BHP Billiton shareholders have approved the demerger of South32, with the demerger resolution achieving 98.05 per cent in favour.
The simultaneous shareholder general meetings took place in Perth and London to approve the demerger of South32 from BHP Billiton.
BHP Billiton Chairman, Jac Nasser, welcomed the overwhelming support by shareholders of the demerger.
“The demerger of South32 simplifies BHP Billiton’s portfolio while retaining the benefits of scale and diversification. We believe that the demerger will create two successful companies in BHP Billiton and South32,” Mr Nasser said.
“The demerger of South32 is a major step forward in the evolution of BHP Billiton and our Board believes it will create long-term value for our shareholders.
“We wish the employees, management and Board of South32 well as the new company prepares for business in its own right.”
South32 will be a globally diverse metals and mining company with a portfolio of cash generative assets producing alumina, aluminium, coal, manganese, nickel, silver, lead and zinc. South32’s head office will be in Perth, with a regional head office and global shared services centre located in Johannesburg.
BHP Billiton will cease trading with an entitlement to South32 shares from the end of 15 May 2015 on the ASX, LSE and JSE. Until this date BHP Billiton shares will trade with an entitlement to South32 shares.
It is expected that South32 shares will commence trading on a deferred settlement basis on the ASX, normal settlement basis on the JSE and on a when-issued basis on the LSE on 18 May 2015. Commencement dates for normal trading of South32 shares on the LSE and ASX will then progressively occur as outlined in the Shareholder Circular for the demerger of South32 by BHP Billiton.