BT 1999 Annual Report Download - page 110

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109
Background
The company was incorporated under the laws of England and Wales on 1 April 1984 as a public limited company wholly owned
by Her Majesty’s Government of the United Kingdom. In a series of three offers to the public, HM Government reduced its holding
from 100% in December 1984 to less than 1% in July 1993. HM Government now owns less than 0.2% of the outstanding
ordinary shares.
Listings
The principal listing of BT’s ordinary shares is on the London Stock Exchange. The shares are also listed on the Tokyo Stock
Exchange. American Depositary Shares (ADSs), each representing 10 ordinary shares, have been issued by Morgan Guaranty
Trust Company of New York, as Depositary for the American Depositary Receipts (ADRs) evidencing the ADSs, and are listed
on the New York Stock Exchange. ADSs also trade, but are not listed, on the London Stock Exchange. Trading on the New York
Stock Exchange is under the symbol “BTY”. BT shares are traded on the Tokyo Stock Exchange under the Code “9484”.
Share and ADS prices
Pence per ordinary
share US$ per ADS
!!!0150111!!!0150111
High Low High Low
pence pence $ $
!!!0150111!!!0150111
YEAR ENDED 31 MARCH 1997
1 April – 30 June 1996 3821⁄23261⁄2585⁄8491⁄4
1 July – 30 September 1996 397 336 601⁄253
1 October – 31 December 1996 410 345 683⁄4541⁄8
1 January – 31 March 1997 4611⁄2393 733⁄4663⁄8
00000000001!!!0150111!!!0150111
YEAR ENDED 31 MARCH 1998
1 April – 30 June 1997 4821⁄2424 783⁄4691⁄2
1 July – 30 September 1997 5011⁄23791⁄2821⁄2607⁄8
1 October – 31 December 1997 4831⁄24391⁄2813⁄4717⁄8
1 January – 31 March 1998 685 4803⁄41137⁄8797⁄8
00000000001!!!0150111!!!0150111
YEAR ENDED 31 MARCH 1999
1 April – 30 June 1998 757 630 1257⁄16 1021⁄4
1 July – 30 September 1998 902 7451⁄21483⁄41241⁄4
1 October – 31 December 1998 908 676 1541⁄41163⁄8
1 January – 31 March 1999 1,1181⁄28991⁄217915⁄16 1481⁄4
00000000001!!!0150111!!!0150111
YEAR ENDING 31 MARCH 2000
1 April – 18 May 1999 1,089 970 1751⁄8159
00000000001!!!0150111!!!0150111
The prices are the highest and lowest closing middle market prices for BT ordinary shares, as derived from the Daily Official List of
the London Stock Exchange and the highest and lowest sales prices of ADSs, as reported on the New York Stock Exchange
composite tape.
Fluctuations in the exchange rate between the pound sterling and the US dollar affect the dollar equivalent of the pound sterling
price of the company’s ordinary shares on the London Stock Exchange and, as a result, are likely to affect the market price of the
ADSs on the New York Stock Exchange.
Additional information for shareholders