On 1 June 2022 (Distribution Implementation Date), BHP exchanged all its shares in BHP Petroleum in exchange for Woodside issuing 914,768,948 shares to BHP. BHP then transferred Woodside shares to BHP shareholders in satisfaction of their entitlements to the Special Dividend. 34. The Product team is currently looking at this issue. In the main, they feel that Woodside is fairly fully priced, with a consensus target price (according to FN Arena) of $31.13. Investors on both sides of the merger will retain their underlying shareholdings in each company. A reference to "BHP shareholder" in this announcement is a reference to any person registered in the BHP register. This relates to the Ruby project and reflects revisions to estimated reserves resulting from technical analysis of well drilling results and performance following project completion in December 2021. [7] The sale facility is the facility organised by BHP pursuant to a Share Sale Facility Agreement under which a sale agent, J.P. Morgan Securities Australia Limited or one of its affiliates, will sell the Woodside Shares represented by (i) the aggregate of all fractions of a Woodside Share that are subject to the rounding treatment described above to ensure each BHP shareholder receives a whole number of Woodside Shares; (ii) the dividend entitlement of Ineligible Overseas Shareholders; and (iii) Eligible Small BHP shareholders who have validly elected to have the Woodside Shares to which they are otherwise entitled sold via the Sale Facility. The last date on which holders of BHP ADSs will be permitted to surrender their BHP ADSs and withdraw the BHP shares that their surrendered BHP ADSs represent is expected to be Friday 20 May 2022 (EDT). Key points include: Merger ratio on completion at 1 June 2022, the merged business will be owned approximately 52 per cent by existing Woodside shareholders and 48 per cent by BHP shareholders. 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) BHP dividend statements and Woodside holding statements are expected to be despatched to eligible BHP shareholders in mid-June 2022. BHP does not take any responsibility in connection with a BHP shareholder's nomination to be an Eligible SA Shareholder, and each BHP shareholder nominating as an Eligible SA Shareholder must satisfy itself that they are permitted to receive Woodside Shares or Woodside DIs, including by seeking the advice of professional and legal advisers. Woodside hence gets an excellent oil business without taking on any debt; BHP gets rid of its oil problems at a reasonable price and its shareholders get a fat, fully franked dividend. Then think big. Any idea of where to go from here? Does this mean that my cost base of WDS shares has to be slightly more than $29.76 to have Lloydys transactions balance? Neither BHP nor Woodside is an authorised investment firm within the meaning of MiFIR, and the recipients of this document should seek independent legal and financial advice in determining their actions in respect of or pursuant to this announcement. We succeed through the partnerships we build with our suppliers. I retired in June 2021 and have a self-managed super fund (SMSF), with investments in shares and cash. This means that once you satisfy the "holding period rule" in relation to a distribution on your BHP shares you do not need to satisfy it again in relation to those BHP shares for subsequent distributions, unless you make a "related payment" (refer below); and. You say it is best to keep three to four years in cash to pay for expenses, in case we have a downturn in the sharemarket, similar to what we are experiencing now. South African shareholders should refer to the section on "What happens to South African resident BHP shareholders?". BHP has applied to the Commissioner of Taxation (, The US taxation summary is based upon the. The sale facility is the facility organised by BHP pursuant to a Share Sale Facility Agreement under which a sale agent, J.P. Morgan Securities Australia Limited or one of its affiliates, will sell the Woodside Shares represented by (i) the aggregate of all fractions of a Woodside Share that are subject to the rounding treatment described above to ensure each BHP shareholder receives a whole number of Woodside Shares; (ii) the dividend entitlement of Ineligible Overseas Shareholders; and (iii) Eligible Small BHP shareholders who have validly elected to have the Woodside Shares to which they are otherwise entitled sold via the Sale Facility. Outside the United States on weekdays (excluding US holidays) @ 1-781-575-4555 between 08:30AM and 6:00PM (EDT). South African shareholders should refer to the section on "What happens to South African resident BHP shareholders?". What happens to South African resident BHP shareholders? No fractional Woodside ADSs will be issued or delivered to holders of BHP ADSs. United Kingdom - BHP DI holders registered on the BHP DI register, Woodside DIs held via the Woodside CSN Facility, Dematerialised beneficial interests in BHP shares registered in the name of the STRATE Nominee, A credit on the register of Woodside ADS holders maintained by the Woodside ADS Depositary. Financial results and Operational Reviews, Operational (Scope 1 and 2) decarbonisation, Value chain (Scope 3) greenhouse gas emissions, Carbon offsets and natural climate solutions, Our Global Inclusion and Diversity Council. