Board Change • Jun 26
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Non-Executive Director Jacqueline Chow was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Tillkännagivande • Jun 24
Boral Limited Announces Appointment of Gitanjali Bhalla and Robert Cotterill to the Board Boral Limited advised that Gitanjali Bhalla and Robert Cotterill have been appointed to the Board effective 24 June 2024. Tillkännagivande • May 18
Boral Limited(ASX:BLD) dropped from FTSE All-World Index (USD) Boral Limited(ASX:BLD) dropped from FTSE All-World Index (USD) Tillkännagivande • Apr 12
Boral Limited (ASX:BLD) announces an Equity Buyback for 55,154,421 shares, representing 5% for AUD 354.09 million. Boral Limited (ASX:BLD) announces a share repurchase program. Under the program, the company will repurchase up to 55,154,421 shares, representing 5% of company's issued share capital for AUD 354.09 million. The shares will be repurchased at no more than AUD 6.42 per share. The purpose of the program is to provide enhanced liquidity for company's shareholders. The program will be valid till April 24, 2025. As of April 11, 2024, the company had 1,103,088,419 shares in issue. Tillkännagivande • Mar 20
Seven Group Holdings Limited (ASX:SVW) cancelled the acquisition of remaining 28.4% stake in Boral Limited (ASX:BLD). Seven Group Holdings Limited (ASX:SVW) made an offer to acquire remaining 28.4% stake in Boral Limited (ASX:BLD) for AUD 2 billion on February 19, 2024. Under the Merger Offer, SGH Bidder would acquire all of your Boral Shares for 0.1116 SGH Shares for each Boral Share and AUD 1.50 cash (the “Minimum Consideration”). The Merger Offer Consideration will increase by a further AUD 0.10 in cash if SGH Bidder reaches compulsory acquisition by achieving voting power of 90.6% or more. If both of these increases occur, SGH Bidder would acquire all of your Boral Shares for 0.1116 SGH Shares for each Boral Share and AUD 1.70 cash (the “Maximum Consideration”). The aggregate values of the Minimum Consideration and Maximum Consideration are AUD 6.05 and AUD 6.25 per Boral Share. SGH already has sufficient committed funding to make available to SGH Bidder to pay the Maximum Cash Offer Amount (and costs associated with the Offer) from a combination of SGH Group’s existing cash reserves (SGH has allocated cash of AUD 121 million out of its existing cash reserves for the purpose of partially funding the consideration under the Offer); committed and undrawn facilities under the SGH Corporate Loan Facility of AUD 765 million; AUD 240 million undrawn OEM facilities available to fund machines and rental equipment which are otherwise currently funded via the SGH Corporate Loan Facility; AUD 350 million undrawn master script loan agreements with three lenders of which AUD 200 million is currently permitted under the SGH Corporate Loan Facility with over AUD 1 billion of listed securities within the Group available to provide as security. SGH intends to enter into a transaction facility, SGH has received AUD 3 billion of “highly confident” commitments from domestic banks which are party to SGH’s current syndicated facility agreement, based on which it intends to enter into a new unsecured syndicated term loan bridge facility for up to AUD 400 million, to be provided to a related entity of SGH by a group of existing lenders to Corporate Loan Facility. The Board committee of Boral’s independent directors will communicate its recommended response to the SGH Offer in Boral’s Target’s Statement, which is expected to be dispatched to shareholders by March 19, 2024. The Target’s Statement will include an Independent Expert's Report opining on whether the Offer is fair and reasonable to Boral shareholders. At this stage, shareholders are advised to TAKE NO ACTION in response to the SGH Offer. The Offer scheduled to close on April 4, 2024. The Offer is not subject to any minimum acceptance condition. The Offer is only conditional upon the customary condition of no prescribed occurrences in relation to Boral.
Barrenjoey Advisory Pty Limited and Macquarie Securities (Australia) Ltd. acted as financial advisor, Herbert Smith Freehills acted as legal advisor and Boardroom Pty Limited acted as Transfer agent to Seven Group Holdings Limited and Allens acted as legal advisor and UBS Securities Australia Ltd financial advisor to Boral Limited. The fee for professional services paid or payable to Barrenjoey as financial adviser to SGH Bidder is up to AUD 3.5 million. The fee for professional services paid or payable to Macquarie Capital as financial adviser to SGH Bidder is up to AUD 3.5 million. The fee for professional services paid or payable to Herbert Smith Freehills as legal adviser to date is approximately AUD 450,000.
