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Rudderless Shell still worth backing

FROM OUR JULY 2005 SHELL NEWS ARCHIVE…

The Independent: Rudderless Shell still worth backing

“The company has also created a single board, after blaming its double-headed, dual-nationality structure for the disasters of recent years. Shell had been overstating its reserves of oil, and had to fess up last year, cutting the number by one-third. But only last week the company revealed the development of its Sakhalin natural gas field in Russia was 100 per cent over budget, a whopping extra cost of $10bn (£5.8bn) that had not even been hinted when Shell sold part of the field earlier this month.”

The Investment Column: Edited by Stephen Foley

Published: Thursday 21 July 2005

Shell, the Anglo-Dutch oil giant, has merged its Anglo half, Shell Transport & Trading, with its Dutch half, Royal Dutch. If you owned 100 Shell shares on Tuesday, you now own 29 Royal Dutch Shell shares. They fell in value a little on their stock market debut yesterday, but hang on to them.

Strictly speaking, you own Royal Dutch Shell ‘B’ shares, while Netherlands investors own ‘A’ shares. The difference is that ‘A’ shares attract a Dutch tax, but that will usually be reflected in the lower price of the ‘A’ shares. It is all a little confusing and UK investors might as well stick to the ‘B’ shares, but the important thing is that the company you own still has the same assets and prospects as it had at the start of the week. read more

royaldutchshellplc.com and its also non-profit 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.

New York Times: Court Approves Unification of Shell Group

FROM OUR JULY 2005 SHELL NEWS ARCHIVE

New York Times: Court Approves Unification of Shell Group

“The restructuring came amid a scandal over Shell’s restatement of its oil and gas reserves. In February the company announced the fifth restatement in just over a year. In all, reserves have been cut by 6.85 billion barrels to 11.9 billion barrels at the end of 2004.”

Tuesday 19 July 2005

By THE ASSOCIATED PRESS

THE HAGUE, Netherlands (AP) — A British court on Tuesday approved the unification of the Royal Dutch/Shell Group of Cos. into one corporation in time for the start of trading a day later.

Shell declared its public exchange offer for all ordinary shares of Royal Dutch unconditional, with nearly 92 percent of outstanding shares in the Dutch arm having been tendered. Stock in the joint company will be traded beginning Wednesday morning in London and Amsterdam as Royal Dutch Shell PLC. read more

royaldutchshellplc.com and its also non-profit 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.

Scarcely a whimper as Shell votes for unification

Financial Times: Scarcely a whimper as Shell votes for unification

Wednesday 29 June 2005

By Ian Bickerton in Scheveningen

Dutch shareholders bade farewell to nearly a century of history in less than 45 minutes on Tuesday, overwhelmingly approving the unification of Royal Dutch and Shell, the two arms of the energy group.

Shortly afterwards shareholders in London also backed the unification plan.

The proposal prompted barely half-a-dozen gentle inquiries in the Netherlands, from elderly investors seeking reassurance that the company would continue to have its headquarters in the Netherlands and that they would be able to ask questions in Dutch at its annual meeting. read more

royaldutchshellplc.com and its also non-profit 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.

Bid talk and Shell shake-up help Footsie

Financial Times: Bid talk and Shell shake-up help Footsie

By Robert Orr and Chris Flood

Published: Saturday July 23 2005

The London market ended a week that saw the historic unification of the Royal Dutch Shell oil company fractionally higher.

The blue-chip FTSE 100 gained 0.2 per cent last week, closing at 5,241.8 yesterday after a 20.2 points, or 0.4 per cent, rise on the day.

Yesterday’s rise of 28.4 points, 0.4 per cent, helped the broader FTSE 250 firm 0.3 per cent over the five-day period. It closed at 7,495.8.

While Royal Dutch Shell now trades as a single entity, accounting for about 8.2 per cent of the FTSE All Share, it somewhat confusingly has two shares quoted on the London Stock Exchange. read more

royaldutchshellplc.com and its also non-profit 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.

