Royal Dutch Shell Plc  .com Rotating Header Image

Getting blood from the Shell Investors’ stone!

One of the knock-on effects from Shell’s dysfunctionality over their declaration of fictitious hydrocarbon reserves was that they were obliged by the Securities Exchange Commission (SEC) to pay $120million to investors. All investors who bought shares between 8th April 1999 and 17th March 2004 were entitled to a share of the payout. As a (very) small investor I qualified for this – in theory anyway.

When the initial wodge of papers arrived from the “Settlement Administrators” I tried hard to understand them and eventually worked out that I would need to know the precise dates of all purchase and sales of Shell shares over this period. I don’t bother to keep such records and all of my purchases were under a staff savings scheme anyway. Not a lot of money in my case so my inclination was not to bother with the claim.

In October 2008 I received from BNP Paribas who administered the Shell share savings a scheme a very helpful and clear letter which, or so I thought, gave me all the information I needed to have in order to progress my claim. So I decided after all that I might as well go ahead with it.

On December 7th the Settlement Administrator wrote to me with a “CLAIM DEFICIENCY NOTICE” . This said that my claim was deficient because I had not provided them with the “Transaction Amount” for each transaction. This was NOT TRUE. The BNP Paribas statement which I had given them clearly showed the value of each transaction

In sharing this experience with the wider world I do so for two reasons. First an ordinary shareholder with a modest holding like me would be likely to be intimidated by the original document – I certainly was. However if we did persevere, in my case using the good information proved by BNP Paribas, it seems that Shell’s “Settlement Administrators” still aren’t satisfied.

I shan’t bother to pursue this any more – it’s not worth the hassle. But it is just yet another example of how the small man, be he an impoverished pensioner, a disgruntled motorist or a small shareholder just doesn’t count with Shell any more. Sad isn’t it?

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellenergy.website, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net and shell2004.com are all owned by John Donovan. There is also a Wikipedia article.

0 Comments on “Getting blood from the Shell Investors’ stone!”

Leave a Comment

%d bloggers like this: