do when they demerged South33? I am quite happy that I kept Zeneca when ICI split them off and S32 has put in a good performance.

I see no difference in the splitting off of BHP's petroleum side and it's merger with Woodside. Presumably you would be happy had BHP decided to take over Woodside?

TJH

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Re: BHP Group (BHP)

#496090

Postby kempiejon » April 23rd, 2022, 10:45 pm

I see varied from my default and I sold my S32 in May 2016 after they spun out in 2015.

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Re: BHP Group (BHP)

#498214

Postby idpickering » May 3rd, 2022, 3:46 pm

BHP completes the divestment of its BMC interest.

BHP has today completed the sale of its 80 per cent interest in BHP Mitsui Coal (BMC) to Stanmore SMC Holdings Pty Ltd, a wholly owned entity of Stanmore Resources Limited (Stanmore Resources).

Stanmore Resources has paid US$1.1 billion cash consideration at completion plus a preliminary completion adjustment of approximately US$200 million for working capital. US$100 million cash remains payable to BHP in six months on 3 November 2022 with potential for an additional amount of up to US$150 million in a price-linked earnout payable to BHP in the 2024 calendar year. The total cash consideration for the transaction will be up to US$1.35 billion plus the final completion adjustment amount.


https://www.bing.com/search?q=champions ... 01&PC=U531

scrumpyjack
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Re: BHP Group (BHP)

#498223

Postby scrumpyjack » May 3rd, 2022, 4:23 pm

It's rather absurd that, in the greenwash effort to get out nasty coal, the coal business is simply sold to another company who are less high profile. The mining continues or increases but at least BHP can tell their shareholders how increasingly green and politically correct BHP is!

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Re: BHP Group (BHP)

#500306

Postby scrumpyjack » May 13th, 2022, 5:09 pm

In case it is of interest, HL have notified me that I will receive 1 Woodside Petroleum share for every 5.534 BHP shares I hold as at the close of business on 24 May.

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Re: BHP Group (BHP)

#500309

Postby Darka » May 13th, 2022, 5:16 pm

scrumpyjack wrote:In case it is of interest, HL have notified me that I will receive 1 Woodside Petroleum share for every 5.534 BHP shares I hold as at the close of business on 24 May.


Thanks, I knew it was happening but didn't know the date.

Wonder if they will offer a zero commission sale of the Woodside....

scrumpyjack
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Re: BHP Group (BHP)

#500310

Postby scrumpyjack » May 13th, 2022, 5:19 pm

Darka wrote:
scrumpyjack wrote:In case it is of interest, HL have notified me that I will receive 1 Woodside Petroleum share for every 5.534 BHP shares I hold as at the close of business on 24 May.


Thanks, I knew it was happening but didn't know the date.

Wonder if they will offer a zero commission sale of the Woodside....


I think they said yes, as long as you have no more than 1,000 BHP shares

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Re: BHP Group (BHP)

#500348

Postby Fluke » May 13th, 2022, 9:01 pm

scrumpyjack wrote:
Darka wrote:
scrumpyjack wrote:In case it is of interest, HL have notified me that I will receive 1 Woodside Petroleum share for every 5.534 BHP shares I hold as at the close of business on 24 May.


Thanks, I knew it was happening but didn't know the date.

Wonder if they will offer a zero commission sale of the Woodside....


I think they said yes, as long as you have no more than 1,000 BHP shares


This Q&A was attached to my HL message:

QUESTIONS AND ANSWERS

Who can elect for the cash alternative?

Only shareholders who have less than 1,000 BHP shares, across all holdings they may have, can elect for the cash alternative. If you elect for cash, but hold more than 1,000 BHP shares in total across your HL accounts at the end of 24 May 2022, then your election will be automatically rejected.

If I elect for cash, how much will I receive?

If you elect for cash instead of Woodside shares, your Woodside shares will be sold by an agent for BHP and the resulting proceeds given to you. The amount you’ll receive will depend on the price the agent sells the shares for, so you won’t know in advance what price you’ll get and it could be lower than if you sold the shares yourself. BHP will not charge commission on the sale.

If I elect for cash, when will I receive it?

If you elect for cash, it is expected that you’ll receive payment from 6 June 2022.

When will I receive the new Woodside shares?

If you take no action, you’ll automatically be credited with Woodside shares around 6 June 2022.

Are Woodside shares listed on the stock market?

