BT 2002 Annual Report Download - page 143

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Demerger of mmO2
The con®rmed of®cial opening prices for BT Group and mmO2 shares following the demerger were 285.75p and 82.75p,
respectively. This means that, of the total (combined) value of 368.50p, 77.544% is attributable to BT Group and 22.456%
to mmO2. Accordingly, for CGT calculations, the base cost of your BT Group shares and mmO2 shares is calculated by
multiplying the acquisition cost of your BT shareholding by 77.544% and 22.456%, respectively.
Analysis of shareholdings Ordinary shares
of 5p each
Size of shareholding
at 31 March 2002
Number of
shareholders
Percentage
of total
Number of
shares held
(millions)
Percentage
of total
1 ± 399 695,260 40.8 147 1.7
400 ± 799 506,290 29.7 281 3.2
800 ± 1,599 309,893 18.2 345 4.0
1,600 ± 9,999 186,213 10.9 524 6.0
10,000 ± 99,999 5,187 0.3 111 1.3
100,000 ± 999,999 1,276 0.1 471 5.4
1,000,000 ± 4,999,999 447 0.0 987 11.4
5,000,000 and above
a,b,c
225 0.0 5,805 67.0
Total 1,704,791 100.0 8,671 100.0
d
a
25 million shares were held in trust by Ilford Trustees (Jersey) Limited for allocation to employees under the employee share schemes.
b
Under the BT Employee Share Ownership Scheme, 21 million shares were held in trust on behalf of 121,949 participants who were bene®cially entitled to the
shares. 131 million shares were held in the BT Group EasyShare corporate nominee service on behalf of 118,891 bene®cial owners.
c
159 million shares were represented by ADSs. Analysis by size of holding is not available for this holding.
d
14.8% of the shares were in 1,656,830 individual holdings, of which 148,785 were joint holdings, and 85.2% of the shares were in 47,961 institutional
holdings.
So far as the company is aware, no person is the bene®cial owner of more than 5% of the company's ordinary shares, nor
is the company directly or indirectly owned or controlled by another corporation or by the UK Government or any other
foreign government or by any other natural or legal person severally or jointly. There are no arrangements known to the
company the operation of which may at a subsequent date result in a change in control of the company.
At 16 May 2002, there were 8,670,734,162 ordinary shares outstanding. At the same date, approximately 16.2 million
ADSs (equivalent to 162 million ordinary shares, or approximately 1.87% of the total number of ordinary shares outstanding
on that date) were outstanding and were held by 2,420 record holders of ADRs.
Dividends
Since shortly after its incorporation in 1984, British Telecommunications plc paid interim dividends annually in February and
®nal dividends in September. The interim dividend paid in February 2001 was at the same rate as in the previous year.
However, as part of BT's debt reduction and restructuring plans, the Board did not recommend the payment of a ®nal
dividend to shareholders for the year ended 31 March 2001. In addition, the company announced that there would be no
interim dividend for the year ending 31 March 2002.
The Board has proposed a ®nal dividend in respect of the year ended 31 March 2002, to be paid on 9 September
2002 to shareholders on the register on 9 August 2002, and expects to resume regular payments thereafter. The level of
dividend that BT expects to pay in the future will be dependent on the future performance of the business.
The dividends paid or payable on BT shares and ADSs for the last ®ve years are shown in the following table. The
dividends shown include an adjustment to take account of the effect of a special dividend of 35 pence per share, excluding
the associated tax credit, or £4.375 (US$7.002) per ADS, including the UK associated tax credit, which was paid at the
same time as the ®nal dividend for the 1997 ®nancial year. The dividends on the ordinary shares exclude the associated tax
credit. The dividends on the ADSs paid before 5 April 1999 include the associated UK tax credit available to certain
bene®cial owners who are resident in the United States or Canada for tax purposes, but before deduction of UK
withholding taxes. The amounts shown are not those that were actually paid to holders of ADSs. For the tax treatment of
dividends, which changed for dividends paid on or after 6 April 1999, see Taxation of dividends below. Dividends have
been translated from pounds sterling into US dollars using exchange rates prevailing on the date the ordinary dividends
were paid.
Additional information for shareholders
142 BT Group Annual Report and Form 20-F 2002