Seven Group Holdings Limited (ASX:SVW) cancelled the acquisition of remaining 28.4% stake in Boral Limited (ASX:BLD) on March 19, 2024. Reported Earnings • Feb 10
First half 2024 earnings released: EPS: AU$0.11 (vs AU$0.063 in 1H 2023) First half 2024 results: EPS: AU$0.11 (up from AU$0.063 in 1H 2023). Revenue: AU$1.84b (up 9.4% from 1H 2023). Net income: AU$122.0m (up 75% from 1H 2023). Profit margin: 6.6% (up from 4.1% in 1H 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Basic Materials industry in Australia. Over the last 3 years on average, earnings per share has increased by 126% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Tillkännagivande • Dec 21
Boral Limited, Annual General Meeting, Oct 29, 2024 Boral Limited, Annual General Meeting, Oct 29, 2024. Tillkännagivande • Nov 28
Boral Limited to Report Q2, 2024 Results on Feb 09, 2024 Boral Limited announced that they will report Q2, 2024 results on Feb 09, 2024 Tillkännagivande • Sep 25
Boral Limited Announces Retirement of Karen Moses as Non-Executive Director Boral Limited announced the retirement of Karen Moses as a non-executive director of the Board effective the close of the Annual General Meeting on, 26 October 2023. Ms Moses has been a non-executive director of Boral since March 2016 and is the Chair of the Health, Safety and Environment Committee and a member of the Audit and Risk and Independent and Related Party Committees. Buying Opportunity • Aug 30
Now 23% undervalued Over the last 90 days, the stock is up 15%. The fair value is estimated to be AU$5.99, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 3.3% per annum. Earnings is also forecast to grow by 12% per annum over the same time period. Valuation Update With 7 Day Price Move • Aug 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to AU$5.10, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 19x in the Basic Materials industry in Australia. Total returns to shareholders of 138% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at AU$6.05 per share. Tillkännagivande • Aug 12
Boral Limited Announces Company Secretary Changes Boral Limited (Boral) announced that Jean-Paul Wallace was appointed General Counsel on 1 August 2023 and has been appointed as Company Secretary effective 11 August 2023. In accordance with ASX Listing Rule 3.16.1, the company announced that Peter Lim, Interim General Counsel and CompanySecretary, has resigned as Company Secretary of Boral also with effect from 11 August 2023. In accordance with ASX Listing Rule 12.6, Jean-Paul Wallace is now responsible for communication with the ASX in relation to Listing Rule matters. Reported Earnings • Aug 11
Full year 2023 earnings released: EPS: AU$0.14 (vs AU$0.015 loss in FY 2022) Full year 2023 results: EPS: AU$0.14 (up from AU$0.015 loss in FY 2022). Revenue: AU$3.46b (up 17% from FY 2022). Net income: AU$158.0m (up AU$175.0m from FY 2022). Profit margin: 4.6% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Basic Materials industry in Australia. Over the last 3 years on average, earnings per share has increased by 123% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 03
Now 20% undervalued Over the last 90 days, the stock is up 7.5%. The fair value is estimated to be AU$5.38, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Buying Opportunity • Jul 18
Now 20% undervalued Over the last 90 days, the stock is up 13%. The fair value is estimated to be AU$5.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 4.1% per annum. Earnings is also forecast to grow by 24% per annum over the same time period. Tillkännagivande • Jun 06
Boral Limited Announces Board Changes, Effective June 30, 2023 Boral Limited announced the retirement of Paul Rayner as a non-executive Director of the Board effective 30 June 2023. Mr. Rayner has been a non-executive Director of Boral since 5 September 2008, and serves as the Chairman of the Audit & Risk Committee. Mark Johnson has been appointed the Chairman of the Audit & Risk Committee, effective 30 June 2023. During his time as Chairman of the Audit & Risk Committee, Paul oversaw improvements in the Committee's processes and activities to ensure it added value to the group's financial reporting and risk management functions. Tillkännagivande • May 09
Boral Limited, Annual General Meeting, Oct 26, 2023 Boral Limited, Annual General Meeting, Oct 26, 2023. Tillkännagivande • May 08
Boral Limited to Report Fiscal Year 2023 Results on Aug 10, 2023 Boral Limited announced that they will report fiscal year 2023 results on Aug 10, 2023 Tillkännagivande • Feb 08
Boral Limited Provides Earnings Guidance for the Second Half of Fiscal Year 2023 Boral Limited provides earnings guidance for the second half of fiscal year 2023. The company expects second half of fiscal year 2023 EBIT to be broadly in line with first half fiscal year 2023. Reported Earnings • Feb 08
