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Daily Telegraph: Shell bows to UK investor pressure

Daily Telegraph: Shell bows to UK investor pressure

“Shell yesterday performed an embarrassing U-turn and offered new tax-free merger terms to British investors in Royal Dutch Petroleum:”: “However, Shell is risking the wrath of British shareholders in Royal Dutch who accepted the terms of the deal and have been left with a multi-million pound tax bill. Shell said that it believed it was not “appropriate” to compensate them.”: “I think they realised that they had made a big mistake. I don’t think they thought people would protest.”

Wednesday 21 Sept 2005

By Christopher Hope, Business Correspondent (Filed: 21/09/2005)

Shell yesterday performed an embarrassing U-turn and offered new tax-free merger terms to British investors in Royal Dutch Petroleum who were refusing to agree to the unification with Shell Transport & Trading.

However, Shell is risking the wrath of British shareholders in Royal Dutch who accepted the terms of the deal and have been left with a multi-million pound tax bill. Shell said that it believed it was not “appropriate” to compensate them. read more

At last Shell oil – but only for the squeaky wheels

Daily Telegraph: At last Shell oil – but only for the squeaky wheels

“…the treatment of the British Royal Dutch holders is one of Shell’s more disappointing episodes and an unwelcome throwback to its old reputation for corporate arrogance.”

Wednesday 21 Sept 2005

Finally some common sense is seeping out from the Shell lubyanka over the fate of British holders in Royal Dutch Petroleum. These were the unfortunate shareholders who were landed with a big tax bill after the oil and gas giant restructured.

Unfortunately, Shell’s tax-free solution comes too late for those unlucky souls who accepted the deal during the summer. Its loan note alternative only helps the noisy minority of Royal Dutch refuseniks who were rich and/or stubborn enough to hold out against the corporate might of Shell. The rest – mostly smaller investors who accepted under threat of a “Dutch squeeze-out” – get nothing. read more

Daily Mail: Shell’s pain is Cairn Energy’s gain

Daily Mail: Shell’s pain is Cairn Energy’s gain

“Canny Scottish operator Cairn bought the Indian fields three years ago for just £4m – from Shell.”

Wednesday 21 Sept 2005

By Ruth Sunderland

SHELL has been forced into a climb down following a row with 400 rebel private investors over the unification of its British and Dutch arms.

The dissident small shareholders had refused an offer from Shell to sell their shares in its former Dutch parent company because it would have landed them with 40pc capital gains tax bills.

The company will now offer a loan note to the rebels which can be exchanged for new shares -therefore avoiding a tax charge.

The UK side of Shell was united with its Netherlands counterpart this summer in a bid to improve transparency in the wake of last year’s oil reserves scandal. read more

Royal Dutch Shell offers way out of £77m tax bill

The Times: Royal Dutch Shell offers way out of £77m tax bill

“ROYAL DUTCH SHELL, the newly unified oil and gas group, has moved to appease a small group of disgruntled British shareholders by proposing a way to avoid a £77 million tax bill.”

Wednesday 21 Sept 2005

By Peter Klinger

ROYAL DUTCH SHELL, the newly unified oil and gas group, has moved to appease a small group of disgruntled British shareholders by proposing a way to avoid a £77 million tax bill.

The Anglo-Dutch group said yesterday that it would buy out remaining shareholders in its Royal Dutch arm either with cash or by issuing a loan note. The loan note, particularly applicable to British-based owners of Royal Dutch shares, could be exchanged for new “A” shares in the company without incurring capital gains tax. read more

Shell offers way out of tax glitch

Financial Times: Shell offers way out of tax glitch

“Royal Dutch Shell has belatedly found a solution to a problem that had created an immediate capital gains tax liability for some of its UK private shareholders.”: “There would be no compensation for shareholders who had already tendered their shares, Shell said.”

Wednesday 21 Sept 2005

By Clay Harris

Published: September 21 2005

Royal Dutch Shell has belatedly found a solution to a problem that had created an immediate capital gains tax liability for some of its UK private shareholders.

UK holders of Royal Dutch, one of the predecessor companies to the unified oil and gas group that was created in July, will now be offered a loan note alternative to the share exchange that was the basis of the original transaction.

That will allow any CGT liability to be deferred, although it comes too late for any investors who have already accepted the original offer. read more

Royal Dutch says to restructure subsidiaries

Reuters: Royal Dutch says to restructure subsidiaries

“The firm said the restructuring would require an extraordinary general meeting of shareholders and should be completed by the end of the year.”

