Unilever 2008 Annual Report Download - page 158

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Shareholder information continued
Unilever Annual Report and Accounts 2008 155
Shareholder information
Nature of the trading market
The principal trading markets upon which Unilever shares are
listed are Euronext Amsterdam for NV depositary receipts of
ordinary and preference shares and the London Stock Exchange
for PLC ordinary shares. NV ordinary shares mainly trade in the
form of depositary receipts for shares.
In the United States, NV New York Registry Shares and PLC
American Depositary Receipts are traded on the New York Stock
Exchange. Citibank, N.A. acts for NV and PLC as issuer, transfer
agent and, in respect of the PLC American Depositary Receipts,
depositary.
There have not been any significant trading suspensions in the
past three years.
At 27 February 2009 there were 5 976 registered holders of NV
New York Registry Shares and 846 registered holders of PLC
American Depositary Receipts in the United States. We estimate
that approximately 17% of NV’s ordinary shares were held in the
United States (approximately 18% in 2007), while most holders
of PLC ordinary shares are registered in the United Kingdom –
approximately 99% in 2008 and in 2007.
NV and PLC are separate companies with separate stock exchange
listings and different shareholders. Shareholders cannot convert
or exchange the shares of one for shares of the other and the
relative share prices on the various markets can, and do,
fluctuate. Each NV ordinary share now represents the same
underlying economic interest in the Unilever Group as each PLC
ordinary share (save for exchange rate fluctuations).
If you are a shareholder of NV, you have an interest in a Dutch
legal entity, your dividends will be paid in euros (converted into
US dollars if you have shares registered in the United States) and
you may be subject to tax in the Netherlands. If you are a
shareholder of PLC, your interest is in a UK legal entity, your
dividends will be paid in sterling (converted into US dollars if you
have American Depositary Receipts) and you may be subject to
UK tax. Nevertheless, the Equalisation Agreement means that as
a shareholder of either company you effectively have an interest
in the whole of Unilever. You have largely equal rights over our
combined net profit and capital reserves as shown in the
consolidated accounts. See Equalisation Agreement on pages 51
and 52.
As announced on 5 February 2009, at the 2009 AGMs and at
separate Meetings of Ordinary Shareholders we will be proposing
resolutions to authorise the Directors to modify the Equalisation
Agreement to facilitate the payment of quarterly dividends from
2010 onwards. This will allow us to change to a simpler and more
transparent dividend practice for the Unilever Group. These
changes will result in more frequent payments to shareholders,
and better align with the cash flow generation of the business.
The high and low trading prices for the separate stock exchange
listings are shown in the tables on the following page.