Regarding the post above, I've just become fascinated by this dual-listing scheme. Will you be able to clarify a few things for me?
(i) When you state that BHP Ltd (AU) corresponds to 58.2% of the BHP Group whereas BHP Plc (UK) corresponds to 41.8% of the BHP Group, you mean economical rights? Is that correct? (ii) Following up from (i), there may be a scenario - say if BHP UK is undervalued - that BHP AU corresponds to 70% of the market cap value of the BHP Group (Ensemble) and BHP UK corresponds to 30% of the market cap of the BHP Group. Is this correct? (iii) When a financial report states that the BHP Group has a profit X, does it mean that BHP AU earnings correspond to 58.2% of X? This will imply potential different yields/PE for BHP AU and BHP UK. (iv) When the shale assets were sold, there was a buy-back of shares (mostly BHP UK). Were they voided or are they now owned by the BHP Group? (v) Finally, do you know reasons that justify thie dual-listing scheme? It seems that a deposit-system will be easier to understand.
BHP Price at posting:
$37.49 Sentiment: Hold Disclosure: Held
(20min delay)