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a range of variables which could cause actual results or trends to differ materially, including but not limited to: price fluctuations, actual demand, currency fluctuations, geotechnical factors, drilling and production results, gas commercialisation, development progress, operating results, engineering estimates, reserve estimates, loss of market, industry competition, environmental risks, physical risks, legislative, fiscal and regulatory developments, economic and financial markets, conditions in various countries, approvals and cost estimates. Sustainability is integral to how we contribute to social value creation. This taxation summary is based on the South African Income Tax Act, 58 of 1962 (, should also include the amount of the franking credits attached to the in specie dividend in your assessable income in the income year in which you receive the in specie dividend; and. Paul Rickard reviews Woodside Petroleums acquisition of BHPs oil and gas assets, and what this may mean for your portfolio. I just checked what my broker listed as the basis for the new shares. This would have a $300 imputation credit, bringing up the gross dividend to $1000. I'm joined by Morningstar's Mat Hodge and Mark Taylor to discuss. No offer of securities of Woodside to the public is made, or will be made, that requires the publication of a prospectus pursuant to Irish prospectus law (within the meaning of section 1348 of the Companies Act 2014 of Ireland) in general, or in particular pursuant to the EU Prospectus Regulation. Completion of the Merger is on track and is targeted for 1 June 2022, subject to satisfaction of conditions precedent including approval by Woodside shareholders. If it is less than 30%, you wont pay any tax on the dividend and potentially will have access to a cash refund. We Help People Build Wealth Through Property Investing Using Our System To Buy Top 5% Growth & Positive Cashflow Property Remotely! These forward-looking statements are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Woodside, BHP and their respective related bodies corporate and affiliates, and each of their respective directors, officers, employees, partners, consultants, contractors, agents, advisers and representatives, and could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by those forward-looking statements or any projections or assumptions on which those statements are based. Woodside has today published an explanatory memorandum and notice of meeting for the Woodside shareholder vote scheduled for 19 May 2022. 0520-83717 Under US federal income tax laws, if you are a US Holder of Woodside Shares or Woodside ADSs, your aggregate tax basis in Woodside Shares or Woodside ADSs that you receive, should generally be the fair market value (expressed in US dollars) of the Woodside. Based on Woodside's share price of US$25.55 at 6 April 2022, the implied value of BHP Petroleum is US$23.4 billion. This represents the cash dividend that would have been received by holders of the Woodside Shares issued pursuant to the Merger had they been on issue on and from the effective date. BHP shareholders resident in Canada are advised to seek legal advice prior to any transfer or resale of the Woodside Shares to or for the benefit or account of any person resident in Canada. The class rulingapplication is principally concerned with (i) confirming that demerger tax rollover relief will not be available in respect of the in specie dividend (ii) confirming the Australian income tax consequences of receiving the in specie dividend; and (iii) participating in the Sale Facility. In the energy sector, some see better value in Santos (STO). he UK taxation summary applies to BHP shareholders who are: (i) resident (and in the case of individuals, domiciled) for tax purposes in, and only in, the UK (and to whom split-year treatment does not apply); (ii) who are absolute beneficial owners of their BHP shares and Woodside Shares and (iii) who hold their BHP shares as an investment (otherwise than through an individual savings account or a pension arrangement). Financial results and Operational Reviews, Operational (Scope 1 and 2) decarbonisation, Value chain (Scope 3) greenhouse gas emissions, Carbon offsets and natural climate solutions, Our Global Inclusion and Diversity Council. The Woodside Shares forming the entitlement of BHP DI holders who are eligible to receive the Woodside Shares under the in specie dividend will be transferred to Computershare Clearing Pty Limited (or another custodian appointed by the depositary) as custodian for Computershare Investor Services PLC (acting as depositary), who will in turn issue dematerialised Woodside DIs representing the underlying Woodside Shares. So, no action is required. f3h;xt[N*OJisO~*9gr_z~/\I!MZPE|qB As a taxpayer, you will include both the dividend and the franking credits in your assessable income. They really should be able to work this out! Noel Whittaker is the author of Retirement Made Simple and numerous other books on personal finance. It is addressed only to the shareholders of BHP in connection with the proposed in specie dividend and participation in the Sale Facility. Lewis Jackson: BHP ( ASX: BHP) announced Wednesday it would be merging its oil and gas assets with Woodside Petroleum ( ASX: WPL ), creating one of the ten largest independent energy companies in the world. The BHP link shared by Greg above (BHP Petroleum merger with Woodside | BHP) does shed some light on the accounting treatments needed for this corporate action. Wrote my last post before seeing Erics response. While