BHP Steel added to ASX200/entitlement to shareson
bullboard121 (ID#: 407073) BHP spin-off pins hopesonsteelupturn14/5/2002 14/5/02 5:55:11 PM 5160437 « Previous Message Next Message »
http://www.thewest.com.au/20020514/business/tw-business-home-sto56297.html --------------------------------------------------------------------- BHP spin-off pins hopes on steel upturn --------------------------------------------------------------------- By Richard Salmons --------------------------------------------------------------------- BHP Billiton is betting on an upswing in the global steel cycle to spark interest in the $2.6 billion spin-off of BHP Steel, launched yesterday. --------------------------------------------------------------------- But BHP Billiton will sell just 54 million shares, or 6.8 per cent of the steel group, to the public, while existing shareholders in BHP Billiton Ltd, the Australian half of the global group, will be issued the rest of the stock. --------------------------------------------------------------------- BHP Steel is hoping an upturn in prices will justify the indicative $2.60 to $3.30 a share issue price. --------------------------------------------------------------------- The final share valuation will be announced on July 15 when the stock starts trading on the Australian Stock Exchange. --------------------------------------------------------------------- "We are already seeing prices churn higher in the US," BHP Steel chief executive Kirby Adams told a press conference in Melbourne yesterday. --------------------------------------------------------------------- BHP Steel expects profit before interest and tax will almost halve to $167 million this financial year but it is hoping for a rebound to $343 million in the year to June 2003, even though it expects only a small increase in revenue in that time. --------------------------------------------------------------------- With 12,800 employees and revenue estimated at $4.5 billion this financial year, BHP Steel has an 80 per cent domestic market share in flat steel products used in buildings, cars and containers, and operates Australia's biggest steelworks at Port Kembla in New South Wales. --------------------------------------------------------------------- Asked whether BHP Steel planned to cut costs through further staff cuts, Mr Adams said higher productivity would help position the company to benefit from what he described as an expected recovery in world steel prices. --------------------------------------------------------------------- "One side of the equation can mean you have fewer employees with equivalent output, or the other approach to improving productivity is you can have more output with the equivalent or only slightly lower numbers of employees," he said. --------------------------------------------------------------------- Mr Adams, an American national, also confirmed his commitment to the steelmaker by revealing he recently applied for Australian citizenship. --------------------------------------------------------------------- But with BHP Steel set to be twice the size of Australia's two existing listed steelmakers, rivals have expressed concerns that the fight for capital would be fierce. --------------------------------------------------------------------- This prompted Smorgon Steel to go to the market and raise $100 million last week as part of its debt reduction program. --------------------------------------------------------------------- The divestment will mark the conclusion of BHP's move out of the steel business that was foreshadowed during the BHP-Billiton merger last year. --------------------------------------------------------------------- It also comes 18 months after BHP spun off its long-products division into the disappointing float of OneSteel, but this time BHP Billiton is emphasising its steel group's "robust" balance sheet. --------------------------------------------------------------------- The forecast price-earnings ratio for 2003 ranges from 8.1 to 10.3 times, depending on the final sale price - to be fixed when the stock begins trading on July 15. --------------------------------------------------------------------- BHP Steel plans to distribute 60 per cent of net profit in the form of dividends, with the 2003 dividend yield forecast at 6.1 to 7.7 per