Yahoo! News: Shell pushes back AGM to June amid ongoing uncertainty about reserves: “The Royal Dutch Shell group of companies has decided to delay its next annual shareholders meeting - and with it the vote on its plan to move to a single parent company from a dual-board structure - to June from April because of ongoing uncertainty about its reserves estimates” (ShellNews.net) 26 Nov 04
LONDON (AFX) - The Royal Dutch Shell group of companies has decided to delay its next annual shareholders meeting - and with it the vote on its plan to move to a single parent company from a dual-board structure - to June from April because of ongoing uncertainty about its reserves estimates.
Shell said a review announced on Oct 28 of its oil and gas reserves is continuing and is on schedule and should be finished by the end of the year.
But it added that any further revision may require the restatement of previous financial statements, which could delay publication of its results, and because these results statements have to be included in the documentation related to the restructuring, this could delay the AGM vote.
'Given this potential for delay and to avoid uncertainty for shareholders, the annual general meetings of Royal Dutch and Shell Transport & Trading will now be held on 28 June 2005,' the group said.
'The parent companies envisage that the Transaction will be voted on by shareholders at meetings on that day, with the Transaction expected to be completed in July.'
Shell said its fourth quarter results, which will include an update on its reserves, are expected on Feb 3 next year, as is the announcement of a second interim dividend.
Following that, the group also said it now expects to pay a dividend under its current structure to its Dutch and UK shareholder bases for the first quarter of next year.