each BHP ADS represent two BHP shares, each Woodside ADS represents one Woodside Share. [2] The BHP register comprises the BHP Australian principal share register (comprising both the issuer sponsored sub-register and CHESS sponsored sub-register), the BHP depositary interest register and the BHP South African branch share register (without double counting the shares held on the Australian principal share register on behalf of the BHP depositary interest holders or those on the South African branch share register). Many BHP shareholders could be in for a shock at tax time. a trust (A) the administration of which is subject to the primary supervision of a US court and which has one or more "United States persons" (within the meaning of Section 7701(a)(30) of the Code) who have the authority to control all substantial decisions of the trust or (B) that has made a valid election under applicable US Treasury regulations to be treated as a United States person. I intend to follow Lloydys process. If you originally purchased your BHP shares (for say) $30.00, then after the merger, your cost base is still $30.00. The franking credits can generally be used to offset any tax payable on the dividend. Property is our speciality incl Trusts, Co and SMSF. By reason of the foregoing, if you are in Malaysia, you may not distribute this document to anyone other than your own financial and legal advisors, nor may you make copies of this or any other document you receive, except to the extent necessary to consult with your financial and legal advisors who are advising you in connection with this potential investment (and only so long as such advisors agree to hold this information confidential and not use it for purposes other than advising you in connection herewith). BHP Group (BHP) and Woodside Petroleum Ltd (Woodside) entered into a share sale agreement (SSA) for the merger of BHP's oil and gas portfolio with Woodside by an all-stock merger (Merger) on 22 November 2021.On completion of the Merger, the Because not actual benefit has been received for this rounding amount, I assume we could simply reduce the in specie dividend to the value of the WDS shares received. Has anyone else received the statement? The only action BHP shareholders may wish to consider is to avail themselves of the small shareholder sale facility. {: di_ Stay in touch with the latest news, stories and insights from BHP. Vi strvar stndigt mot att bli bttre. All of these assets will be transferred to Woodside. nabtrade will be unavailable between 00:00 and 12:15 on Sunday 27 of November for scheduled maintenance. Based on the assumptions described in this announcement, upon implementation, BHP ADS holders as of the Record Date for BHP ADS, which is expected to be 5:00pm on 26May 2022 (EDT), are expected to be entitled to receive approximately 0.3614 of a Woodside ADS in respect of each BHP ADS owned at that time (subject to payment of taxes and applicable fees and expenses of Citibank, N.A , acting as the depositary of each of the BHP and Woodside ADSs (the BHP ADS Depositary and the Woodside ADS Depositary, respectively)). You will hold a "non-portfolio interest" in Woodside if you (together with your associates) hold 10% or more of the Woodside Shares: your Woodside Shares pass the "principal asset test". Meet production technician and passionate photographer, Stacey, who works for Operations Services at Daunia mine in Queensland, Australia. Furthermore, this summary does not address all US federal income tax considerations that may be relevant to certain categories of US Holders that may be subject to special treatment under the US federal income tax laws, will not be treated as a Passive Foreign Investment Company (, the determination of whether a foreign corporation is a PFIC is primarily factual and there is little administrative or judicial authority on which to rely to make such a determination, the United States Internal Revenue Service (. If for example the Woodside share price on 31 May is $32.00, the BHP dividend will be $5.78 per share. My support call has been escalated to the Product Team. 52% Woodside . This is open to BHP shareholder who own 1,000 BHP shares or less. BHP DI holders will receive their entitlement in the form of Woodside DIs in the same ratio as BHP shareholders receive Woodside Shares on the Record Date (subject to the rounding treatment described above). For BHP American Depository Shares (ADS) holders, you will receive 1 Woodside Share for every 2.7670 shares of BHP ASD held. 1 - On the portfolio overview page, click the blue Add a new holding button This material is intended to provide general advice only. The exact size of the dividend will be determined by the closing price of Woodside shares on the ASX on 31 May, the day before the completion date and the distribution of the shares. or Woodside ADSs on the date of the distribution under the in specie dividend. Generally, the market sees that the merger is a win for Woodside and while not a loss for BHP, its motive is around ease of exit rather than gaining a financial advantage. Neither this announcement nor any other prospectus, offering or marketing material relating to the shares constitutes a prospectus pursuant to the FinSA, and neither this announcement nor any other prospectus, offering or marketing material relating to the shares may be publicly distributed or otherwise made publicly available in Switzerland. Unlike Woodside shareholders, BHP shareholders arent being asked to approve the