South32 announces commencement of trading on the ASX, LSE and JSE

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Image credit: BHP Billiton website

South32 Limited yesterday announced that it has been admitted to the Official List of the Australian Securities Exchange (ASX) and that its ordinary shares commenced trading on a deferred settlement on Monday at 12:00 p.m. (AEST).

Image credit: BHP Billiton website
Image credit: BHP Billiton website

The company also advised that its ordinary shares are expected to commence trading on the ASX on a normal settlement basis on 2 June 2015 at 10.00 a.m. (AEST).

South32’s Chief Executive Officer Graham Kerr said he was very proud of South32’s heritage and thanked shareholders for the trust they have placed in the new company’s management and staff.

“Today is a significant occasion; one that we are pleased to be celebrating in what are otherwise challenging times for the resources sector. South32 will start life with a strong balance sheet, along with high quality, well maintained, cash generative assets and highly talented people. We will work hard to maintain the trust of our owners and partners as we seek to unlock the potential of our assets and grow value for our shareholders and the communities in which we operate,” Mr Kerr said.

“We believe that our regional model will enable us to improve our productivity and performance in a sustainable way. We will aim to combine strong operational performance with financial discipline as we seek to increase shareholder value.”

Mr Kerr also added that South32 has a secondary listing on the Johannesburg Stock Exchange (JSE) and its ordinary shares have commenced trading on the JSE on a normal settlement basis on Monday at 9:00 a.m. (SAST).

“South32’s ordinary shares are also expected to begin trading on the London Stock Exchange’s (LSE) main market at 8.00 a.m. (BST) today on a when-issued basis and on a normal settlement basis at 8:00 a.m. (BST) on 26 May 2015, following their admission to the standard segment of the UKLA Official List,” Mr Kerr said.

“South32 will trade on all three exchanges under the ticker “S32”.  At the date of this release, South32 has 5,323,762,901 ordinary shares on issue.”

South32 is a globally diversified metals and mining company with a portfolio of high quality, well maintained, cash generative assets producing bauxite, alumina, aluminium, thermal and metallurgical coal, manganese, nickel, silver, lead and zinc.

The company was created with the demerger of a selection of BHP Billiton’s non-core assets, which was approved by the vast majority of BHP shareholders at the general meetings which took place on 6 May 2015.

South32, which is expected to commence operating as an independent company from 25 May 2015, is headquartered in Perth, Australia, and also has regional office in Johannesburg, South Africa. These regional offices are supported by a global shared services centre in Johannesburg and a marketing hub based in Singapore.