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  "documentTitle": "BHP Billiton (BHP)",
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      "text": "We believe that now is an appropriate time for BHP to consider unifying the DLC structure.",
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      "text": "Note: The contents of this slide shall not be taken to mean or imply...",
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      "text": "DLC Structures are not permanent... appropriate time for BHP to consider unifying the DLC structure.",
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      "text": "Opportunity presents itself to truly simplify... BHP can kill two birds with one event stone, providing modest structural upside (10%+).",
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      "text": "New proposal will lead to wastage of future franking credits... BHP Ltd had $10.9bn of franking credits, equivalent to ~4 years of fully franked Ltd dividends.",
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      "text": "We cannot believe that CEO Andrew Mackenzie will be considering any medium to large-scale M&A... collapse the DLC structure.",
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      "text": "But the structure, like the progressive dividend policy it spawned, was never supposed to last forever.",
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      "text": "\"We cannot believe that CEO Andrew Mackenzie will be considering any medium to large-scale M&A... which management has been questioned on at previous conference calls and have said they look at, is to collapse the DLC structure.\" — Barclays, August 19, 2013; \"By combining portfolio simplification (asset sales) with structural change (dismantle the DLC), we believe BHP can kill two birds with one event stone, providing modest structural upside (10%+) while also enhancing long term strategic flexibility.\" — Credit Suisse, June 17, 2014; \"DLC Structures are not permanent. Based on our analysis we have seen that DLC structures are not intended to be permanent structures and nor are they beneficial for shareholders forever. We believe that now is an appropriate time for BHP to consider unifying the DLC structure.\" — UBS, July 14, 2014; \"New proposal will lead to wastage of future franking credits... We believe certain Australian shareholders may consider the leakage of franking credits to plc shareholders, which they are unable to monitise, as disadvantaging Ltd shareholders.\" — JP Morgan, September 22, 2015; \"Given it no longer supports itself and it has lost it strategic purpose, sure then the time has come to think very seriously, and with firm purpose, about consolidation.\" — Australian Financial Review, January 26, 2016",
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      "text": "Independent analyst and press comments on DLC issues",
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