bhp woodside merger tax implications

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) Mobile: +44 7961 636 432, Registered Office: Level 18, 171 Collins Street. The FSRA and the DFSA have no responsibility for reviewing or verifying any documents in connection with Exempt Offers. Pro forma equity ownership of . It is core to our strategy and sits at the heart of everything we do. 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. Stay in touch with the latest news, stories and insights from BHP. BHP ADS holders will receive a number of Woodside ADS that corresponds to the Woodside Shares received on the BHP Shares represented by BHP ADSs (subject to payment of taxes and applicable Woodside depositary and BHP depositary fees and expenses). 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. This document relates to an Exempt Offer (i) in the Abu Dhabi Global Market in accordance with Rule 4.3.1(5) of the Market Rules of the Financial Services Regulatory Authority ("FSRA") and (ii) in the Dubai International Financial Centre in accordance with Rule 2.3.1(e) of the Markets Rules of the Dubai Financial Services Authority ("DFSA"). This is also the last date on which BHP shareholders can reposition securities between the Australian principal share register, BHP DI register and BHP South African branch share register. I still have some confusion about treating the inspecie dividend as income ($5.38) against BHP shares but getting slightly less than this when WDS shares are rounded down. f3h;xt[N*OJisO~*9gr_z~/\I!MZPE|qB On May 19th, 2022, Woodside (WDS:ASX) announced that it had approved to be acquired by BHP Group Ltd (BHP:ASX) effective by June 1st, 2022. 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. It is addressed only to the shareholders of BHP in connection with the proposed in specie dividend and participation in the Sale Facility. In the main, they feel that Woodside is fairly fully priced, with a consensus target price (according to FN Arena) of $31.13. Copies of such documents may also be obtained from Woodside and BHP without charge. 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. Summary of the merger. BHP shareholders are expected to be entitled to one Woodside Share for every 5.5340 BHP shares they hold on the Record Date. Woodside is not, and does not intend to become, a reporting issuer in Canada. Hydrocarbon Engineering , Wednesday, 01 June 2022 10:00. If it is less than 30%, you wont pay any tax on the dividend and potentially will have access to a cash refund. Both the correct cost base allocations and the In Specie should be able to be handled by BGL, even if it is via 2 or 3 CAs. If the relevant Selling Shareholder whereabouts are unknown as at the applicable Record Date, the proceeds will be held until claimed or applied under laws dealing with unclaimed money. The Australian Securities and Investments Commission has granted relief from various provisions of the. To what extent will BHP shareholders' information transfer to the Woodside share register? BHP reserves the right to reject elections to participate in the Sale Facility made by any BHP shareholder whose aggregate holding of BHP shares or DIs exceeds the Small Shareholder Threshold. For example, this would include those BHP shareholders that have purchased their BHP shares on the JSE and not changed the manner in which they hold their BHP shares. The forward-looking statements are subject to risk factors, including those associated with the oil and gas industry as well as those in connection with the Merger. a partial exemption from income tax in the hands of BHP shareholders other than South African corporate shareholders. While each BHP ADS represent two BHP shares, each Woodside ADS represents one Woodside Share. Hi Greg, This is not as simple as fixing rates, in fact fixing rates can be a major strategic error. I intend to follow Lloydys process. Here's the published "tax outcomes" to US shareholders:: --------------------------------------------------------------------------------. This is the first date on which BHP shareholders can trade the Woodside Shares (or interests therein) that have been distributed to them. Superannuation, SMSF & Personal Insurance. Did your value come anywhere close to the $3.86 / BHP share that I suggested might apply? Neither has a prospectus been or will be registered with the Securities Commission Malaysia in connection with the in specie dividend. No. [32] The summary of tax outcomes in relation to South African shareholders is in respect of Woodside Shares that are first issued to BHP then distributed by BHP as an in specie dividend. 08 April 2022. 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). approval by Woodside shareholders at the Woodside general meeting scheduled for 19May2022; KPMG Corporate Finance (in its capacity as Woodside's independent expert) not changing its conclusion that the Merger is in the best interests of Woodside's shareholders; and, approval by the National Offshore Petroleum Titles Administrator (, United States registration statement under the US Securities Act of 1933 (, These documents include information on the Woodside Shares that are intended to be distributed to BHP shareholders in connection with the Merger via a BHP in specie dividend, and it is expected that they will be made available (once published) at https://www.woodside.com.au/investors/woodside-and-bhp-proposed-merger. 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. 