merger. They can elect to have their new Woodside shares sold on their behalf, free of brokerage or any charges. Woodside Energy Group Ltd (Woodside) and BHP Group Limited (BHP) have completed the merger of Woodside with BHPs oil and gas portfolio to create a global energy company. Fre Lr 10.00 22.00. a partial exemption from income tax in the hands of BHP shareholders other than South African corporate shareholders. What are the tax outcomes of the in specie dividend? Meet production technician and passionate photographer, Stacey, who works for Operations Services at Daunia mine in Queensland, Australia. Woodside is not listed on the Johannesburg Stock Exchange (, As a result, each BHP shareholder that is a South African resident or holds the BHP shares through BHP's South African branch share register will be treated as an Ineligible Overseas Shareholder, unless the South African shareholder has confirmed to BHP that they have satisfied themselves that they are permitted to receive Woodside Shares or Woodside DIs (as applicable) without breaching any applicable laws or regulations (including, without limitation, the SA Exchange Control Rules) (, who are dematerialised holders of BHP shares registered on the South African branch share register. https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Which small BHP shareholders can participate in the Sale Facility? If you wish to use this facility, you must apply by Tuesday 24 May. By reading this announcement, you agree to be bound by the following limitations and qualifications: (i) this announcement is only intended to provide information on the distribution by BHP to its shareholders of shares of Woodside; (ii) this announcement is for informational purposes only and is not intended to and does not constitute an offer or invitation to exchange or sell or solicitation of an offer to subscribe for or buy, or an invitation to exchange, purchase or subscribe for, any securities, any part of the business or assets described herein, or any other interests or the solicitation of any vote or approval in any jurisdiction in connection with the proposed transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law; (iii) this announcement should not be construed in any manner as a recommendation to any reader of this document; and (iv) this announcement is not a prospectus, product disclosure statement or other offering document for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of June 14th 2017. Inneservering 75 platser Please try again. To participate in the Sale Facility, Eligible Small Shareholders must make a valid election. Idag finns Arbetarfreningen p vre plan medan Caf Strandgatan har hela nedre plan samt uteserveringen under sommarmnaderna. Woodside will make a cash payment to BHP of approximately US$830 million in relation to cash dividends paid by Woodside between the Merger effective date of 1 July 2021 and completion. It is addressed only to the shareholders of BHP in connection with the proposed in specie dividend and participation in the Sale Facility. Important additional information and where to find it. hold their BHP shares (and will hold their Woodside Shares) on capital account. , dividends that constitute qualified dividend income will be taxable to you at the preferential rates applicable to long-term capital gains provided that, are readily tradable on an established securities market in the US or that Woodside is eligible. Summary of the merger. BHP Shareholders on the Australian principal share register with a registered address in New Zealand and who do not have any payment instructions recorded on their shareholding, will also have their sale proceeds paid into a separate bank account until valid New Zealand payment instructions have been provided to the BHP share registry. Accordingly, no part of the in specie dividend should be assessable to you in Australia nor subject to dividend withholding tax (, an exemption from income tax in the hands of BHP shareholders who constitute South African corporate shareholders on the basis that the BHP shares in respect of which the foreign dividend is paid are listed on the JSE; and. Woodside has also released the Independent Expert's Report prepared for Woodside shareholders, which has concluded that the Merger is in the best interests of Woodside shareholders, in the absence of a superior proposal. The dividend of approximately A$5.38 (per BHP share) grossed up for franking credits of approximately A$2.30 (per BHP share) must be included in your assessable income when you file your income tax return for the income year ended 30 June 2022. Some functionality will be unavailable between 02:00 and 06:30 on Sunday 15th of January for scheduled maintenance. Uteservering 350 platser samt barhng. Woodside shareholders dont need to do anything. Malaysia: No recognition from the Securities Commission Malaysia has been applied for or will be obtained for the in specie dividend under the Capital Markets and Services Act 2007. This information was produced by Switzer Financial Group Pty Ltd (ABN 24 112 294 649), which is an Australian Financial Services Licensee (Licence No. In this regard, you are referred in particular to those sections of the CREST Manual concerning practical limitations of the CREST system and timings. 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Bhp register being asked to approve the merger will retain their underlying shareholdings in company.
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