Tuesday 20 Sept 2005

LONDON, Sept 20 (Reuters) – Oil major Royal Dutch Shell (RDSa.L: Quote, Profile, Research) said on Tuesday it was restructuring some subsidiary companies following the unification of its UK and Dutch arms.

As part of the restructuring, Royal Dutch will be merged into a subsidiary, Shell Petroleum NV, and the remaining shareholders in Royal Dutch will receive cash or, for UK resident shareholders if they prefer, loan notes exchangeable into Royal Dutch A shares.

The firm said the restructuring would require an extraordinary general meeting of shareholders and should be completed by the end of the year. read more

Royal Dutch Shell to clear up Dutch holding company minorities

AFX News Limited: Royal Dutch Shell to clear up Dutch holding company minorities

Tuesday 20 Sept 2005

09.20.2005, 04:05 AM

LONDON (AFX) – Royal Dutch Shell Group announced details of its plan to clear up minority shareholdings in its former Dutch holding company, following the restructuring of the Anglo-Dutch oil giant.

It said that Royal Dutch Petroleum will be merged into a new subsidiary, Shell Petroleum NV. Remaining minority shareholders in Royal Dutch Petroleum, accounting for about 1.5 pct of its equity, will receive cash or loan notes exchangeable into Royal Dutch Shell A shares. read more

Going Dutch? For some shareholders it is a far from equitable split

Daily Telegraph: Personal view: Going Dutch? For some shareholders it is a far from equitable split

“There have been a number of less-than-ideal constructions and reconstructions recently where the smaller shareholder feels hard-done by. Take the case of Shell, or Royal Dutch Shell as it is now known, as a particularly harsh example. Following on from its failure to state its oil and gas reserves correctly, it has instigated many changes, of which one is the “reunification” of the company.”

Monday 19 Sept 2005

By Angela Knight (Filed: 19/09/2005)

The British buy shares in companies and always have, but the privatisation of companies such as British Telecom in the 1980s, and demutualisation of the Halifax Building Society and others in the 1990s widened share-holding dramatically.

Now, although our major plcs may be “owned” by institutional fund managers and the like, 12m individuals hold shares and in more than one company. These days the UK is both a property and a share-owning democracy. read more

The buck stops on the boss’s desk

The Guardian (UK): The buck stops on the boss’s desk

“Let us ignore the damage done to his reputation a) by the very fact that Shell had about a quarter less oil in the ground than it had been claiming and b) by that email in which Shell’s exploration chief told Sir Phil he was “sick and tired” of the lying over the reserves.”: “Frankly, the extraordinarily arrogant Sir Phil should consider himself lucky still to have his knighthood.”

Wednesday September 14, 2005

Sir Phil was to blame for scandal

Sir Phil Watts, the former chairman of Shell, will probably go to his grave mumbling that the reserves scandal of 2004 which wiped billions off the value of the company had absolutely nothing to do with him.

Yesterday he lost an FSA tribunal case where he argued that he had been denied his right to reply when the financial regulator censured Shell for engaging in “unprecedented misconduct” and fined it a record £17m.

The censure did not name Watts, but the former Shell boss, who was forced to resign after the scandal, argued that it was an attack on his leadership, that the FSA allowed him to be identified in the media and damaged his reputation. read more

Reuters: ex-Shell boss loses appeal against UK regulator

Reuters: x-Shell boss loses appeal against UK regulator

“Philip Watts had argued that his reputation was unfairly impinged by the Financial Service Authority (FSA) ruling that the company, now called Royal Dutch Shell Plc, had engaged in “unprecedented misconduct” that resulted in market abuse, for which it was fined 17 million pounds ($31.06 million).”: Tuesday Sept 13, 2005

LONDON, Sept 13 (Reuters) – A UK tribunal has dismissed an appeal from the former chairman of the Shell oil group (RDSa.L: Quote, Profile, Research)

(RDSb.L: Quote, Profile, Research) against the UK financial regulator’s censure of the Anglo-Dutch company over the overstating of its oil reserves. read more

Shell move robs UK investors

The Sunday Times (UK): Shell move robs UK investors

“When the oil giant merged, British investors in the Dutch arm of the firm lost up to 25% of their holdings…”: “Many are elderly investors who have held the shares for decades and face tax bills of tens of thousands of pounds after their stock was converted into shares of the unified company, Royal Dutch Shell.”

