On 9 November, the Santos board concluded its strategic review with a A$3.5 billion (US$2.45 billion) fundraising proposal. It includes a A$2.5 billion (US$1.75 billion) equity entitlement offer, A$500 million (US$350 million) share placement to Chinese private equity firm Hony Capital, and the sale of Santos' Kipper interest to Mitsui for A$520 million (US$364 million). Kevin Gallagher, currently CEO of oil services firm Clough and ex-head of North West Shelf at Woodside, will be appointed Santos CEO in early 2016. Santos will also initiate a revised dividend framework based on a minimum 40% pay-out ratio (underlying net profits after tax). With finances more stable, Santos and its new CEO now have time to consider further portfolio moves without the perception that the company is a distressed seller.