THE WALL STREET JOURNAL
MAY 29, 2009, 9:53 A.M. ET
Edited Press Release
AMSTERDAM (Dow Jones)–The Stichting Shell Reserves Compensation Foundation Today announces Friday that the Amsterdam Court of Appeals has declared the Non-U.S. Settlement Agreement concerning the recategorisation by Royal Dutch Shell PLC (RDSB.LN) of certain of its oil and gas reserves binding.
The agreement provides relief in the amount of US$352.6 million to qualifying non-U.S. shareholders who bought Shell shares on any stock exchange outside the United States from 8 April 1999 through 18 March 2004.
The settlement amount includes a US$12.5 million payment which is to be distributed equally to all shareholders who submit a valid claim for relief, regardless of the number of shares held by the person or entity submitting a claim.
In addition to the US$352.6 million, an amount of US$28.4 million was made available to align the relief available under the Non-U.S. Settlement Agreement with the relief available under the U.S. Settlement. Shell furthermore agreed to pay interest as per 1 April 2008.
Parties to this agreement are Shell, institutional investors Stichting Pensioensfonds ABP and PGGM (on behalf of Stichting Pensioenfonds Zorg en Welzijn), the Vereniging van Effectenbezitters (VEB, the Dutch investors association representing individual shareholders in the Netherlands and similar organisations) and the Stichting Shell Reserves Compensation Foundation (the Foundation).
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