Woodside shares are currently listed on the Australian stock market. It’s expected that they will also be listed on the London Stock Exchange from 6 June, so you’ll be able to trade in the UK.

Are the proposals subject to shareholder approval?

The proposal does not need approval of BHP shareholders but is subject to approval of Woodside shareholders at a meeting to be held on 19 May 2022.

Are there any tax implications?

The issue of Woodside shares is being classed as an income distribution. You will therefore be deemed to have received an Australian dividend equal to the value of the shares you receive. No Australian withholding tax will be charged. Your new Woodside shares will display a cost price equal to their value at the time of issue.

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Re: BHP Group (BHP)

#500358

Postby 77ss » May 13th, 2022, 10:24 pm

Darka wrote:BHP and Woodside Petroleum

I like BHP and although volatile I aim to keep them, I'm just not too happy about the merger with Woodside Petroleum and ending up with shares in a company that I didn't plan to own whether they get a London listing or not.

So, I'm can't decide what to do, selling the Woodside shares would seem to be a better open (and either buying more BHP, or increasing my Investment Trusts) - the hassle of dealing with such corporate events is one of the reasons I prefer IT's....

Anyway, just wondering whether any of you have already decided what to do with your Woodside shares?


I shall definitely sell mine.

I have nothing against Woodside, but I just don't want a trivial holding (<0.5%).

No doubt the value of my BHP shares will fall, and I am getting some chunky dividends in May/June so I expect that I shall put all the dosh into going slightly overweight in BHP - depending on events at the time of course.

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Re: BHP Group (BHP)

#500363

Postby BristolDave » May 13th, 2022, 11:20 pm

For those that are interested I have had a look at Woodside since the BHP deal was announced

Market capitalisation - 20.9 B AUD which is approx £16.8 B so not insignificant.

Current share price 30.4 AUD so about £17 a share with a yield of just over 6%.

They have risen a bit recently but may be a serious alternative to BP and Shell for me

David

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Re: BHP Group (BHP)

#500371

Postby Fluke » May 14th, 2022, 7:45 am

I'm going for the cash, BHP is by far my biggest single holding and this will be a natural and cost-free way of bringing it down a bit, also I have a full holding in Shell.

I say cost-free but just looking at the wording here it may not be as I hold more than a 1000 shares in total but less than a 1000 with HL, the rest being in my SIPP held with AJ Bell. Is the 1000 limit imposed by HL or the BHP agent?

Who can elect for the cash alternative?

Only shareholders who have less than 1,000 BHP shares, across all holdings they may have, can elect for the cash alternative. If you elect for cash, but hold more than 1,000 BHP shares in total across your HL accounts at the end of 24 May 2022, then your election will be automatically rejected.


My bold.

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Re: BHP Group (BHP)

#501149

Postby Fluke » May 18th, 2022, 8:28 am

I hold BHP in my HL account and in my AJ Bell SIPP account, as posted by scrumpyjack upthread I've been notified by HL about how many Woodside shares I will be entitled to based on the number of shares I hold in that account, plus I've been offered a cash alternative. I have had no such notification from AJ Bell, anyone know why this might be? I have messaged them but so far had no reply.

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Re: BHP Group (BHP)

#501175

Postby daveh » May 18th, 2022, 9:26 am

Fluke wrote:I hold BHP in my HL account and in my AJ Bell SIPP account, as posted by scrumpyjack upthread I've been notified by HL about how many Woodside shares I will be entitled to based on the number of shares I hold in that account, plus I've been offered a cash alternative. I have had no such notification from AJ Bell, anyone know why this might be? I have messaged them but so far had no reply.


Nothing from HSDL either. Not even a corporate action notice, the last one I can find for BHP on the HSDL site is for the restructuring under a single company from January.

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Re: BHP Group (BHP)

#501185

Postby monabri » May 18th, 2022, 10:05 am

Fluke wrote:I hold BHP in my HL account and in my AJ Bell SIPP account, as posted by scrumpyjack upthread I've been notified by HL about how many Woodside shares I will be entitled to based on the number of shares I hold in that account, plus I've been offered a cash alternative. I have had no such notification from AJ Bell, anyone know why this might be? I have messaged them but so far had no reply.


Does the offered price per share stack up with the indicative value mentioned by BristolDaveh above?