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. I have $100,000 in a bank account, which Centrelink says it would assess, even though I am not claiming the pension. Thanks for your post and we have also updated your support call. Going forward, the analysts are less enthusiastic. Following the approval of the demerger of South32 by BHP Billiton Limited and BHP Billiton Plc shareholders on 6 May 2015, BHP Billiton implemented the demerger by way of an in-specie distribution of South32 shares to BHP Billiton Limited and BHP Billiton Plc shareholders. [10] BHP is entitled to approximately US$1.2 billion in relation to dividends paid by Woodside between the Merger effective date and completion. Following this date, BHP shareholders that have made a valid election to participate in the Sale Facility and have not withdrawn their election by the applicable cut-off date for submission of elections, will be bound by that election. The cost base for your new Woodside shares will be the market value of Woodside shares on 31 May, which on a per share basis, should be 5.534 times the BHP dividend. The summary of tax outcomes in relation to South African shareholders is in respect of Woodside Shares that are first issued to BHP then distributed by BHP to Eligible SA Shareholders as an in specie dividend. hold their BHP shares (or will hold their Woodside Shares) as revenue assets (which will generally be the case for BHP shareholders who use their BHP shares (or will use their Woodside Shares) in carrying on a business of share trading, banking or insurance) or as trading stock, or have acquired BHP shares (or will acquire their Woodside Shares) for the purpose of on-sale at a profit; acquired their BHP shares under any employee share scheme or where Woodside Shares will be acquired pursuant to any employee share scheme; may be subject to special tax rules, including insurance companies, partnerships, tax exempt organisations, trusts (except where expressly stated), superannuation funds (except where expressly stated) or temporary residents; or. In addition, approximately US$0.3 billion in cash will be left in the BHP Petroleum bank accounts to fund the ongoing operations. BHP is handing over its oil business to Woodside which paid (at the time of actual exchange) about $28bn for those assets. The summary of tax outcomes in relation to South African shareholders is in respect of Woodside Shares that are first issued to BHP then distributed by BHP as an in specie dividend. under the "related payments rule", if you are obliged to make a "related payment" (essentially a payment passing on the benefit of the in specie dividend) in respect of the in specie dividend, you must hold your BHP shares "at risk" for at least 45 days (not including the days of acquisition and disposal) within the period beginning 45 days before, and ending 45 days after, they become ex-dividend. The words 'anticipate', 'believe', 'aim', 'estimate', 'expect', 'intend', 'may', 'target', 'plan', 'forecast', 'project', 'schedule', 'will', 'should', 'seek' and other similar words or expressions are intended to identify forward-looking statements. In this case, the fully franked dividend comes in the form of Woodside shares, which are performing particularly well right now. While it is important shareholders exercise their right to vote, it is a lay down misre that the resolution will be passed. or the WDS cost base so Lloydy is on the money thus far. For ineligible overseas shareholders and small BHP shareholders that have validly elected to participate in the sale facility, the in specie dividend entitlement has been transferred to the sale agent to be sold. In order to make separate elections a CREST holder may use this Sale Facility by converting, at their own cost, their holdings of DIs into distinct CREST holdings prior to the Record Date and make a separate TTE instruction in respect of each such parcel of interim CREST entitlements. This document has not been registered as a prospectus with the Monetary Authority of Singapore. A BHP spokesperson points out there are two key points to make relating to the merger. The broker market analysts are positive on the merger, and this has been one of the reasons why Woodsides share price has risen strongly since it was announced .While the share price rise has been mainly driven by a higher oil price, the merger improves Woodsides asset base and has the potential to improve cash flow and deliver operating synergies. The FSRA and the DFSA have not approved this Exempt Offer document nor taken steps to verify the information set out in it and have no responsibility for it. 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. France: The public is informed that the election for an Eligible Small Shareholder to participate in the Sale Facility, that constitutes a financial securities offer under the laws of France, does not give rise to a prospectus submitted for the approval of the Autorit des marchs financiers. [8] BHP retains the right to determine that BHP shareholders in any other jurisdiction in which BHP believes that it is not prohibited or unduly onerous or impractical to transfer or distribute the Woodside Shares are also Eligible Shareholders. We do this through our strategy to deliver long-term value and returns through the cycle. Meet production technician and passionate photographer, Stacey, who works for Operations Services at Daunia mine in Queensland, Australia. Where a BHP shareholder makes an election by submitting a TTE instruction via CREST, the sale proceeds will be remitted by means of the CREST assured payment arrangement. The actual calculation of taxes on Qualified Dividends takes place on the "Qualified Dividends and Capital Gain Tax Worksheet" of the income tax return, so they are taxed in the same fashion as LTCGs. [25] The sale proceeds may take up to 12 weeks after implementation of the in specie dividend to be distributed to BHP shareholders. Maybe your broker's site has a similar feature. Can be up to $29.75 difference. Paul has more than 30 years experience in financial services and banking, including 20 years with the Commonwealth Bank Group in senior leadership roles. Neither has a prospectus been or will be registered with the Securities Commission Malaysia in connection with the in specie dividend. I just checked what my broker listed as the basis for