BP 2014 Annual Report Download - page 156

29. Called-up share capital
The allotted, called up and fully paid share capital at 31 December was as follows:
2014 2013 2012
Issued
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 9 5,473 9 5,473 9
21 21 21
Ordinary shares of 25 cents each
At 1 January 20,426,632 5,108 20,959,159 5,240 20,813,410 5,203
Issue of new shares for the scrip dividend programme 165,644 41 202,124 51 138,406 35
Issue of new shares for employee share-based payment plansb25,598 6 18,203 5 7,343 2
Repurchase of ordinary share capitalc(611,913) (153) (752,854) (188) – –
At 31 December 20,005,961 5,002 20,426,632 5,108 20,959,159 5,240
5,023 5,129 5,261
aThe 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.
bConsideration received relating to the issue of new shares for employee share-based payment plans amounted to $207 million (2013 $116 million and 2012 $47 million).
cPurchased for a total consideration of $4,796 million, including transaction costs of $26 million (2013 $5,493 million, including transaction costs of $30 million). All shares purchased were for
cancellation. The repurchased shares represented 3% of ordinary share capital.
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.
In 2014, the company completed the $8-billion share repurchase programme announced on 22 March 2013 and further continuation of share buybacks
was announced on 29 April 2014. During the year, the company repurchased 612 million ordinary shares at a cost of $4,770 million (2013 753 million
ordinary shares at a cost of $5,463 million). The number of shares in issue is reduced when shares are repurchased, but is not reduced in respect of
the year-end commitment to repurchase shares subsequent to the end of the year, for which an amount of $nil has been accrued at 31 December
2014 (2013 $1,430 million).
Treasury sharesa
2014 2013 2012
Shares
thousand
Nominal value
$ million
Shares
thousand
Nominal value
$ million
Shares
thousand
Nominal value
$ million
At 1 January 1,787,939 447 1,823,408 455 1,837,508 459
Shares re-issued for employee share-based payment plans (16,836) (4) (35,469) (8) (14,100) (4)
At 31 December 1,771,103 443 1,787,939 447 1,823,408 455
aExcluding shares held by ESOPs, see Note 30 for more information.
For each year presented, the balance at 1 January represents the maximum number of shares held in treasury during the year, representing 8.8%
(2013 8.7% and 2012 8.8%) of the called-up ordinary share capital of the company.
During 2014, the movement in treasury shares represented less than 0.1% (2013 less than 0.2% and 2012 less than 0.1%) of the ordinary share capital
of the company.
152 BP Annual Report and Form 20-F 2014