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Re: BHP Group (BHP)

#501226

Postby Fluke » May 18th, 2022, 11:35 am

monabri wrote:
Fluke wrote:I hold BHP in my HL account and in my AJ Bell SIPP account, as posted by scrumpyjack upthread I've been notified by HL about how many Woodside shares I will be entitled to based on the number of shares I hold in that account, plus I've been offered a cash alternative. I have had no such notification from AJ Bell, anyone know why this might be? I have messaged them but so far had no reply.


Does the offered price per share stack up with the indicative value mentioned by BristolDaveh above?


Taken from the Q&A's provided by HL and posted upthread:

If I elect for cash, how much will I receive?

If you elect for cash instead of Woodside shares, your Woodside shares will be sold by an agent for BHP and the resulting proceeds given to you. The amount you’ll receive will depend on the price the agent sells the shares for, so you won’t know in advance what price you’ll get and it could be lower than if you sold the shares yourself. BHP will not charge commission on the sale.

Darka
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Re: BHP Group (BHP)

#501259

Postby Darka » May 18th, 2022, 12:59 pm

Fluke wrote:If you elect for cash instead of Woodside shares, your Woodside shares will be sold by an agent for BHP and the resulting proceeds given to you. The amount you’ll receive will depend on the price the agent sells the shares for, so you won’t know in advance what price you’ll get and it could be lower than if you sold the shares yourself. BHP will not charge commission on the sale.


I think that with the volume of sellers on the day, it's likely that everyone will get less than if they held on a little while and then sold, but who knows...

So, this is probably what I'll do as I am in no rush.

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Re: BHP Group (BHP)

#501532

Postby daveh » Yesterday, 1:09 pm

Woodside shareholders approve the merger:
https://www.investegate.co.uk/bhp-group ... 30231024M/

Woodside shareholders approve Merger

BHP Group (BHP) notes the announcement by Woodside Petroleum Ltd (Woodside) today, confirming that Woodside shareholders have approved the merger of BHP's oil and gas portfolio with Woodside by an all-stock merger (Merger).

BHP and Woodside are working towards completion of the Merger, which is scheduled for 1 June 2022. Subject to completion occurring, BHP is expected to receive 914,768,948 newly issued Woodside ordinary shares. BHP will shortly provide a further update on the proposed in specie dividend of the Woodside shares.



Maybe I'll get a corporate action notice now from HSDL

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Re: BHP Group (BHP)

#501636

Postby idpickering » Today, 7:10 am

Determination of in special dividend in connection with the Woodside Merger.

The Board of BHP Group (BHP) has determined to pay to BHP shareholders an in specie dividend in the form of Woodside Petroleum Ltd (Woodside) shares in connection with the merger of BHP's oil and gas portfolio with Woodside (Merger).

The in specie dividend is scheduled to be paid on 1 June 2022 and will be fully franked.

BHP shareholders' entitlement to, and the payment of, the in specie dividend is subject to completion of the Merger.

BHP will receive 914,768,948 Woodside ordinary shares as part of the Merger. Eligible BHP shareholders will receive one newly issued Woodside share for every 5.5340 BHP shares they hold at the close of business on 26 May 2022 (Record Date). Holders of BHP American depositary shares (ADSs) will be entitled to receive one Woodside ADS for every 2.7670 BHP ADS they hold at the Record Date (with each Woodside ADS representing one Woodside share), subject to payment of taxes and applicable fees and expenses.

BHP ADS holders should note that the BHP ADSs will trade with "due bills" from the opening of business in New York on 25 May 2022 until 2 June 2022. BHP ADSs trading with due bills carry the right to receive the Woodside ADSs distributed in connection with the Merger. Ex-dividend trading in the BHP ADSs will commence at the opening of business in New York on 2 June 2022.

The BHP Dividend Reinvestment Plan will not operate in respect of the in specie dividend.

Eligibility to receive Woodside shares and related sale facility

BHP shareholders will be eligible to receive the in specie dividend in the form of Woodside shares if their address on the BHP register is in one of the following jurisdictions: Australia, Canada, Chile, France, Germany, Ireland, Italy, Japan, Jersey, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, United Arab Emirates, United Kingdom and United States. Certain South African BHP shareholders may also validly elect to receive Woodside shares in accordance with the instructions previously announced on 8 April 2022.

BHP shareholders with a registered address in any other jurisdiction will generally be 'Ineligible Overseas Shareholders' and instead have their entitlements transferred to a sale agent to be sold in a sale facility. Proceeds are expected to be remitted to them within 12 weeks of completion of the Merger.