cent. However, the spun-off business will not have any franking credits, so the interim dividend of 2003 is expected to be unfranked, and the final dividend that year franked to only 40 per cent. --------------------------------------------------------------------- In addition, BHP Steel's pro forma gearing at December last year is put at 18.2 per cent, compared with OneSteel's 42 per cent. --------------------------------------------------------------------- "The listing of BHP Steel will maximise the future prospects of that business by creating a stand-alone company focused on enhancing its strong market reputation," BHP Billiton chairman Don Argus said. --------------------------------------------------------------------- "BHP Steel will be the master of its own destiny in terms of capital management and that will prove a tremendous positive for the business." --------------------------------------------------------------------- -THE AGE with AUSTRALIAN ASSOCIATED PRESS --------------------------------------------------------------------- 21st Offer by BHP of BHP Steel Shares - Retail Prospectus (5 parts)
http://stocknessmonster.com/news-item?S=BHP&E=ASX&N=190499&P=C * Offer to BHP Billiton Limited Shareholders
The Offer to BHP Billiton Limited Shareholders is open to BHP Billiton Limited Shareholders (registered on the BHP Billiton Share Register on Friday, 5 July 2002) resident in Australia or New Zealand only. ----------------------------------------------------------------- http://www.stockhouse.com.au/bullboards/viewmessage.asp?no=5272457 ----------------------------------------------------------------- ausbull (ID#: 74604) RE: To be upgraded to ASX200!! 14/6/02 6:23:27 PM 5272457 « Previous Message Next Message »
Standard&Poor`s July Qtrly Review Changes to S&P/ASX Indices Document date: Fri 14 Jun 2002 Published: Fri 14 Jun 2002 09:48:48 Document No: 266473 Document part: A Market Flag: Y Classification: Standard & Poor's Announcement STANDARD & POORS INDICES AUSTRALIA 2002-06-14 ASX-SIGNAL-G
HOMEX - Sydney
+++++++++++++++++++++++++ STANDARD & POORS MEDIA RELEASE
Standard & Poor's, the leading provider of equity indices in Australia, announces that effective after the close of business on June 28, 2002, the following changes will take place in the S&P/ASX 20; S&P/ASX 50; S&P/ASX 100, S&P/ASX 200, and S&P/ASX 300 indices. These changes will be reflected in the starting portfolio of July 1, 2002, except where otherwise stated.
Please note that the changes are split into two categories: the official S&P/ASX index series and the provisional S&P/ASX index series. The provisional index series is designed to reflect the index portfolios as at Oct 1, 2002 when the S&P/ASX official indices will shift to a free float basis.
S&P/ASX 20 - currently contains 20 securities
S&P/ASX 20 OFFICIAL INDEX:
No Changes
S&P/ASX 20 FREE FLOAT PROVISIONAL INDEX:
REMOVAL CODE NAME
PBL PUBLISHING & BROADCASTING LIMITED
ADDITION CODE NAME WSF WESTFIELD HOLDINGS
S&P/ASX 50 - currently contains 50 securities
S&P/ASX 50 OFFICIAL INDEX:
REMOVAL CODE NAME SGT SINGTEL LTD
ADDITION CODE NAME BSL BHP STEEL LIMITED (expected July 15, 2002)
S&P/ASX 50 FREE FLOAT PROVISIONAL INDEX:
REMOVAL CODE NAME SGT SINGTEL LTD
ADDITION CODE NAME BSL BHP STEEL LIMITED (expected July 15, 2002)
S&P/ASX 100 - currently contains 100 securities
S&P/ASX 100 OFFICIAL INDEX:
REMOVAL CODE NAME ENE ENERGY DEVELOPMENTS LIMITED
ADDITION CODE NAME BSL BHP STEEL LIMITED (expected July 15, 2002)
S&P/ASX 100 FREE FLOAT PROVISIONAL INDEX:
REMOVALS CODE NAME SGT SINGTEL LTD ENE ENERGY DEVELOPMENTS LIMITED UEL UNITED ENERGY CXP CORPORATE EXPRESS
REMOVALS CODE NAME AUY AUIRON ENERGY ALU ALTIUM LIMITED SWS SIMEON WINES LIMITED (expected removal June 21, 2002)
ADDITIONS CODE NAME BSL BHP STEEL LIMITED (expected July 15, 2002) MAPCA MACQUARIE AIRPORTS SPC SPC LTD
S&P/ASX 200 FREE FLOAT PROVISIONAL INDEX:
REMOVALS CODE NAME AUY AUIRON ENERGY ALU ALTIUM LIMITED SWS SIMEON WINES LIMITED (expected removal June 21, 2002) SGT SINGTEL LTD AFI AUSTRALIAN FOUNDATION INVESTMENT COMPANY MYO MYOB LIMITED IHG INTELLECT HOLDINGS LIMITED AXN AXON INSTRUMENTS INC GTP GREAT SOUTHERN PLANTATIONS LIMITED IDT INSTITUTE OF DRUG TECHNOLOGY AUSTRALIA LIMITED DJW DJERRIWARRH INVESTMENTS LIMITED HTA HUTCHISON TELECOMMUNICATIONS
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