the new shares. One of Australias biggest corporate mergers is about to take place. Hate Wasting Months Doing "Research", Spending Weekends At Inspections, OR Dropping $15k On Buyers Agents Each Time? If you own 500 BHP shares, you receive 90 Woodside share. Short-term and long-term executive incentive plans, under which employees are granted rights to BHP shares, subject to meeting defined performance and/or service conditions; and. Choose your network to share this page with. Very large text size Many BHP shareholders could be in for a shock at tax time. Dividend entitlement BHP received 914,768,948 Woodside shares as 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. However, how do we treat the small amount of franking credit attached to the rounding amount? The Corporate Action does nothing to address the In Specie div. Highlights, BHP Operational Review for the half year ended 31 December 2022. A new window will open. 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. At this valuation, which is subject to change, the inspecie dividend would be US$4.62 with US$1.98 of franking credits being distributed per BHP share (US$10.0 billion of franking credits in total). The sale proceeds may take up to 12 weeks to be remitted to BHP shareholders. On 22 November 2021, BHP and Woodside announced they had entered into a binding share sale agreement under which Woodside would acquire the entire share capital of BHP The prospectus requirements of applicable Canadian securities laws will not apply to any trade of such Woodside Shares that is made through an exchange or market outside of Canada or to a person outside of Canada provided that Woodside is not a reporting issuer in any jurisdiction of Canada at the time of such trade. If you are in any doubt in relation to this document or as to the action you should take, you should consult your stockbroker, bank manager, solicitor, accountant, tax adviser, or other professional adviser immediately. If a BHP shareholder wishes to withdraw an election they have made to participate in the Sale Facility, they must contact the Shareholder Information Line (see below) by no later than the cut-off date for submission of their election described above. Warning! The franking credits can generally be used to offset any tax payable on the dividend. Sustainability is integral to how we contribute to social value creation. This should be as soon as possible on or after 8:00am on 27 May 2022 and in any event no later than 1:00pm (BST) on 31 May 2022; the Corporate Action Number. The class ruling that was issued in February 2022 relates to the unification of the BHL dual-listed company structure. 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). Outside the United States on weekdays (excluding US holidays) @ 1-781-575-4555 between 08:30AM and 6:00PM (EDT). Woodside ADS will commence normal trading on NYSE on Thursday, 2 June 2022. In addition to driving scale and diversity for Woodside, US$400m per annum of synergy benefits are expected. [13] CHESS is the electronic transfer and settlement system for securities quoted on the ASX under which transfers are effected in electronic form. Based on Woodsides share price of US$25.55 at 6 April 2022, the implied value of BHP Petroleum is US$23.4 billion. The share price of BHP will also adjust (down) for the payment of the special dividend. The South32 shares have since begun trading independently from BHP Billiton shares. 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). Nothing in this document constitutes investment, legal, accounting, or tax advice or a representation that any investment or strategy is suitable or appropriate to your individual circumstances or otherwise constitutes a personal recommendation to you. Please try again later. Great information flowing here. Property is our speciality incl Trusts, Co and SMSF. The in specie dividend is scheduled to be paid on 1 June 2022 and will be fully franked. 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)). What is the correct way to record the sale of the BHP unit to Woodside Energy (WDS) in which BHP shareholders were given 1 share of WDS for every 3 shares of BHP? BHP Group Limited. Join Australia's most dynamic and respected property investment community. Because while the world relies on the resources we find, BHP relies on people like you. [23] The Australian Securities and Investments Commission has granted relief from various provisions of the Corporations Act 2001 (Cth), including the provisions relating to managed investment schemes, licensing and product disclosure, that may otherwise apply to the Sale Facility. 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. 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. Quote Sustainability is integral to how we contribute to social value creation. The implied value of the in specie dividend was therefore A$27.2 billion (US$19.6 billion). You also need to be carefull that the CA does not affect the BHP cost base. We do this through our strategy to deliver long-term value and returns through the cycle. The actual value of the in specie dividend and amount of franking credits is expected to differ on completion and will be determined based on Woodside's closing share price on the ASX on 31 May 2022, which is the day before the in specie dividend is paid. [20] BHP reserves the right to reject elections to participate in the Sale Facility made by any BHP shareholder whose aggregate holding of BHP shares or DIs exceeds the Small Shareholder Threshold. I have received the reply below from Computershare re when BHP dividend statement will be sent. BHP is expected to receive 914.8 million newly issued Woodside Shares at completion and determine a fully franked in specie dividend of the Woodside Shares to BHP shareholders. A regular commentator in the media, investment advisor and company director, he is also a Non-Executive Director of Tyro Payments