ASIC Market Supervision Update Special Issue 59

16 May 2015

Demerger of South32 Limited and admission to the official list of the ASX

On Monday 18 May 2015, following the listing of South32 Limited on the ASX, South32 shares will commence trading on the ASX on a deferred settlement basis.

Holders of BHP Billiton Limited shares will receive an in-specie distribution of South32 shares on a 1-for-1 basis which may be traded on the ASX.

Holders of BHP Billiton Plc shares on the United Kingdom register will likewise receive an in-specie distribution of South32 shares. Those holders of BHP Billiton Plc shares on CREST will be issued with an equivalent number of South32 Depository Interests which can be traded on the London Stock Exchange (LSE).

We have been advised that holders of BHP Billiton Plc shares on CREST may elect, if they choose to do so, to receive their South32 shares on the Australian register, in which case they will not receive South32 Depository Interests. Holders of BHP Billiton Plc shares on CREST who wish to receive their South32 shares on the Australian register must complete the Register Election Process by 1pm on 22 May 2015 (BST). After the issue of South32 Depository Interests, holders will be able to cancel their South32 Depository Interests in CREST, in order to hold their underlying South32 shares on the Australian register, by sending an instruction to CREST.

We remind market participants and investors that holders of South32 Depository Interests are not able to sell South32 shares on the ASX unless they have a presently exercisable and unconditional right to a vest a corresponding number of South32 shares in the buyer. This will be dependent on whether an election has been made by the relevant shareholder to receive their shares on the Australian register or the transfer of South32 Shares to an Australian register, a process which is explained in the South32 Information Memorandum dated 16 March 2015, as supplemented from time-to-time.

The Information Memorandum, Shareholder Circular and Shareholder Information Line are available at www.bhpbilliton.com/demerger.

Section 1020B of the Corporations Act 2001 (the Act) prohibits the sale of securities unless a person, at the time of the sale, has a presently exercisable and unconditional right to vest the product in the buyer.

Contact ASIC

Market participants should contact ASIC for market integrity issues and ASX and Chi-X respectively for operational issues. Contact ASIC’s Market and Participant Supervision (MPS) team on 1300 029 454 and you will have these voice menu options:

  • Option 1 for real-time live market trading issues
  • Option 2 for other types of market trading issues or complaints
  • Option 3 for participant enquiries, notifications or exemptions.

Or you can reach the MPS team by email market.participants@asic.gov.au, or through your relationship manager.

If your issue relates to a trading or surveillance matter, please email markets@asic.gov.au.

For more information

Please see www.asic.gov.au/market-supervision.

Last updated: 30/03/2021 09:37