The Age.com (Australia): Royal Dutch Shell shares fall on debut

The Age.com (Australia): Royal Dutch Shell shares fall on debut

Thursday July 21, 2005 – 7:54AM

Shares in oil giant Royal Dutch Shell Plc, formed by the unification of Royal Dutch and Britain’s Shell Transport and Trading, slipped on their market debuts on Wednesday as fund buying tapered off.

Shell “A” shares, which originate from the oil company’s former Dutch parent, fell when trading opened and closed down 3.18 percent at 1,766-1/2 pence.

Shell “B” shares, which spring from its former UK parent, opened up and then slipped to close 1.69 per cent lower. read more

royaldutchshellplc.com and its also non-profit 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.

Unified Shell fails to fire investors on LSE debut

Financial Times: Unified Shell fails to fire investors on LSE debut

“Shell shocked the market last week by disclosing that its Russian gas project, Sakhalin-2, was at least eight months behind schedule and $10bn (£5.75bn) over budget.”: ”Gazprom, Russia’s state-controlled gas monopoly, recently indicated that it was seeking to improve the terms of an asset swap agreed with Shell this month, under which it would take a 25 per cent stake in Sakhalin-2.”

By Thomas Catan

Published: Thursday July 21 2005

Shares in the newly unified Royal Dutch Shell fell on their first day of trading yesterday, as investors turned their attention from the reorganisation of the Anglo-Dutch energy group to the health of its business.

Moody’s Investor Service, the international ratings agency, said it was maintaining a negative outlook on Shell as it studied the company’s exploration and production business. It also promised to assess the “implications of rising capital costs and its ability to show improved capital returns on long-term investments”. read more

royaldutchshellplc.com and its also non-profit 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.

Shell’s rush for Russia dampens stock debut

Financial Times: Shell’s rush for Russia dampens stock debut

“Investors yesterday were queueing to buy shares in Russian gas company Novatek and to dump the new unified Royal Dutch Shell on their London market debuts.”: “The reason behind this odd reversal of roles is that Shell must still convince the markets it can resolve its reserve problems, along with the $10bn additional hit it is taking on its flagship Russian gas project.”: “If these difficulties persist, they are likely to revive talk of a Total-Shell mega-merger as the best way forward.”

Thursday 21 July 2005

By Paul Betts

Published: July 21 2005

Investors yesterday were queueing to buy shares in Russian gas company Novatek and to dump the new unified Royal Dutch Shell on their London market debuts.

This may seem puzzling, given Moscow’s efforts to regain control of its energy industry and what should have been a red-letter day for the Anglo-Dutch major.

The reason behind this odd reversal of roles is that Shell must still convince the markets it can resolve its reserve problems, along with the $10bn additional hit it is taking on its flagship Russian gas project. read more

royaldutchshellplc.com and its also non-profit 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.

Rudderless Shell still worth backing

The Independent: Rudderless Shell still worth backing

“The company has also created a single board, after blaming its double-headed, dual-nationality structure for the disasters of recent years. Shell had been overstating its reserves of oil, and had to fess up last year, cutting the number by one-third. But only last week the company revealed the development of its Sakhalin natural gas field in Russia was 100 per cent over budget, a whopping extra cost of $10bn (£5.8bn) that had not even been hinted when Shell sold part of the field earlier this month.”

The Investment Column: Edited by Stephen Foley

Published: Thursday 21 July 2005

Shell, the Anglo-Dutch oil giant, has merged its Anglo half, Shell Transport & Trading, with its Dutch half, Royal Dutch. If you owned 100 Shell shares on Tuesday, you now own 29 Royal Dutch Shell shares. They fell in value a little on their stock market debut yesterday, but hang on to them.

Strictly speaking, you own Royal Dutch Shell ‘B’ shares, while Netherlands investors own ‘A’ shares. The difference is that ‘A’ shares attract a Dutch tax, but that will usually be reflected in the lower price of the ‘A’ shares. It is all a little confusing and UK investors might as well stick to the ‘B’ shares, but the important thing is that the company you own still has the same assets and prospects as it had at the start of the week. read more

royaldutchshellplc.com and its also non-profit 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.