Eligible small BHP shareholders holding 1,000 ordinary BHP shares or UK depositary interests or less may also elect to have the Woodside shares they are entitled to receive sold by the sale agent under the sale facility, with payments also expected within 12 weeks of completion of the Merger.

Rounding of entitlements

BHP shareholders will be entitled to a whole number of Woodside shares, with any entitlement to a fraction of a Woodside share being rounded down to the nearest whole share. This includes BHP UK depositary interest holders and shareholders on the BHP South African branch share register.

The arrangements governing the BHP ADS and the BHP Corporate Sponsored Nominee Facility contemplate rounding of entitlements, and the rounding of the in specie dividend will occur according to the terms and conditions of those arrangements.

Further information and key dates

Last day BHP shares trade on ASX and LSE, cum-entitlement to Woodside shares

Tuesday 24 May 22.

First day BHP shares trade ex-dividend on ASX and LSE

Commencement of trading Wednesday 25 May 22


https://www.investegate.co.uk/bhp-group ... 00041870M/

Ian.

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Re: BHP Group (BHP)

#501649

Postby 77ss » Today, 8:11 am

idpickering wrote:Determination of in special dividend in connection with the Woodside Merger.

The Board of BHP Group (BHP) has determined to pay to BHP shareholders an in specie dividend in the form of Woodside Petroleum Ltd (Woodside) shares in connection with the merger of BHP's oil and gas portfolio with Woodside (Merger).

The in specie dividend is scheduled to be paid on 1 June 2022 and will be fully franked.

BHP shareholders' entitlement to, and the payment of, the in specie dividend is subject to completion of the Merger.

BHP will receive 914,768,948 Woodside ordinary shares as part of the Merger. Eligible BHP shareholders will receive one newly issued Woodside share for every 5.5340 BHP shares they hold at the close of business on 26 May 2022 (Record Date). Holders of BHP American depositary shares (ADSs) will be entitled to receive one Woodside ADS for every 2.7670 BHP ADS they hold at the Record Date (with each Woodside ADS representing one Woodside share), subject to payment of taxes and applicable fees and expenses.

BHP ADS holders should note that the BHP ADSs will trade with "due bills" from the opening of business in New York on 25 May 2022 until 2 June 2022. BHP ADSs trading with due bills carry the right to receive the Woodside ADSs distributed in connection with the Merger. Ex-dividend trading in the BHP ADSs will commence at the opening of business in New York on 2 June 2022.

The BHP Dividend Reinvestment Plan will not operate in respect of the in specie dividend.

Eligibility to receive Woodside shares and related sale facility

BHP shareholders will be eligible to receive the in specie dividend in the form of Woodside shares if their address on the BHP register is in one of the following jurisdictions: Australia, Canada, Chile, France, Germany, Ireland, Italy, Japan, Jersey, Luxembourg, Malaysia, Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, United Arab Emirates, United Kingdom and United States. Certain South African BHP shareholders may also validly elect to receive Woodside shares in accordance with the instructions previously announced on 8 April 2022.

BHP shareholders with a registered address in any other jurisdiction will generally be 'Ineligible Overseas Shareholders' and instead have their entitlements transferred to a sale agent to be sold in a sale facility. Proceeds are expected to be remitted to them within 12 weeks of completion of the Merger.

Eligible small BHP shareholders holding 1,000 ordinary BHP shares or UK depositary interests or less may also elect to have the Woodside shares they are entitled to receive sold by the sale agent under the sale facility, with payments also expected within 12 weeks of completion of the Merger.

Rounding of entitlements

BHP shareholders will be entitled to a whole number of Woodside shares, with any entitlement to a fraction of a Woodside share being rounded down to the nearest whole share. This includes BHP UK depositary interest holders and shareholders on the BHP South African branch share register.

The arrangements governing the BHP ADS and the BHP Corporate Sponsored Nominee Facility contemplate rounding of entitlements, and the rounding of the in specie dividend will occur according to the terms and conditions of those arrangements.

Further information and key dates

Last day BHP shares trade on ASX and LSE, cum-entitlement to Woodside shares

Tuesday 24 May 22.

First day BHP shares trade ex-dividend on ASX and LSE

Commencement of trading Wednesday 25 May 22


https://www.investegate.co.uk/bhp-group ... 00041870M/

Ian.


And a bit at the end which may be of interest to Woodside sellers:

Shareholders should contact Computershare or their nominee or broker for further information regarding the dividend, their eligibility and the expected rounding treatment.


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