South Africa/International – BHP Billiton’s South32 spin-off has announced in a pre-listing statement on Monday that it would commence trading shares on a normal settlement basis on the JSE, on a deferred settlement basis on the ASX and on a when-issued basis on the LSE on May, 18 2015.
South32 has also applied for admission of its ordinary shares to trading on the ASX and LSE and will establish an over-the-counter ADS program in the US.
South32 ADSs will commence trading over-the-counter on a when- issued basis on that same date.
South32 reported that normal trading is expected to commence on the ASX on June, 2 2015 and LSE on May 26, 2015.
The BHP Billiton board announced its intention to separate the BHP Billiton group into two businesses on 19 August 2014. This led to the formation of an independent listed company, South32, with a portfolio of assets producing alumina, aluminium, coal, manganese, nickel, silver, lead and zinc.
South32’s portfolio will comprise of the South32 Businesses, which are:
- Worsley Alumina
- South Africa Aluminium
- Mozal Aluminium
- Brazil Aluminium
- South Africa Energy Coal
- Illawarra Metallurgical Coal
- Australia Manganese
- South Africa Manganese
- Cerro Matoso