First half 2023 earnings released: EPS: AU$0.063 (vs AU$0.02 in 1H 2022) First half 2023 results: EPS: AU$0.063 (up from AU$0.02 in 1H 2022). Revenue: AU$1.68b (up 12% from 1H 2022). Net income: AU$69.6m (up 219% from 1H 2022). Profit margin: 4.1% (up from 1.5% in 1H 2022). Revenue is forecast to grow 3.8% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Basic Materials industry in Australia. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Tillkännagivande • Jan 27
Boral Limited to Report First Half, 2023 Results on Feb 08, 2023 Boral Limited announced that they will report first half, 2023 results on Feb 08, 2023 Board Change • Dec 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO, MD & Executive Director Vik Bansal was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Nov 16
Independent Non-Executive Director recently bought AU$56k worth of stock On the 8th of November, Jacqueline Chow bought around 20k shares on-market at roughly AU$2.80 per share. This transaction increased Jacqueline's direct individual holding by 20x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth AU$75k. Insiders have collectively bought AU$470k more in shares than they have sold in the last 12 months. Board Change • Oct 18
High number of new and inexperienced directors There are 5 new directors who have joined the board in the last 3 years. The company's board is composed of: 5 new directors. 1 experienced director. 1 highly experienced director. Independent Non-Executive Director Paul Rayner is the most experienced director on the board, commencing their role in 2008. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Recent Insider Transactions • Sep 02
Independent Non-Executive Director recently bought AU$75k worth of stock On the 29th of August, Alan Robert Sindel bought around 25k shares on-market at roughly AU$3.00 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought AU$414k more in shares than they have sold in the last 12 months. Reported Earnings • Aug 24
Full year 2022 earnings released: AU$0.015 loss per share (vs AU$0.016 profit in FY 2021) Full year 2022 results: AU$0.015 loss per share (down from AU$0.016 profit in FY 2021). Revenue: AU$2.96b (up 1.1% from FY 2021). Net loss: AU$17.0m (down 189% from profit in FY 2021). Over the next year, revenue is forecast to grow 9.2%, compared to a 12% growth forecast for the Basic Materials industry in Australia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Jacqueline Chow was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Jacqueline Chow was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 17
First half 2022 earnings: Revenues exceed analyst expectations First half 2022 results: Revenue: AU$2.38b (down 12% from 1H 2021). Net income: AU$145.0m (up 26% from 1H 2021). Profit margin: 6.1% (up from 4.3% in 1H 2021). Revenue exceeded analyst estimates by 23%. Over the next year, revenue is forecast to grow 34%, compared to a 18% growth forecast for the industry in Australia. Buying Opportunity • Feb 05
Now 41% undervalued after recent price drop Over the last 90 days, the stock is down 42%. The fair value is estimated to be AU$6.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 17% per annum over the last 3 years. The company has become profitable over the last year. Recent Insider Transactions • Dec 26
CEO, MD & Director recently bought AU$239k worth of stock On the 21st of December, Zlatko Todorcevski bought around 39k shares on-market at roughly AU$6.05 per share. This was the largest purchase by an insider in the last 3 months. Zlatko has been a buyer over the last 12 months, purchasing a net total of AU$747k worth in shares. Reported Earnings • Sep 25
Full year 2021 earnings released: EPS AU$0.016 (vs AU$0.013 loss in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2021 results: Revenue: AU$2.92b (down 6.2% from FY 2020). Net income: AU$19.1m (up AU$34.7m from FY 2020). Profit margin: 0.7% (up from net loss in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 26
Full year 2021 earnings released: EPS AU$0.43 (vs AU$0.95 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: AU$5.85b (up 3.1% from FY 2020). Net income: AU$5.61b (up AU$6.75b from FY 2020). Profit margin: 96% (up from net loss in FY 2020). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Executive Departure • Aug 04
Independent Non-Executive Chairman Kathryn Fagg has left the company On the 30th of July, Kathryn Fagg's tenure as Independent Non-Executive Chairman ended after 3.1 years in the role. As of March 2021, Kathryn still personally held 127.35k shares (AU$702k worth at the time). A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.13 years, which is considered inexperienced in the Simply Wall St Risk Model. Board Change • Aug 02
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Non-Executive Chairman Ryan Stokes was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Mar 10
New 90-day high: AU$5.54 The company is up 16% from its price of AU$4.78 on 10 December 2020. The Australian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$8.23 per share. Recent Insider Transactions • Feb 24