ANOTHER BAD NEWS DAY FOR SHELL

ANOTHER BAD NEWS DAY FOR SHELL

LONDON TIMES ARTICLE IMPLIES THAT SHELL ISSUED A FALSE PROSPECTIVE FOR ITS MERGER: THE INDEPENDENT SAYS THAT SHELL IS “RUDDERLESS”: FT CLAIMS THAT INVESTORS DUMPED THE NEW UNIFIED SHELL SHARES ON THEIR DEBUT DAY AND REVIVES DESIRABLE PROSPECT OF TOTAL/SHELL MEGA-MERGER

Thursday 21 July 2005

By Alfred Donovan

We warned just a few days ago of the huge potential ramifications of the Sakhalin-2 cost overrun debacle. We are pleased to see that the mainstream press has now also picked up on the implications. Our article, first published on Monday 18 July is reprinted below: –

ShellNews.net: THE SHELL SAKHALIN-2 DEBACLE: Credibility concerns over Royal Dutch/Shell Executives, Jeroen van der Veer and Malcolm Brinded following the Salhalin2 $10 billion cost overrun scandal.: “The only thing which has saved the hangover management at Shell is the one element over which they have no influence – the high oil price. In every other respect they are an unmitigated disaster. They should be sent packing.”: Monday 18 July 2005 read more

royaldutchshellplc.com and its also non-profit 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.

Royal Dutch Shell starts trading as single company

Financial Times: Royal Dutch Shell starts trading as single company

“For the first time in its 98-year history, Royal Dutch Shell will trade today as a single, unified company in London…”:

Wednesday 20 July 2005

By Thomas Catan and Philip Stafford

FRONT PAGE – FIRST SECTION:

For the first time in its 98-year history, Royal Dutch Shell will trade today as a single, unified company in London after 91 per cent of investors in Royal Dutch agreed to tender their old shares.

The company needed 95 per cent of Dutch shareholders to agree to the offer but it was able to invoke a clause allowing approval at lower levels.

The High Court also sanctioned the scheme of arrangement yesterday, the final step before a formal listing. read more

royaldutchshellplc.com and its also non-profit 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.

Van der Veer’s vision for a unified Shell

Financial Times: COMPANIES UK: Van der Veer’s vision for a unified Shell

“Jeroen van der Veer, the first chief executive of the newly restructured Royal Dutch Shell, is used to skating on thin ice.”: “The company was already struggling with its reserves figures before it had to cut them five times last year.”

Wednesday 20 July 2005

By Thomas Catan

Jeroen van der Veer, the first chief executive of the newly restructured Royal Dutch Shell, is used to skating on thin ice.

The 57-year-old Dutchman has twice completed the Elfstedentocht 135-mile race along frozen canals through 11 cities in the Netherlands.

But even that cannot be as demanding as the task at hand – righting the third largest oil company following its devastating reserves accounting crisis last year.

The debacle spurred a boardroom purge, class-action lawsuits and a complete reorganisation of the company’s century-old governance structure. read more

royaldutchshellplc.com and its also non-profit 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.

Daily Telegraph: Shell ready to go to court over rump shareholding

Daily Telegraph: Shell ready to go to court over rump shareholding

“More than 8pc of investors in Royal Dutch Petroleum have failed to accept the terms of the merger with Shell Transport and Trading to create a £100billion oil and gas giant called Royal Dutch Shell.”

Wednesday 20 July 2005

By Christopher Hope, Business Correspondent (Filed: 20/07/2005)

More than 8pc of investors in Royal Dutch Petroleum have failed to accept the terms of the merger with Shell Transport and Trading to create a £100billion oil and gas giant called Royal Dutch Shell.

However, enough shareholders – 91.7pc – in Royal Dutch Petroleum have backed the deal to ensure that the merger will go through today.

