BHP Billiton Ltd buy-back 22 Feb 2011
Below I document my experience in 2007 and I recommend the buy-back to those who can use the franking credits.
On 02 April 2007 I sold 275 BHP shares to BHP for $7.39 each and a dividend of $22.31 ; total $29.70.
The total is 10% less than market price of $33.00. ie a paper loss of $3.30.
My super fund received franking credit of $9.56 per share.
This gave the super fund a gain of $6.26 per share.
My super fund is in the pension paying phase and pays no tax.
On a market price of $33.00 this is a gain of 19%.
BHP would not buy all of my shares, but in order to sell as many as I could I bought quite a few more the day the buy-back was announced.
These new shares probably would not satisfy the 45-day rule so they were not sold back to BHP but were used by BHP to calculate how many shares I was entitled to sell back to BHP.
They would only buy back 55% of my shares at that time.
bhp announces buyback, page-5
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