Independent Non-Executive Director recently bought AU$76k worth of stock On the 19th of February, Deborah O’Toole bought around 15k shares on-market at roughly AU$5.09 per share. In the last 3 months, there was an even bigger purchase from another insider worth AU$508k. Insiders have collectively bought AU$880k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Feb 17
CEO, MD & Director recently bought AU$508k worth of stock On the 10th of February, Zlatko Todorcevski bought around 100k shares on-market at roughly AU$5.08 per share. This was the largest purchase by an insider in the last 3 months. Zlatko has been a buyer over the last 12 months, purchasing a net total of AU$513k worth in shares. Analyst Estimate Surprise Post Earnings • Feb 12
Revenue misses expectations Revenue missed analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 1.1%, compared to a 9.1% growth forecast for the Basic Materials industry in Australia. Reported Earnings • Feb 10
First half 2021 earnings released: EPS AU$0.094 (vs AU$0.10 in 1H 2020) The company reported a soft first half result with weaker earnings and revenues, although profit margins were improved. First half 2021 results: Revenue: AU$2.70b (down 8.7% from 1H 2020). Net income: AU$115.4m (down 2.7% from 1H 2020). Profit margin: 4.3% (up from 4.0% in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Feb 03
New 90-day high: AU$5.22 The company is up 6.0% from its price of AU$4.93 on 05 November 2020. The Australian market is up 11% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is AU$7.72 per share. Tillkännagivande • Jan 16
Boral Reportedly Hires BoA for US Sell-Off Boral Limited (ASX:BLD) is forging ahead with a potential $2 billion sale of its US building products unit after appointing Bank of America to advise on a deal amid mounting shareholder pressure for a divestment. Boral said in October 2020 it would consider offloading its US building products businesses after receiving interest from suitors, depending on performance. Sources told The Australian the appointment of the investment bank was a clear signal Boral was now looking for a sale in 2021 in a process that could fetch the Sydney-based company $2 billion given the current strength in the US construction market. Shareholders including its largest investor, the Kerry Stokes-controlled Seven Group, have been pushing for it to offload its underperforming US division to unlock value for investors, particularly after it took a hefty $1.2 billion write down at its results, underlining the loss of value in the business. Boral is understood to be moving towards receiving formal offers from bidders. If it does sell US assets, it will mark yet another retreat by an Australian company from an offshore foray since Headwaters was acquired for $3.5 billion in late 2016. The mandate win for Bank of America saw the firm draw on its strong credentials and relationships in the US, and pip Macquarie Capital which had been Boral’s long-time adviser. Other US investment banks had also been jostling for the advisory role. The Australian’s Dataroom column revealed in October that Bank of America was in a strong position to win the sell-side Boral role. Bank of America is also close to Boral’s new Chief Executive Officer Zlatko Todorcevski, given his former role as Brambles’ Chief Financial Officer. The logistics group used Bank of America as a strategic adviser. Morgan Stanley upgraded Boral to overweight on January 14, 2021, saying further transformation was to come, including potential asset sales. “Boral has flagged an intention to test the market in 2021 and we believe that a favourable outcome could represent meaningful valuation upside for Boral,” the broker said. Cost-out initiatives and strengthening markets including momentum in housing may deliver a strong result for the company. The construction player said in October it would also look at new supply options for its fly-ash business, championed by Mr. Kane, due to the decline of coal-fired power plants in the US. It remains open to a divestment of fly-ash in addition to building products but said one buyer was unlikely to scoop up both. As Boral gets a sales process under way, investment bankers and lawyers are gearing up for a busy 2021 for takeovers and divestments. Tillkännagivande • Dec 19
