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  "documentTitle": "BHP Billiton (BHP)",
  "authorId": "02_Elliott_Management",
  "authorName": "Elliott",
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  "presentationDate": "2017-04-10 00:00:00",
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  "notes": "This slide presents a financial proposal from Elliott Management regarding BHP's capital allocation strategy.",
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      "text": "We estimate that within the five year period ending June 2022, in addition to the continuation of the current 50% dividend payout ratio, the Value Unlock Plan could result in: a total of c.US$33bn being returned to shareholders via share buybacks",
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      "text": "Source: Elliott's estimates and forecasts... 1. Cash flow levels... 2. 'A' grade credit rating... 3. Assumes annual off-market share buybacks...",
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      "text": "Assuming Unified BHP completes the US petroleum business demerger in the near term, BHP could use its excess cash flow to: undertake an initial off-market share buyback of at least US$6bn; and continue an ongoing 14% discounted off-market share buyback program.",
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      "text": "We estimate that within the five year period ending June 2022, in addition to the continuation of the current 50% dividend payout ratio, the Value Unlock Plan could result in: total of c.US$33bn returned; c.29% of share capital repurchased; c.33% EPS accretion; c.US$20bn NPV increase.",
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      "text": "shareholder return: US$33bn",
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      "kind": "title",
      "text": "BHP's excess cash – returning it to shareholders via post-unification discounted off-market share buybacks (cont'd)",
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