The deal, which was brought about after the company wrongly categorised over a fifth of its proven oil and gas, has been criticised in the UK after it left about 3,000 British shareholders facing a £77m capital gains tax bill. This is because the Inland Revenue treats the share swap as a disposal. read more

royaldutchshellplc.com and its also non-profit 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.

The High Court in London has approved the landmark proposal to unify dual-listed structure of Royal Dutch Shell

The Times: The High Court in London has approved the landmark proposal to unify the dual-listed structure of Royal Dutch Shell, the Anglo-Dutch oil and gas group.

Wednesday 20 July 2005

NEED TO KNOW

Natural Resources

Up 0.4%

Venture Production, the Aberdeen oil and gas company, has privately placed £29 million of convertible bonds due in October 2010, convertible at a 16 per cent premium to the company’s last trade.

The High Court in London has approved the landmark proposal to unify the dual- listed structure of Royal Dutch Shell, the Anglo-Dutch oil and gas group.

Consolidated Minerals, the Australian group listed on the Alternative Investment Market, increased the resource estimate at its Reliance nickel project in Western Australia by 36 per cent after a drilling programme. read more

royaldutchshellplc.com and its also non-profit 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.

The Guardian: New Shell shares start trading

The Guardian (UK): New Shell shares start trading

“The merger is one of a number of measures implemented after last year’s damaging reserves overbooking scandal which dented investor confidence.”: “Under the terms of the merger the new company will be listed in London and will have its headquarters in the Netherlands.”

Wednesday 20 July 2005

Mark Milner

Wednesday July 20, 2005

Shares in Royal Dutch Shell will begin trading in London this morning after the world’s third-largest oil group cleared the last hurdle in the merger of its UK and Dutch components.

Almost 92% of Royal Dutch shareholders have exchanged their shares for a stake in the unified group, allowing the deal with Shell Transport and Trading to go ahead.

“Shareholders have shown strong support throughout the process and voted overwhelmingly in support of the proposals at the recent shareholder meetings to move to one company,” chief executive Jeroen van der Veer said. read more

royaldutchshellplc.com and its also non-profit 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.

THE NEW YORK TIMES: Shell Turns a Stock Page but Has Chapters to Go

THE NEW YORK TIMES: Shell Turns a Stock Page but Has Chapters to Go

“A year and a half after a reserve scandal that sank Shell’s stock, ended its reputation as a conservative company and forced the ouster of three of its top executives, the company is still remaking itself, analysts and investors say.”: “Shell deflated investor confidence again last week, when it said that costs at the Sakhalin II project, which it is leading, could double to $20 billion, and that the project might be delayed for half a year.”: “Where are the project-management skills Shell said they were going to demonstrate last fall?” Mr. McMahon said. “There is not enough in terms of pushing this company into a new place, and they’re not going to get anywhere fast.” read more

royaldutchshellplc.com and its also non-profit 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.

Reuters: FTSE up as GUS charges, but Shell shows cracks: SHELL TROUBLED

Reuters: FTSE up as GUS charges, but Shell shows cracks: SHELL TROUBLED

“Royal Dutch Shell was the main drag on the market as the restructuring of the oil titan took effect but its two lines of stock both fell as tracker fund buying tapered off [nL20439638] and attention shifted back to more fundamental issues such as replacing its reserves and problems at its massive Russian Sakhalin-2 project.”

Wed Jul 20, 2005 5:09 PM BST

By Steve Slater

LONDON, July 20 (Reuters) – Britain’s top shares rose on Wednesday to halt a three-day losing run as retailer GUS (GUS.L: Quote, Profile, Research) was boosted by another set of bumper results from its Experian arm, but a restructured Royal Dutch Shell made a soggy arrival as Europe’s second biggest firm.

Mining stocks were buoyed by upbeat production numbers from Rio Tinto (RIO.L: Quote, Profile, Research), but GUS was the star performer with a 5.5 percent rally to a 3-month high after rampant growth at credit-checking unit Experian continued, with a 26 percent rise in its first quarter underlying sales. [nL20293448] read more

royaldutchshellplc.com and its also non-profit 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.
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