I recently met with the large US-based activist hedge fund, Elliott Management, that is currently targeting BHP (ASX: BHP).

Elliott Management has proposed a collapsing of BHP's dual-listing structure in the UK and divestment of its onshore oil and gas assets in the US.

We believe there is merit to Elliott Management's proposal, and if BHP were to act, it would create an opportunity for franking credits to be delivered to shareholders.

We own BHP as a market-driven investment in WAM Leaders (ASX: WLE) and Century Australia (ASX: CYA).



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