BP 2013 Annual Report Download - page 278

Called-up share capital
Details of the allotted, called-up and fully-paid share capital at
31 December 2013 are set out in Financial statements – Note 31.
At the AGM on 11 April 2013, authorization was given to the directors to
allot shares up to an aggregate nominal amount equal to $3,194 million.
Authority was also given to the directors to allot shares for cash and to
dispose of treasury shares, other than by way of rights issue, up to a
maximum of $240 million, without having to offer such shares to existing
shareholders. These authorities were given for the period until the next
AGM in 2014 or 11 July 2014, whichever is the earlier. These authorities
are renewed annually at the AGM.
Share prices and listings
Markets and market prices
The primary market for BP’s ordinary shares is the London Stock
Exchange (LSE). BP’s ordinary shares are a constituent element of the
Financial Times Stock Exchange 100 Index. BP’s ordinary shares are also
traded on the Frankfurt Stock Exchange in Germany.
Trading of BP’s shares on the LSE is primarily through the use of the
Stock Exchange Electronic Trading Service (SETS), introduced in 1997 for
the largest companies in terms of market capitalization whose primary
listing is the LSE. Under SETS, buy and sell orders at specific prices may
be sent electronically to the exchange by any firm that is a member of the
LSE, on behalf of a client or on behalf of itself acting as a principal. The
orders are then anonymously displayed in the order book. When there is a
match on a buy and a sell order, the trade is executed and automatically
reported to the LSE. Trading is continuous from 8.00 a.m. to 4.30 p.m. UK
time but, in the event of a 20% movement in the share price either way,
the LSE may impose a temporary halt in the trading of that company’s
shares in the order book to allow the market to re-establish equilibrium.
Dealings in ordinary shares may also take place between an investor and
a market-maker, via a member firm, outside the electronic order book.
In the US, BP’s securities are traded on the New York Stock Exchange
(NYSE) in the form of ADSs, for which JPMorgan Chase Bank, N.A. is the
depositary (the Depositary) and transfer agent. The Depositary’s principal
office is 1 Chase Manhattan Plaza, N.A., Floor 58, New York, NY 10005-
1401, US. Each ADS represents six ordinary shares. ADSs are listed on
the NYSE. ADSs are evidenced by American depositary receipts (ADRs),
which may be issued in either certificated or book entry form.
The following table sets forth, for the periods indicated, the highest and
lowest middle market quotations for BP’s ordinary shares and ADSs for
the periods shown. These are derived from the highest and lowest intra-
day sales prices as reported on the LSE and NYSE, respectively.
Pence Dollars
Ordinary shares American depositary sharesa
High Low High Low
Year ended 31 December
2009 613.40 400.00 60.00 33.70
2010 658.20 296.00 62.38 26.75
2011 514.90 361.25 49.50 33.62
2012 512.00 388.56 48.34 36.25
2013 494.20 426.50 48.65 39.99
Year ended 31 December
2012: First quarter 512.00 455.05 48.34 42.53
Second quarter 475.47 388.56 45.60 36.25
Third quarter 456.00 415.60 44.16 39.13
Fourth quarter 464.71 416.35 43.90 39.58
2013: First quarter 482.33 426.50 45.45 39.99
Second quarter 485.43 437.25 44.27 40.12
Third quarter 477.53 430.30 43.75 40.51
Fourth quarter 494.20 426.55 48.65 41.30
2014: First quarter (to 18 February) 499.90 463.80 49.63 45.83
Month of
September 2013 458.28 430.85 42.86 41.08
October 2013 491.27 426.55 46.65 41.30
November 2013 494.20 474.10 48.03 45.72
December 2013 491.26 464.15 48.65 45.30
January 2014 499.90 470.15 49.20 46.62
February 2014 (to 18 February) 495.85 463.80 49.63 45.83
aOne ADS is equivalent to six 25 cent ordinary shares.
Source: Thomson Reuters Datastream.
Market prices for the ordinary shares on the LSE and in after-hours
trading off the LSE, in each case while the NYSE is open, and the market
prices for ADSs on the NYSE, are closely related due to arbitrage among
the various markets, although differences may exist from time to time.
On 18 February 2014, 876,828,675.5 ADSs (equivalent to approximately
5,260,972,053 ordinary shares or some 28.51% of the total issued share
capital, excluding shares held in treasury) were outstanding and were
held by approximately 100,614 ADS holders. Of these, about 99,394 had
registered addresses in the US at that date. One of the registered holders
of ADSs represents some 868,478 underlying holders.
On 18 February 2014, there were approximately 279,391 ordinary
shareholders. Of these shareholders, around 1,574 had registered
addresses in the US and held a total of some 4,286,769 ordinary shares.
Since a number of the ordinary shares and ADSs were held by brokers
and other nominees, the number of holders in the US may not be
representative of the number of beneficial holders of their respective
country of residence.
Dividends
BP’s current policy is to pay interim dividends on a quarterly basis on its
ordinary shares.
BP’s current policy is also to announce dividends for ordinary shares in
US dollars and state an equivalent sterling dividend. Dividends on BP
ordinary shares will be paid in sterling and on BP ADSs in US dollars. The
rate of exchange used to determine the sterling amount equivalent is the
average of the market exchange rates in London over the four business
days prior to the sterling equivalent announcement date. The directors may
choose to declare dividends in any currency provided that a sterling
equivalent is announced, but it is not the company’s intention to change its
current policy of announcing dividends on ordinary shares in US dollars.
Information regarding dividends announced and paid by the company on
ordinary shares and preference shares is provided in Financial statements
– Note 12.
274 BP Annual Report and Form 20-F 2013