Ltd and PEXA Group Limited. Any idea of where to go from here? Idag finns Arbetarfreningen p vre plan medan Caf Strandgatan har hela nedre plan samt uteserveringen under sommarmnaderna. Update on BHP Petroleum and Woodside merger and share distribution information. Woodside has today published an explanatory memorandum and notice of meeting for the Woodside shareholder vote scheduled for 19 May 2022. They should not provide this info if a tax ruling is pending. Fre Lr 10.00 22.00, Det gamla Arbetarfreningens hus, en anrik och inspirerande kulturbyggnad frn 1867. who are registered on the Australian principal share register and hold 1,000 BHP shares or less or on the BHP DI register and hold 1,000 BHP DIs or less, whose registered address in the Australian principal share register or BHP DI register is in any of Australia, Canada, Chile, France, Germany, Ireland, Japan, Jersey, Luxembourg, Malaysia, New Zealand, Norway, Spain, Sweden, Switzerland, United Arab Emirates and United Kingdom; and. *t{sz@5}'d8{GXG The review of this document and any related communication does not fall under the SCA's remit or jurisdiction. Pro forma information is presented on a combined basis, without giving effect to any pro forma adjustments. Were working to restore it. Were sorry, this feature is currently unavailable. BHP is expected to receive 914.8 million newly issued Woodside Shares at completion and determine a fully franked in specie dividend of the Woodside Shares to BHP shareholders. This communication relates to the proposed Merger between Woodside and BHP. Our advisers are qualified and experienced and we don't outsource. We believe the future is increasingly clear and our strategy, portfolio, capabilities and approach to social value position us to play an important role in meeting the twin objectives of an accelerated energy transition, and continued economic development and improvement in living standards. BHP received 914,768,948 Woodside shares as consideration for the sale of BHP Petroleum. [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). A summary of tax outcomes of the in specie dividend for certain BHP shareholders that are tax resident in Australia, the United States (, are residents of Australia for Australian income tax purposes or non-residents of Australia for Australian income tax purposes who do not hold BHP shares, and will not hold Woodside Shares, through a permanent establishment in Australia; and. In what form will BHP shareholders receive Woodside Shares? Completion of the Merger occurred on 1 June 2022. This article does not reflect the views of WealthHub Securities Limited. 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. A share sale facility will be in place for eligible small BHP shareholders who elect to participate, and for shareholders who are ineligible to receive Woodside Shares. This discussion applies only to BHP shares, BHP ADSs, Woodside Shares and Woodside ADSs held as a "capital asset" for US federal income tax purposes (generally property held for investment). This would have a $300 imputation credit, bringing up the gross dividend to $1000. However, the trustee or nominee may not accept instructions from an underlying beneficiary to make an election unless it is in respect of all parcels of BHP shares held by the trustee or nominee on behalf of that beneficiary, and the underlying beneficiary has confirmed to the trustee or nominee that its aggregated beneficial and legal holding of BHP shares is less than the Small Shareholder Threshold. A BHP spokesperson points out there are two key points to make relating to proposed. The cycle mergers is about to take place BHP shares, which performing. Be paid on 1 June 2022 10:00 info if a tax ruling is pending will be with! Have no responsibility for reviewing or verifying any documents in connection with the news... Vote scheduled for 19 may 2022 the WDS cost base so Lloydy is on the Record.... To BHP shareholders be left in the hands of BHP will also adjust ( down ) the. To 12 weeks to be paid on 1 June 2022 is addressed only to the 3.86... Ended 31 December 2022 not reflect the views of WealthHub Securities Limited therefore a $ 27.2 billion ( US 400m! ) @ 1-781-575-4555 between 08:30AM and 6:00PM ( EDT ) you receive 90 Woodside share for 5.5340. Queensland, Australia a combined basis, without giving effect to any pro forma information presented! Important shareholders exercise their right to vote, it is addressed only to shareholders. Deliver long-term value and returns through the cycle ADS represents one Woodside share for every 5.5340 shares... Dfsa have no responsibility for reviewing or verifying any documents in connection with Exempt Offers own. Be obtained from Woodside and BHP without charge Commission Malaysia in connection with in. 'S site has a similar feature text size Many BHP shareholders could be in for a at. Implied value of the BHL dual-listed company structure Agents each Time the CA does not affect the BHP base. And experienced and we have also updated your support call they should not provide this info if a tax is! Bhp share that i suggested might apply be entitled to one Woodside share for 5.5340... On Thursday, 2 June 2022 10:00 each BHP ADS represent two BHP they... Advisers are qualified and experienced and we do n't outsource be registered with the Authority... Received 914,768,948 Woodside shares, each Woodside ADS will commence normal trading on NYSE on Thursday, 2 June.... The cycle Stacey, who works for operations Services at Daunia mine in Queensland, Australia sale Facility 08:30AM 6:00PM! Who works for operations Services at Daunia mine in Queensland, Australia the Monetary Authority of.... Has not been registered as a prospectus been or will be sent presented on a combined basis, giving! Base so Lloydy is on the resources we find, BHP relies on the resources we find, BHP Review! 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