BP 2011 Annual Report Download - page 243

BP Annual Report and Form 20-F 2011 241
Financial statements
Notes on financial statements
38. Called-up share capital
The allotted, called up and fully paid share capital at 31 December was as follows:
2011 2010 2009
Shares
thousand $ million
Shares
thousand $ million
Shares
thousand $ million
8% cumulative first preference shares of £1 eacha7,233 12 7,233 12 7,233 12
9% cumulative second preference shares of £1 eacha5,473 95,473 95,473 9
21 21 21
Ordinary shares of 25 cents each
At 1 January 20,647,160 5,162 20,629,665 5,158 20,618,458 5,155
Issue of new shares for the scrip dividend programme 165,601 41 – – – –
Issue of new shares for employee share plansb649 –17,495 411,207 3
At 31 December 20,813,410 5,203 20,647,160 5,162 20,629,665 5,158
5,224 5,183 5,179
a The nominal amount of 8% cumulative first preference shares and 9% cumulative second preference shares that can be in issue at any time shall not exceed £10,000,000 for each class of preference
shares.
b The nominal value of new shares issued for the employee share plans in 2011 amounted to $162,000. Consideration received relating to the issue of new shares for employee share plans amounted to
$4 million (2010 $138 million and 2009 $84 million).
Voting on substantive resolutions tabled at a general meeting is on a poll. On a poll, shareholders present in person or by proxy have two votes for every
£5 in nominal amount of the first and second preference shares held and one vote for every ordinary share held. On a show-of-hands vote on other
resolutions (procedural matters) at a general meeting, shareholders present in person or by proxy have one vote each.
In the event of the winding up of the company, preference shareholders would be entitled to a sum equal to the capital paid up on the preference
shares, plus an amount in respect of accrued and unpaid dividends and a premium equal to the higher of (i) 10% of the capital paid up on the preference
shares and (ii) the excess of the average market price of such shares on the London Stock Exchange during the previous six months over par value.
Treasury shares
2011 2010 2009
Shares
thousand
Nominal value
$ million
Shares
thousand
Nominal value
$ million
Shares
thousand
Nominal value
$ million
At 1 January 1,850,699 462 1,869,777 467 1,888,151 472
Shares gifted to ESOPs – – – – (1,265) (1)
Shares transferred to ESOPs at market price – – (7,125) (2) – –
Shares re-issued for employee share plans (13,191) (3) (11,953) (3) (17,109) (4)
At 31 December 1,837,508 459 1,850,699 462 1,869,777 467
For each year presented, the balance at 1 January represents the maximum number of shares held in treasury during the year, representing 9.0% (2010
9.1% and 2009 9.2%) of the called-up ordinary share capital of the company.
During 2011, the movement in treasury shares represented less than 0.1% (2010 less than 0.1% and 2009 less than 0.1%) of the ordinary share
capital of the company.