Sunday 11 Sept 2005

When the oil giant merged, British investors in the Dutch arm of the firm lost up to 25% of their holdings, writes David Budworth

THOUSANDS of UK shareholders in Royal Dutch face an estimated £77m capital-gains-tax bill following its unification with Shell Transport & Trading, and the oil giant is being urged to offer compensation.

Many are elderly investors who have held the shares for decades and face tax bills of tens of thousands of pounds after their stock was converted into shares of the unified company, Royal Dutch Shell. read more

Daily Telegraph: ‘So we were all sacrificial lambs?’

Daily Telegraph: ‘So we were all sacrificial lambs?’

“Shell’s directors were aware that the company’s controversial restructuring would leave some of its British investors nursing a multi-million-pound tax bill months before the deal went through, according to a leaked telephone conversation with a senior Shell executive.”: “Peter Buckley, chairman of Caledonia Investments and one of the rebels, said: “It is pretty sad that Shell is spending a lot of money to rebuild their image and then goes on to score such an own goal. I think it is shabby of Shell.”

Saturday 10 September 2005

(Filed: 10/09/2005)

Shell knew its merger would land investors a hefty tax bill, reports Christopher Hope

Shell’s directors were aware that the company’s controversial restructuring would leave some of its British investors nursing a multi-million-pound tax bill months before the deal went through, according to a leaked telephone conversation with a senior Shell executive.

David Hunter raised doubts in a leaked phone call

Yesterday rebel investors in Royal Dutch Petroleum, who are holding out for a better deal, demanded to know why the board was willing to saddle them with the capital gains tax in the merger with Shell Transport & Trading to create Royal Dutch Shell. read more

Shell loses domain .com dispute

tld-resource.com: Shell loses domain .com dispute

Someone asked me: How could they loose this? The first two should obviously belong to Shell. Why did they loose the case?

9 Sept 2005

Forum: Domain Disputes

royaldutchshellgroup.com

royaldutchshellplc.com

(and tellshell.org)

POSTING

WIPO case Shell

Someone asked me: How could they loose this? The first two should obviously belong to Shell. Why did they loose the case?

The main reason for the respondent winning the dispute is that:

– it can’t be proven that the current owner registered the domains with bad intentions and is using the domain with conflicting business interests with Shell.

– the names aren’t registered marks only company names. read more

CommTech Newsletter: Shell complaints sites keep their domain names

CommTech Newsletter (e-update): Shell complaints sites keep their domain names

“The WIPO panel found unanimously that although the domain names were identical or similar to Shell’s various trade names, Mr Donovan had a prima facie right to the free expression of his criticism, and a legitimate interest in using the domain names for his non-commercial forum”: Friday 9 Sept 2005

A World Intellectual Property Organisation (WIPO) panel has found against Shell in a dispute over ownership of the domain names royaldutchshellgroup.com, royaldutchshellplc.com and tellshell.org. read more

Tax bill rebels furious over Shell ‘£2bn saving’

Daily Telegraph: Tax bill rebels furious over Shell ‘£2bn saving’

“Shell’s controversial merger to create a single corporate entity called Royal Dutch Shell is understood to have saved the oil giant as much as £2billion while leaving some of its British investors with a £77m tax headache.”

Friday 9 September 2005

By Christopher Hope, Business Correspondent (Filed: 09/09/2005)

Shell’s controversial merger to create a single corporate entity called Royal Dutch Shell is understood to have saved the oil giant as much as £2billion while leaving some of its British investors with a £77m tax headache.

The news was greeted with anger by the rebel British holders in Royal Dutch Petroleum, who are refusing to accept the terms of the merger with Shell Transport and Trading in protest.

The Association of Private Client Investment Managers (Apcims), which has been campaigning on behalf of the British investors, said: “We have had more than one report that advisers said the construction saved the company more than £1billion.” read more

THE ULTIMATE INTERNET GRIPE SITE

September 4, 2005 (updated Sept 2012)

By Alfred Donovan

The Internet provides a low cost platform for anyone, even of modest means, to reach a global audience. It is the high-tech equivalent of having a soap box at “Speakers Corner” in London’s Hyde Park – that long-established bastion of free speech.

The net gives ordinary mortals the opportunity to publicly criticise the rich and powerful on what are known as “gripe” sites.

Some sites even legally use a dotcom name identical to a target company’s trademark. This is a remarkable development. It is based on a loophole which requires that the gripe site must be non-commercial with no subscriptions and no advertising involved. read more

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