Woodside released the Notice of General Meeting and Explanatory Memorandum (Meeting Booklet) in relation to the previously announced buy-back of 78,271,512 Woodside shares from Shell Australia .
The Meeting Booklet contains a report by the Independent Expert, Grant Samuel, which concludes that the buy-back is fair and reasonable to Woodside shareholders (other than Shell and its associates).
Woodside has also obtained consent to the buy-back as required under a number of its facility agreements.
Completion of the buy-back is now subject only to Woodside shareholder approval at a General Meeting which will be at 10:00am (AWST) on Friday, 1 August 2014 at the Perth Convention and Exhibition Centre, 21 Mounts Bay Road, Perth, Western Australia.
The Woodside Board recommends that shareholders vote in favour of the buy-back for the following reasons:
Haynes and Jamieson, who were originally nominated by Shell, abstained from voting when the buy-back was considered by the Board.
[mappress] Press Release, June 27, 2014