General Shale Brick, Inc. signed an agreement to acquire Meridian Brick LLC from Lone Star Funds (Unspecified Vehicle), managed by Lone Star Americas Acquisitions, Inc. and Boral Limited (ASX:BLD) for approximately $250 million. General Shale Brick, Inc. signed an agreement to acquire Meridian Brick LLC from Lone Star Funds (Unspecified Vehicle), managed by Lone Star Americas Acquisitions, Inc. and Boral Limited (ASX:BLD) for approximately $250 million on December 18, 2020. The purchase price of $250 million is subject to customary adjustments. Boral will receive $125 million for it's 50% share in Meridian Brick LLC. The transaction consideration will be financed from existing credit lines. Meridian Brick generated revenues in excess of $400 million in the financial year to June 30, 2020. As part of this process, Meridian’s leadership was refreshed with the appointment of a new Chief Executive Officer in December 2018, and a stronger focus on improving performance. Meridian Brick employees will be joining General Shale. The transaction is subject to various closing conditions and regulatory approvals. The transaction is also subject to competition clearance and satisfaction of other conditions typical for a transaction of this nature. Completion of the transaction is targeted to occur in the first half of 2021. The acquisition will immediately double Wienerberger’s (parent entity of General Shale) North American revenues to greater than $800 million. Wienerberger AG expected EBITDA for North America is greater than $120 million post synergies by 2023. Tillkännagivande • Oct 29
Boral Limited Announces Board Changes Boral Limited announced that John Marlay, who joined the Board in December 2009 and Eileen Doyle, who joined in March 2010, will retire from the Board of Boral. Tillkännagivande • Oct 27
Gebr. Knauf KG entered into an agreement to acquire 50% stake in USG Boral Joint Venture from Boral Limited (ASX:BLD) for $1 billion. Gebr. Knauf KG entered into an agreement to acquire 50% stake in USG Boral Joint Venture from Boral Limited (ASX:BLD) for $1 billion on October 27, 2020. If either party terminates Gebr. Knauf must pay to Boral a termination fee of $50 million. Prior to transaction close, Boral to receive a normal dividend of $32 million from USG Boral. Purchase price represents an attractive multiple of 15.1 times FY2020 normalized EBITDA of AUD 190 million ($131.2 million). Transaction is subject to typical conditions precedent including in relation to regulatory matters. The transaction is expected to close in FY2021. Final cash proceeds from the transaction are subject to typical post completion adjustments and will be applied to reduce net debt and fund growth investment in the retained portfolio. Tillkännagivande • Oct 15
Kathryn Fagg to Retire from the Board of Boral Limited In advance of Boral's Annual General Meeting (AGM) to be held on 27 October 2020, the Board has engaged with shareholders and listened to concerns that have been raised regarding director accountability for past performance and, for some shareholders, the level of current Board representation by Seven Group Holdings having regard to the level of uncertainty around Board renewal. The Board respects the position of shareholders on both issues. Boral's Chairman, Kathryn Fagg, has indicated that she is willing to retire from the Board. Tillkännagivande • Sep 22
A consortium of investors including Linc Property, Birchmead Property Group and Fini Group Pty Ltd. entered into an agreement to acquire Midland Brick from Boral Limited (ASX:BLD) for AUD 86 million. A consortium of investors including Linc Property, Birchmead Property Group and Fini Group Pty Ltd. entered into an agreement to acquire Midland Brick from Boral Limited (ASX:BLD) for AUD 86 million on August 23, 2019. The transaction is s subject to a number of customary pre-closing conditions (including third party consents and approval from The Australian Competition and Consumer Commission ) and is expected to complete by the end of this calendar year, or soon after. Proceeds from the sale will be used to reduce debt and fund strategic growth opportunities. As of February 10, 2020, transaction is expected to complete in second half of FY2020. As of August 28, 2020, transaction is expected to complete in FY2021. Stephen Dobbs and Malika Chandrasegaran of Herbert Smith Freehills acted as legal advisor to Boral Limited. Squire Patton Boggs acted as legal advisor to Linc Property Pty Ltd, Fini Group Pty Ltd. and Birchmead Pty Ltd. Tillkännagivande • Aug 30
Boral Limited Unable to Provide Guidance on Fiscal Year 2021 Boral Limited unable to provide guidance on fiscal year 2021. The business environment remains challenging with continued disruptions and risks due to COVID-19, declining demand in key housing markets and mixed views on market recovery. At this point in time, the company unable to provide guidance on fiscal year 2021 due to insufficient market visibility and uncertainty. Tillkännagivande • Aug 24
Boral Limited Determines Not to Pay Final Dividend for Fiscal 2020 The Board of Boral Limited has determined not to pay a final dividend for FY2020 given the significant uncertainty in the economic outlook and on the basis that Boral's interim dividend of 9.5 cents per share paid on 15 April 2020 represents approximately 63% of full year earnings. This payout ratio is in line with Boral's dividend policy to pay 50% to 70% of earnings before significant items, subject to the Company's financial position. 
